Taxed Three Years Later? ITAT Rejects ₹50 Lakh Addition Over Illogical On-Money Claim
Taxed Three Years Later? ITAT Rejects ₹50 Lakh Addition Over Illogical On-Money Claim The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has allowed the appeal of Shree Maya Real Estate Pvt. Ltd. for the Assessment Year 2019-20, deleting an addition of ₹50,00,000 made under Section 69A of the Income Tax Act. The Tribunal strongly criticized the Assessing Officer (AO) and the… […]
MCA due date extended till 31st December 2025.
MCA due date extended till 31st December 2025. The copy of the circular is as under: The post MCA due date extended till 31st December 2025. appeared first on The Tax Talk.
Penalty U/S 270A Cannot Survive without Stating the Specific Limb of Misreporting: ITAT Mumbai
Penalty U/S 270A Cannot Survive without Stating the Specific Limb of Misreporting: ITAT Mumbai Hi-Tech Engineers v. ACIT, CC 5(1), Mumbai (ITA Nos. 3165 & 3166/Mum/2025) Facts: 1. The AO disallowed purchases of the assessed aggregating to ₹70.93 lakh (AY 2019–20) under section 69C, treating them as bogus purchases from six parties based on… […]
When Two Views are Possible, View Favouring Assessee to Prevail – ITAT Delhi Holds Section 56(2)(vii) Inapplicable to Purchase of Leasehold Rights
When Two Views are Possible, View Favouring Assessee to Prevail – ITAT Delhi Holds Section 56(2)(vii) Inapplicable to Purchase of Leasehold Rights Rajesh Kumar Sharma v. CIT(A)/NFAC, Delhi (ITA No. 1785/Del/2025) Facts 1. The assessee had purchased a residential flat during the relevant previous year for a consideration of ₹33,76,625. The stamp duty valuation… […]
Business Structuring under the Income Tax Act, 2025 – Continuity over Change
Business Structuring under the Income Tax Act, 2025 – Continuity over Change Introduction From a business structuring perspective, Income Tax Act 2025 largely retains continuity with the earlier 1961 Act. The changes are more linguistic, aimed at simplification and consolidation rather than altering the tax fundamentals that drive business structuring choices. Core Continuities 1. … […]
VAT Hawala Data Insufficient for 100% Disallowance: Bombay High Court Affirms Restriction to Profit Element in Bogus Purchase Cases
VAT Hawala Data Insufficient for 100% Disallowance: Bombay High Court Affirms Restriction to Profit Element in Bogus Purchase Cases Pr. CIT-3, Pune v. Ramelex Pvt. Ltd. (ITA No. 14 of 2022) Facts: 1. Assessee’s case was reopened under section 147 based on information from the DG (Investigation), Pune, citing that the assessee had made bogus… […]
Non-deposit in Capital Gains Account Scheme Not Fatal to Section 54 Exemption: ITAT Chennai
Non-deposit in Capital Gains Account Scheme Not Fatal to Section 54 Exemption: ITAT Chennai Krishnamoorthy Vijayaraghavan v. Income Tax Officer — [2025] 178 taxmann 621 (ITAT Chennai, Bench ‘B’) Facts: 1. The assessee sold a residential house on 1 April 2009. He subsequently purchased a new residential property (undivided share of land) on 19 January… […]
Notional Rent and Self-Occupied House Provisions under the Income Tax Act, 2025:
Notional Rent and Self-Occupied House Provisions under the Income Tax Act, 2025: 1. Introduction: The Income Tax Act, 2025 has retained and codified the provisions relating to notional rent on residential properties in a simplified and clear manner. 2. Annual Value: As per Sec 21(1) of the Act, the annual value of a house… […]
No Nexus, No Addition: ITAT Deletes ₹50 Lakh U/s 69A Based on ‘Dumb’ Seized Document
No Nexus, No Addition: ITAT Deletes ₹50 Lakh U/s 69A Based on ‘Dumb’ Seized Document The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has allowed the appeal of Shree Maya Real Estate Pvt. Ltd. for the Assessment Year 2019-20, deleting an addition of ₹50,00,000 made under Section 69A of the Income Tax Act. The Tribunal strongly criticized the Assessing Officer (AO)… […]
Can F&O loss be set off against capital gains?
Can F&O loss be set off against capital gains? Question: Whether loss incurred from trading in futures and options (F&O) on a recognized stock exchange, which qualifies as a non-speculative business loss under section 43(5), can be set off against capital gains and other income under section 71(2) of the Income Tax Act, 1961…. […]
