Cash Deposits during Demonetisation Explained by Earlier Cash Withdrawals Cannot Be Taxed Under Section 69A: ITAT Grants Relief to NRI Taxpayer
Cash Deposits during Demonetisation Explained by Earlier Cash Withdrawals Cannot Be Taxed Under Section 69A: ITAT Grants Relief to NRI Taxpayer In an important ruling concerning demonetisation-related cash deposit cases, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) in Rajendra Gadhia vs. ITO has held that past cash withdrawals from bank accounts can validly… […]
Section 263 Cannot Be Used for “Fishing Enquiries” Once AO Has Verified the Issue: ITAT Quashes Revision Order on Journal Entries & Section 269T
Section 263 Cannot Be Used for “Fishing Enquiries” Once AO Has Verified the Issue: ITAT Quashes Revision Order on Journal Entries & Section 269T The Income Tax Appellate Tribunal (ITAT) has once again drawn a clear boundary on the powers of revision under Section 263 of the Income-tax Act by holding that the Principal… […]
GST Refund on Cancellation of Flat Booking – Builder vs Customer: Who Really Gets the Refund?
GST Refund on Cancellation of Flat Booking – Builder vs Customer: Who Really Gets the Refund? Booking a flat is often an emotional as well as financial decision. For many middle-class families, it represents years of savings, bank loans, and future planning. But what happens when the booking is cancelled midway? The answer becomes far… […]
ITAT Nagpur Quashes Reassessment on Deceased Person: A Relief for Legal Heirs in Income Tax Cases
ITAT Nagpur Quashes Reassessment on Deceased Person: A Relief for Legal Heirs in Income Tax Cases The Income Tax Appellate Tribunal, Nagpur has once again reiterated a very important legal principle: income tax proceedings against a deceased person are invalid in law. In a significant ruling delivered in the case of ITO vs. Sarika Shankarrao Zilpe, the Nagpur… […]
Proper Opportunity Cannot Be Denied – Nagpur ITAT Gives Fresh Lifeline in Unexplained Investment Case
Proper Opportunity Cannot Be Denied – Nagpur ITAT Gives Fresh Lifeline in Unexplained Investment Case In a significant relief-oriented ruling, the ITAT has once again emphasized that additions for unexplained investments cannot survive merely because the taxpayer could not properly explain the source during assessment proceedings, especially when supporting books of accounts and financial… […]
AO Cannot Replace DCF Method with NAV Method for Share Valuation Under Section 56(2)(viib): Mumbai ITAT Deletes ₹36.54 Crore Addition
AO Cannot Replace DCF Method with NAV Method for Share Valuation Under Section 56(2)(viib): Mumbai ITAT Deletes ₹36.54 Crore Addition In a major ruling on startup and share premium taxation, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in Catwalk Worldwide Limited v. Assistant Commissioner of Income Tax has held that the Assessing… […]
Ahmedabad ITAT Draws a Clear Line: Agricultural Land Outside Section 2(14) Cannot Trigger Capital Gains, Section 50C or Tax on Alleged On-Money
Ahmedabad ITAT Draws a Clear Line: Agricultural Land Outside Section 2(14) Cannot Trigger Capital Gains, Section 50C or Tax on Alleged On-Money Jignesh Harshadbhai Patel v. ITO – I.T.A. No. 1655/Ahd/2025 (Ahmedabad ITAT) In a significant relief for taxpayers dealing with sale of rural agricultural land, the Ahmedabad Bench of the Income Tax Appellate… […]
ITAT Quashes Reassessment for Defective Approval Under Section 151: Changing Escapement Figures Showed Non-Application of Mind
ITAT Quashes Reassessment for Defective Approval Under Section 151: Changing Escapement Figures Showed Non-Application of Mind In an important ruling concerning reassessment proceedings under sections 148 and 151 of the Income Tax Act, the Agra Bench of the Income Tax Appellate Tribunal (ITAT) has held that sanction granted under section 151 becomes legally unsustainable… […]
Bogus Purchase of Capital Assets? ITAT Delhi Deletes Addition-Investigation Wing Info Alone Not Enough
Bogus Purchase of Capital Assets? ITAT Delhi Deletes Addition-Investigation Wing Info Alone Not Enough In a significant ruling for businesses facing “bogus purchase” allegations, the ITAT Delhi Bench has held that additions cannot be sustained merely on Investigation Wing information when the assessee has furnished complete, verifiable evidence of actual purchase and use of… […]
Can a Charitable Trust File Form 121 If Income Is Below ₹3 Lakh? A Grey Area in TDS Law That Needs Clarity
Can a Charitable Trust File Form 121 If Income Is Below ₹3 Lakh? A Grey Area in TDS Law That Needs Clarity The Income Tax law is often praised for simplification, but at times, simplification brings with it a fresh layer of complexity. One such emerging issue under the new tax regime for Tax Year… […]
