Selective addition u/s. 69B for cash deposited during demonitization period unjustified: ITAT
Selective addition u/s. 69B for cash deposited during demonitization period unjustified: ITAT ITAT Ahmedabad has recently held that selective addition u/s. 69B for cash deposited during demonetization period unjustified. Let us have a Short Overview of the case: Case Name: Shri Sanjaykumar Zamatmal Kalwani vs. Income Tax Officer, Patan Tribunal: Income Tax Appellate… […]
Non-Cooperation Has Its Price: Bombay High Court’s upheld the disallowance of entire purchase amount as against GP Ratio in a Bogus Purchase Case
Non-Cooperation Has Its Price: Bombay High Court’s upheld the disallowance of entire purchase amount as against GP Ratio in a Bogus Purchase Case Let us have a Short Overview of the case of Bogus purchase before Bombay High Court. In a landmark decision in Pr. CIT-5, Mumbai vs. Kanak Impex (India) Ltd. (2025), the Bombay… […]
ITAT Delhi Quashes Addition Based on ‘Dumb Documents’ in Section 153C Proceedings
ITAT Delhi Quashes Addition Based on ‘Dumb Documents’ in Section 153C Proceedings In a significant ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed an income tax addition based on ‘dumb documents’ in the case of ACIT vs. New World Buildcon (ITA No. 5051/Del/2012). The bench, comprising Satbeer Singh Godara… […]
TDS on Payment to Partners – Applicable from the FY 2025-26
TDS on Payment to Partners – Applicable from the FY 2025-26 [Query 1] Is there any rule regarding capital gain that if the sale amount exceeds Rs. 10 Cr no capital gain exemption would be available? If yes, whether it is with regard to sale of the house property only or applicable even on… […]
Unabsorbed depreciation of one year becomes the part of depreciation of next year
Unabsorbed depreciation of one year becomes the part of depreciation of next year Unabsorbed depreciation of a year becomes the part of depreciation of subsequent year, and when it becomes part of the current year depreciation then it is liable to be set off against any other income 𝗠𝘂𝗺𝗯𝗮𝗶 𝗧𝗿𝗶𝗯𝘂𝗻𝗮𝗹 𝗶𝗻 𝘁𝗵𝗲 𝗰𝗮𝘀𝗲 𝗼𝗳 𝗦𝘂𝘃𝗶𝗻𝗼 𝗧𝗲𝗹𝗲𝘃𝗶𝗱𝗲𝗼 𝘃. 𝗜𝗧𝗢 [𝗜𝗧𝗔 𝗡𝗢. 𝟮𝟬𝟵𝟵/𝗠𝗨𝗠/𝟮𝟬𝟮𝟯], 𝗱𝗮𝘁𝗲𝗱 𝟭𝟴.𝟬𝟮.𝟮𝟬𝟮𝟱 The Copy Of the order… […]
Re-evaluation of the former records without new tangible material: Shahrukh Khan win Reassessment Battle
Re-evaluation of the former records without new tangible material: Shahrukh Khan win Reassessment Battle Here is a Triumph in Taxation by Shah Rukh Khan in a reassessment proceeding before ITAT Mumbai. Let us have a Short Overview of the case: The Income Tax Appellate Tribunal (ITAT) in Mumbai delivered an order related to actor… […]
Beneficial amendments should be applied retrospectively unless they impose a burden: ITAT Mumbai
Beneficial amendments should be applied retrospectively unless they impose a burden: ITAT Mumbai Here is another case before Mumbai ITAT wherein it has been held that the beneficial amendments should be applied retrospectively unless they impose a burden. In this case, ITAT Mumbai Quashes PCIT’s Order regarding Kiran Ashok Desai’s Son’s Assessment. DVO Report Rescue… […]
Reassessment Quashed Due to Section 148 Notice Sent to Incorrect Email ID
Reassessment Quashed Due to Section 148 Notice Sent to Incorrect Email ID In the case of Nitin Jain vs ACIT, the appellant challenged the reassessment proceedings initiated for the Assessment Year 2014-15. The primary ground of appeal was the non-service of the Section 148 notice, which was mistakenly sent to an incorrect email ID… […]
ITAT Deleted the Disallowance as Payee Declared Income and Paid Taxes despite Absence of Form 26A
ITAT Deleted the Disallowance as Payee Declared Income and Paid Taxes despite Absence of Form 26A Here is an interesting case wherein ITAT deleted the Disallowance as Payee Declared Income and Paid Taxes despite Absence of Form 26A Let us have a Short Overview of the case: PBN Constructions Pvt. Ltd. faced scrutiny assessment… […]
Whether “leaving India for the purpose of employment” includes person who left India for search of Employment?
Whether “leaving India for the purpose of employment” includes person who left India for search of Employment? Meaning of Explanation 1(a) to Section 6(1) “leaving India for the purpose of employment” is always a matter of interpretation for taxpayers leaving India in search of Job Abroad. The Hon’ble Tribunal has held that where the… […]
