Assessee not required to prove “source of the source” of funds prior to Finance Act 2022
Assessee not required to prove “source of the source” of funds prior to Finance Act 2022 PCIT-4 DELHI vs. KRBL INFRASTRUCTURE LTD (ITA 494/2024) Facts: 1. The assessment of the respondent assessee had been completed by the AO making addition on account of a bogus unsecured loan and a disallowance of interest paid on… […]
A Chartered Accountant is not required to verify the genuineness of documents submitted by clients: SC
A Chartered Accountant is not required to verify the genuineness of documents submitted by clients: SC Supreme Court has recently protected a Practicing Chartered Accountant. I that merely issuing Form 15CB under the Income-Tax Act does not amount to abetment of money laundering. In this case, a Chartered Accountant had issued Form 15CB for remittances… […]
Additions under section 69A must rest on tangible, verifiable evidence, not presumptions and whatsapp Chat
Additions under section 69A must rest on tangible, verifiable evidence, not presumptions and whatsapp Chat Recently, Mumbai ITAT in the case of DCIT v. Niru Dhiren Shah (ITA No. 4294/Mum/2025) was concerned with the issue of evidentiary value of WhatsApp Chats in Tax Proceedings. Let us have a Short Overview of the Case: –… […]
GP Estimation Rejected: Kanak Impex Becomes the Benchmark for Section 69C Cases
GP Estimation Rejected: Kanak Impex Becomes the Benchmark for Section 69C Cases SC dismisses the SLP: The Supreme Court has dismissed the SLP filed by Kanak Impex (India) Ltd., refusing to interfere with the Bombay High Court judgment dated 03.03.2025, thereby upholding the 100% disallowance of bogus purchases under Section 69C and not limiting… […]
Condonation of Delay in Trust Registration & 80G Renewal: What Trust need to know
Condonation of Delay in Trust Registration & 80G Renewal: What Trust need to know The Finance (No. 2) Act, 2024 has quietly introduced one of the most important and taxpayer-friendly reforms for charitable and religious trusts. For years, thousands of NGOs struggled with missed deadlines for renewal under Section 12A/12AB and approval under Section… […]
PENNY STOCK LTCG CASES: THE EVOLUTION OF TAX LAW AND THE JUDICIAL REBUILDING OF SECTION 68 PRINCIPLES
PENNY STOCK LTCG CASES: THE EVOLUTION OF TAX LAW AND THE JUDICIAL REBUILDING OF SECTION 68 PRINCIPLES The controversy over alleged “penny stock LTCG” cases has generated one of the largest volumes of reassessment and scrutiny proceedings in recent tax history. For nearly a decade, the Income Tax Department has relied on generalized Investigation… […]
Tax Compliance Made Easier: Capital Gains Accounts Now Digital
Tax Compliance Made Easier: Capital Gains Accounts Now Digital Introduction: The CBDT vide Notification No. 161/2025 dated November 19, 2025 has notified the Capital Gains Accounts (Second Amendment) Scheme, 2025, introducing significant digital-enablement reforms to the Capital Gains Accounts Scheme (CGAS), 1988. The amendments have been issued under various provisions of section 54 and… […]
When Scholarships Become Business Expenditure: What Harish Salve’s Case Teaches About Modern Brand-Building Under Income Tax Law
When Scholarships Become Business Expenditure: What Harish Salve’s Case Teaches About Modern Brand-Building Under Income Tax Law Can paying Oxford University fees for two students ever become a tax-deductible business expense? In the fascinating case of Harish Narinder Salve vs ACIT (ITAT Delhi), the Tribunal said yes-and in doing so, widened the contours of what “business expenditure”… […]
Can New Grounds Be Taken before ITAT without it being there before CIT (Appeal)?
Can New Grounds Be Taken before ITAT without it being there before CIT (Appeal)? One of the most common doubts among taxpayers and professionals is whether new grounds can be raised for the first time before the Income Tax Appellate Tribunal (ITAT), even if they were never argued before the CIT(A). The short answer is YES, and… […]
Can a Partner Claim Expenses Against Remuneration? Delhi ITAT Gives a Landmark Clarification
Can a Partner Claim Expenses Against Remuneration? Delhi ITAT Gives a Landmark Clarification A recent decision of the Delhi ITAT has sparked widespread interest among professionals and business partners across India. The question was simple but extremely important: Can a partner in a partnership firm claim expenses such as travel, telephone, fuel, car depreciation and… […]
