ITAT quashed the entire re-assessment proceedings holding it to be barred by limitation as the escaped income was less than 50 Lakhs and the reassessment was initiated after the expiry of 3 years.
ITAT quashed the entire re-assessment proceedings holding it to be barred by limitation as the escaped income was less than 50 Lakhs and the reassessment was initiated after the expiry of 3 years. Recently, ITAT quashed the entire re-assessment proceedings holding it to be barred by limitation as the escaped income was less… […]
Can a taxpayer claim exemption under both Section 54 and Section 54F by investing in a single new house?
Can a taxpayer claim exemption under both Section 54 and Section 54F by investing in a single new house? Section 54 of the Income Tax Act, 1961 gives relief when a residential house is sold and the capital gain is invested in another residential house, while Section 54F of the Act gives relief when… […]
Penalty u/s 270A cannot stand Without Actual Under Reporting
Penalty u/s 270A cannot stand Without Actual Under Reporting Recently, in a writ petition, the court in the case of Srinivasa Gandhi Sampath v. ACIT (W.P. No. 22802 of 2022) has held that Penalty u/s 270A cannot stand Without Actual Under Reporting Let us have a Short Overview of the Case: – Facts of… […]
What counts as the “initiation of search” for non-searched persons post-Finance Act, 2021?
What counts as the “initiation of search” for non-searched persons post-Finance Act, 2021? The Madras High Court’s judgment in Shri Harigovind G. Ravindran HUF v. ACIT (2025) decisively addresses a critical issue under Section 153C of the Income-tax Act. The issue was “What counts as the “initiation of search” for non-searched persons post-Finance Act, 2021?” The… […]
Section 276C(2) demands proof of deliberate evasion, not just default.
Section 276C(2) demands proof of deliberate evasion, not just default. Recently, Hon’ble Justice S.M. Modak in a landmark Bombay High Court ruling in a criminal Writ Petition No. 3840 of 2025 has held that Section 276C(2) demands proof of deliberate evasion and not mere default in payment. Assessee triumphed against prosecution under Section 276C(2)… […]
Making a House Livable vs Making It Lovely: A Section 54 Reality Check
Making a House Livable vs Making It Lovely: A Section 54 Reality Check I recently sold my old house in May – 25 and invested the capital gains in a new residential house in July – 25 for claiming an exemption under Section 54. However, the house I bought was not up to the… […]
“JAGO CPC WALO!” – When the Income-Tax Department Sends Wake-Up Calls… After You’ve Already Woken Up
“JAGO CPC WALO!” – When the Income-Tax Department Sends Wake-Up Calls… After You’ve Already Woken Up If taxes ever needed a sense of humour, the last two days have provided it in abundance. Thousands of taxpayers woke up to an SMS and email from the Income-tax Department that sounded less like a compliance reminder and… […]
Addition done during assessment is invalid if it is done without waiting for the DVO Report: ITAT Ahmedabad
Addition done during assessment is invalid if it is done without waiting for the DVO Report: ITAT Ahmedabad Recently, in Rajni Arvind Birla v. ITO (ITA No. 930/Ahd/2025), the ITAT Ahmedabad held that an assessment under Section 143(3) is invalid if the AO completes it without waiting for the DVO’s valuation after a valid… […]
Section 276C(2) demands proof of deliberate evasion, not just default.
Section 276C(2) demands proof of deliberate evasion, not just default. Recently, Hon’ble Justice S.M. Modak in a landmark Bombay High Court ruling in a criminal Writ Petition No. 3840 of 2025 has held that Section 276C(2) demands proof of deliberate evasion and not mere default in payment. Assessee triumphed against prosecution under Section 276C(2)… […]
Excess stock found during survey is taxable as business income and not as unexplained income under sections 69/69B: Jaipur ITAT
Excess stock found during survey is taxable as business income and not as unexplained income under sections 69/69B: Jaipur ITAT Across many 133A survey cases, taxpayers are seeing a default attempt to push surrendered income into sections 69/69B + 115BBE – straight to an effective 78% tax. But recent ITAT rulings are quietly redrawing… […]
