In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Pune Bench has held that a delay in filing the audit report in Form 10DA cannot be a valid ground to deny deduction under Section 80JJAA of the Income Tax Act, 1961. The decision reinforces …
In a noteworthy ruling that brings clarity and relief to taxpayers, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that exemption under Section 54 of the Income Tax Act, 1961 cannot be denied merely due to …
In a significant ruling reinforcing the principle that suspicion cannot substitute evidence, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] in favour of a retail jewellery firm. The tribunal …
The Mumbai Income Tax Appellate Tribunal (ITAT) has delivered a significant ruling in the case of actor Sonu Sood, clarifying the scope and applicability of reassessment proceedings under the amended provisions of the Income Tax Act. The decision provides important …
In a significant ruling that highlights the importance of bona fide belief on Form 16 and procedural fairness, the Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has deleted a hefty penalty of ₹51.20 lakh imposed on a taxpayer. …
The scope and limits of reassessment proceedings under Sections 147 and 148 of the Income Tax Act, 1961 have long been a subject of litigation. In a significant ruling, the Supreme Court of India in the case of Commissioner of …
In a significant ruling on reassessment proceedings under the Income Tax Act, the Supreme Court in Sanand Properties P. Ltd. v. Joint Commissioner of I.T. Range 6 has held that merely disclosing a transaction during the original assessment does not …
In a significant ruling reinforcing the principle that income tax assessments must be based on concrete evidence rather than assumptions, the Supreme Court of India has dismissed the Revenue Department’s Special Leave Petition (SLP) against Mahamaya Steel Industries Ltd.. The …
In a significant ruling concerning the interpretation of the Income Declaration Scheme (IDS), 2016, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that undisclosed income declared under the IDS cannot be taxed in the original assessment …
The Calcutta High Court has delivered a significant judgment in favour of taxpayers by holding that a minor procedural delay should not deprive an assessee of substantive tax benefits. In the case of Padmalochanan Radhakrishnan vs. Union of India & …
The introduction of Form 164 under Section 507 of the Income-tax Act, 2025 has brought a new layer of compliance for professionals operating in the entertainment and events industry. This includes film producers, OTT content creators, sports event organizers, and event management …
In a significant ruling that reinforces the importance of substantive evidence over mere data mismatches, the Income Tax Appellate Tribunal (ITAT) has held that unreconciled Statement of Financial Transactions (SFT) entries alone cannot justify additions under Section 69A of the Income …
In a significant ruling that reinforces settled principles of income classification under the Income Tax Act, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that receipts arising from the transfer of a capital asset cannot be …
In a significant ruling reinforcing the jurisdictional limits of appellate authorities, the Income Tax Appellate Tribunal (ITAT), Chennai Bench, has held that the Commissioner of Income Tax (Appeals) [CIT(A)] cannot issue directions for reopening assessments of years that are not …
In a significant ruling reinforcing the principles of fair taxation, the Chhattisgarh High Court has held that income tax additions cannot be sustained when they are based purely on guesswork, suspicion, or estimation without supporting material evidence. The judgment in the case …
High-value credit card transactions are increasingly under the scrutiny of the Income Tax Department through mechanisms like the Statement of Financial Transactions (SFT) and Annual Information Return (AIR). However, a crucial question arises—can such transactions automatically be treated as undisclosed …
In a significant ruling with practical implications for penalty proceedings under the Income Tax Act, the Kerala High Court has clarified that approval granted by an Additional Commissioner of Income Tax is legally valid for the purposes of Section 274(2). …
In a significant ruling reinforcing taxpayer protections, the Income Tax Appellate Tribunal (ITAT), Mumbai, in the case of Ramesh Kumar Puraji Jain vs DCIT, deleted additions made under Section 69 of the Income Tax Act on account of alleged “on-money” payments …
In an increasingly globalized world, high-earning professionals like IITians are constantly evaluating where their income delivers the best value—not just in numbers, but in quality of life. A recent viral story about a 34-year-old IIT graduate and software architect has …
In a landmark decision that provides significant clarity and relief to corporate India, the Delhi High Court has ruled that share buybacks conducted at a price below the fair market value (FMV) do not constitute taxable “income” or “deemed profit” in the …