AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has determined that a notice under Section 148 issued by a Jurisdictional Assessing Officer rather than a Faceless Assessing Officer necessitates fresh adjudication. The tribunal emphasized the procedural importance of issuing such notices correctly.
The ITAT has annulled a ₹2.82 lakh addition made under Section 68, emphasizing that suspicion cannot replace solid evidence in share transactions. The judgment affirms the validity of the trades backed by credible records.
The Income Tax Appellate Tribunal (ITAT) has deleted an addition of ₹1.12 crore under Section 69A, concluding that the referenced bank-recorded loans were genuine. The tribunal stated that the reassessment grounds became academic following this deletion.
The ITAT has upheld a ₹37.20 lakh addition of undisclosed income, declaring the taxpayer's retraction invalid. This ruling reveals the tribunal's stance on asserting tax liabilities.
The ITAT has removed a ₹1.12 crore addition under Section 69A, determining the bank-recorded loans to be genuine. This finding underscores the importance of verifiable documentation in tax assessments.
The Karnataka High Court has remanded the case concerning the retrospective amendment of Section 147A of the Income Tax Act back to a Single Judge, granting the assessee the opportunity to challenge the amendment's validity. This highlights ongoing scrutiny regarding retrospective tax laws.
Recent changes to the UDIN portal have introduced field-level validation for Section 44AB, reinforcing the role of Chartered Accountants in maintaining integrity in financial reporting. These updates are imperative for practitioners engaged in audit and regulatory compliance.
The ITAT has ordered a remand of demonetisation-era cash deposit additions under Section 68 for fresh verification. The tribunal upheld Section 80P deductions for a co-operative society despite the number of nominal members being low.
The ITAT ruled that the mere modus operandi of lenders is insufficient to support an addition under Section 68 of the Income Tax Act without direct evidence against the taxpayer. This decision is crucial for protecting taxpayers from arbitrary additions.
ITAT ruled that deductions under Sections 80IB and 80HHC can be computed independently, provided the aggregate deduction does not exceed the eligible profits. This distinction is significant for taxpayers seeking to maximize their deductions.
The ITAT ruled that a real estate company cannot be classified as a shell entity solely because of its significant transactions and low initial profits. This decision clarifies the parameters for defining a shell entity in taxation.
This article reviews how recent Companies Act amendments impact tax treatment of penalties, CSR expenditures, and related party transactions, emphasizing the interplay between corporate law and tax law.
The ITAT quashed Section 153A assessments due to falling outside the 10-year block period, highlighting stringent adherence to statutory timelines.