Section 68 Addition Cannot Survive Merely on Investigation Wing Report Without Independent Enquiry: ITAT Grants Relief to Assessee
Section 68 Addition Cannot Survive Merely on Investigation Wing Report Without Independent Enquiry: ITAT Grants Relief to Assessee In an important ruling on unexplained cash credit additions under Section 68, the Income Tax Appellate Tribunal (ITAT) has held that additions cannot be sustained merely on the basis of Investigation Wing reports alleging accommodation entries… […]
PF/ESI Disallowance Could Not Be Adjusted Under Section 143(1) Before Supreme Court’s Checkmate Judgment: ITAT Grants Relief to Taxpayers
PF/ESI Disallowance Could Not Be Adjusted Under Section 143(1) Before Supreme Court’s Checkmate Judgment: ITAT Grants Relief to Taxpayers In an important relief for taxpayers facing Employees’ Provident Fund (PF) and ESI disallowances, the Income Tax Appellate Tribunal (ITAT) has held that additions under Section 36(1)(va) could not have been made while processing returns… […]
Income-tax Rules, 2026 Rewrite PAN and Property Reporting Rules: What Every Taxpayer Must Know
Income-tax Rules, 2026 Rewrite PAN and Property Reporting Rules: What Every Taxpayer Must Know The tax administration in India is steadily moving from scrutiny based on paperwork to scrutiny based on data. The newly notified Income-tax Rules, 2026 mark another major step by overhauling the framework for quoting PAN and reporting high-value transactions. While… […]
Genuine Business Expenditure Cannot Be Denied Merely Because Claim Was Made Through Revised Computation Instead of Revised Return: ITAT
Genuine Business Expenditure Cannot Be Denied Merely Because Claim Was Made Through Revised Computation Instead of Revised Return: ITAT In an important ruling favouring substantive justice over procedural technicalities, the Income Tax Appellate Tribunal (ITAT) has held that a genuine business expenditure cannot be denied merely because the assessee raised the claim through a… […]
Income-tax Act 2025 May Change the Entire Surcharge Position for Private Discretionary Trusts Taxable at Maximum Marginal Rate (MMR)
Income-tax Act 2025 May Change the Entire Surcharge Position for Private Discretionary Trusts Taxable at Maximum Marginal Rate (MMR) One of the most litigated issues concerning private discretionary trusts under the Income-tax Act, 1961 was whether surcharge should be levied: • at the highest possible rate automatically, or • according to the slab rates prescribed under… […]
Mere Transfer of Sundry Creditor Balances to Capital Account Does Not Trigger Section 41(1): Delhi ITAT Deletes Addition
Mere Transfer of Sundry Creditor Balances to Capital Account Does Not Trigger Section 41(1): Delhi ITAT Deletes Addition In an important ruling on remission or cessation of liability under Section 41(1) of the Income-tax Act, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) in ACIT vs. Rajiv Tyagi has held that mere transfer of… […]
Claim Section 54F First, Carry Forward Capital Loss Later, Says Mumbai ITAT
Claim Section 54F First, Carry Forward Capital Loss Later, Says Mumbai ITAT A Landmark Ruling on the Long-Running Battle Between Capital Gain Exemption and Capital Loss Set-Off Taxpayers investing their capital gains in a residential house often rely on Section 54F to save tax. But what happens when the same taxpayer also suffers… […]
Income-tax Rules, 2026 Rewrite PAN and Property Reporting Rules: What Every Taxpayer Must Know
Income-tax Rules, 2026 Rewrite PAN and Property Reporting Rules: What Every Taxpayer Must Know From PAN Quoting to Property Gifts, the New Rules Expand the Tax Department’s Digital Eyes. The tax administration in India is steadily moving from scrutiny based on paperwork to scrutiny based on data. The newly notified Income-tax Rules, 2026 mark another… […]
Ignoring an Adjournment Request Can Invalidate an Assessment: Delhi High Court Reaffirms Principles of Natural Justice
Ignoring an Adjournment Request Can Invalidate an Assessment: Delhi High Court Reaffirms Principles of Natural Justice In a significant ruling strengthening taxpayer right in faceless assessment proceedings, the Delhi High Court in Sanjeev Kumar Bidhuri v. National Faceless Appeal Centre has held that once an assessee files an adjournment request during assessment proceedings, the Assessing Officer… […]
Can Loose Papers Alone Create a ₹90 Lakh Tax Liability? Mumbai ITAT Says No
Can Loose Papers Alone Create a ₹90 Lakh Tax Liability? Mumbai ITAT Says No Third-Party Scribbles Cannot Replace Evidence, Rules Tribunal. The Income Tax Department often relies on information unearthed during search operations to reopen assessments of various taxpayers. But can a person’s tax liability be determined merely on the basis of loose sheets… […]
