Applicability of Section 54F Where Assessee Holds a Jointly-Owned Residential Property
Applicability of Section 54F Where Assessee Holds a Jointly-Owned Residential Property ITAT Delhi recently in the case of Kusum Sahgal v. ACIT – ITAT Delhi Bench-Assessment Year: 2015–16, Order Date: 08.11.2023 was having an interesting issue as to whether exemption under Section 54F can be denied merely because the assessee holds a joint ownership… […]
Merely because a registered sale deed was not executed, the genuineness of consideration received under agreement to sell cannot be doubted
Merely because a registered sale deed was not executed, the genuineness of consideration received under agreement to sell cannot be doubted Recently, ITAT Delhi in the case of Anand Prakash Singh vs. ACIT, Circle-2, Ghaziabad – ITA No. 3537/Del/2024 | Order dated 21 November 2025 was having an issue of unexplained Capital Introduction under… […]
Lack of definitive quantum of escapement and change of opinion: Gujarat HC held reopening invalid
Lack of definitive quantum of escapement and change of opinion: Gujarat HC held reopening invalid The assessee had recorded purchases of ₹58.05 crore from Ruchita Chemicals LLP, which were thoroughly examined and accepted in the original assessment under Section 143(3). From these funds, Ruchita Chemicals LLP advanced ₹7 crore to M/s Invent Asset Securitization and Reconstruction… […]
Section 153C arises only upon timely recording of satisfaction. If this foundational step is delayed without justification, subsequent actions lose legal validity: Gujarat HC
Section 153C arises only upon timely recording of satisfaction. If this foundational step is delayed without justification, subsequent actions lose legal validity: Gujarat HC The recent judgment of the Gujarat High Court in Parag Rameshbhai Gathani vs. Income-tax Officer (18 November 2025) is an important reaffirmation of the procedural discipline required in search-related proceedings… […]
Raipur ITAT on Penny Stock Addition: Not permissible mechanically without any direct evidence showing the assessee’s involvement in rigging or providing/receiving accommodation entries
Raipur ITAT on Penny Stock Addition: Not permissible mechanically without any direct evidence showing the assessee’s involvement in rigging or providing/receiving accommodation entries A recent decision of the ITAT Raipur in Anju Parekh vs. ITO (20 November 2025) offers important clarity on assessments involving alleged penny-stock transactions. The assessee had carried out purchase and… […]
To have rectification power of ITAT under section 254(2), an issue must be self-evident without need for elaborate argument or re-examination.
To have rectification power of ITAT under section 254(2), an issue must be self-evident without need for elaborate argument or re-examination. An issue before the High court was regarding the power of ITAT in respect of rectification of its earlier order? Whether ITAT was justified in modifying its earlier orders by exercising powers under… […]
What is not taxable under section 5(2) cannot be brought to tax indirectly through a deeming fiction under section 69.
What is not taxable under section 5(2) cannot be brought to tax indirectly through a deeming fiction under section 69. Recently, an ITAT has held that, what is not taxable under section 5(2) cannot be brought to tax indirectly through a deeming fiction under section 69. Facts and action of Assessing Officer Assessee,… […]
Delhi HC upheld Concurrent Jurisdiction of JAO/FAO for issuing notice under section 148
Delhi HC upheld Concurrent Jurisdiction of JAO/FAO for issuing notice under section 148 The Delhi High Court held that the impugned notices issued under Section 148 by the Jurisdictional Assessing Officer (JAO) are not void ab initio, reiterating its consistent view in TKS Builders (P.) Ltd. that both JAO and FAO possess concurrent jurisdiction to… […]
Profit on sale of assets is still taxable even if the block of assets continues to exist?
Profit on sale of assets is still taxable even if the block of assets continues to exist? ITAT Ahmedabad: Suyog Electricals Ltd. v. DCIT, Circle 2(1)(1), Vadodara, ITA No. 1352/Ahd/2025, order dated 25 November 2025 was having an issue as to whether Profit on sale of assets is still taxable even if the block… […]
PF WITHDRAWAL SIMPLIFIED – FROM 13 RULES TO JUST 3
PF Withdrawal Simplified – from 13 Rules to Just 3 EPFO 3.0 Revolution: The Employees’ Provident Fund Organisation (EPFO) is undertaking a landmark digital and administrative overhaul with the imminent launch of EPFO 3.0. This major upgrade aims to redefine how millions of salaried employees access their retirement savings by simplifying the complex system… […]
