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Sections 68, 10(38), 69 of the Income-tax Act, 1961 - Gujarat High Court Upholds Tribunal’s Deletion of Section 68 Addition on Penny Stock LTCG: Exemption Allowed Where Genuine Transactions and No SEBI Violation Found - The High Court’s decision reinforces that additions under Section 68 on LTCG from sale of shares cannot be sustained merely on the basis of general investigations or suspicions relating to penny stocks, especially when the assessee provides concrete evidence of genuine transactions, and no adverse findings emanate from regulatory investigations. Tax authorities must base their actions on cogent, case-specific evidence rather than broad-based intelligence inputs or ongoing regulatory investigations without specific linkage to the assessee.

Sections 220, 254 of the Income-tax Act, 1961 - Bombay High Court Faults Revenue for Adjusting Refund Against Disputed Demand Despite 20% Payment and Six-Year Stay Delay - The Bombay High Court’s decision clearly establishes that once an assessee has made the prescribed 20% payment against a disputed demand and has filed a stay application pending appeal, the Revenue is not entitled to adjust subsequent refunds against the disputed demand, especially where the stay application is pending due to delay attributable solely to the Revenue. This actionable guidance requires Revenue authorities to strictly adhere to CBDT Instruction No. 1914 and to refrain from taking coercive recovery actions, such as refund adjustment, until a stay application is duly adjudicated.

Sections 10(38), 148A, 149 of the Income-tax Act, 1961 - Delhi High Court Quashes Reassessment Notice Issued Beyond Limitation Where Alleged Escaped LTCG Was Below Threshold Under Section 149(1)(b) - On the facts and law, the Delhi High Court set aside the reassessment notice under Section 148A, holding that the issuance was beyond the statutory limitation period and the conditions for invoking the extended time limit—specifically, the Rs. 50 lakhs threshold under Section 149(1)(b)—were not fulfilled. The decision is actionable for assessees facing similar notices, providing a clear basis to challenge reassessment where the quantum of alleged escaped income is below the statutory limit and the notice is time-barred.

Sections 69C, 148A, of the Income-tax Act, 1961 - Reopening of Assessment Based Solely on GST Portal Information without Considering Assessee’s Evidence Held Invalid by Delhi High Court - In light of the above findings, reopening of assessment under Section 148A based solely on third-party information, without objectively considering the assessee’s documentary evidence and the findings of the Investigation Wing, was held to be unlawful. The impugned notice for reassessment was quashed, reinforcing the requirement that the AO must meaningfully evaluate the assessee’s submissions before invoking the reassessment provisions.

Income Tax - Sections 151, 147, 148, 153C, 264 - ITAT Delhi Upholds Validity of Reopening Under Section 148 After Annulment of Section 153C Assessments: Mindful Approval Under Section 151 Confirmed - On a careful review of the facts and legal precedents, the ITAT Delhi has upheld the validity of reopening assessments under section 148, even after the prior annulment of assessments under section 153C by the Commissioner in proceedings under section 264. The approval granted under section 151 was found to be a considered decision, not a mere formality, due to the Commissioner's prior involvement and awareness of the issues. The Tribunal emphasized that these proceedings were initiated in response to ab initio void assessments and did not involve the regularization of time-barred assessments. Thus, the reassessment proceedings and the approvals granted therein stand valid in law.

Income Tax - Sections 144, 144B, 147 - Orissa High Court Quashes Faceless Assessment for Breach of Natural Justice: Insufficient Response Period Under Section 144B Invalidates Order - The Orissa High Court’s decision underscores the paramount importance of adhering to the principles of natural justice during income tax assessments, particularly under the faceless regime established by Section 144B. Assessment orders passed without granting reasonable opportunity to assessees for submitting their responses are liable to be quashed and remanded for fresh adjudication. Tax authorities must strictly follow statutory procedures and SOPs, ensuring that assessees are not deprived of their right to a fair hearing.

Income Tax - Sections 9, 90 - Delhi High Court Confirms: Cloud Service Subscription Payments to Foreign Providers Not Taxable as 'Royalty' Under India-Ireland DTAA - By affirming the ITAT’s order and dismissing the Revenue’s appeal, the Delhi High Court has provided clear judicial guidance that subscription payments for cloud services made to foreign vendors, where no copyright or equipment is transferred or licensed, do not constitute “royalty” under Indian law or India-Ireland DTAA. Tax officers must now refrain from characterizing such payments as royalty absent specific rights or property being transferred to the payer.

Income Tax - Section 68 - Delhi High Court Holds Unsecured Loans Explained When Linked to Group Company’s Disclosed Unaccounted Cash—Section 68 Addition Deleted - The Delhi High Court ruled in favour of the assessee, holding that the addition under Section 68 in respect of unsecured loans routed through group entities was unwarranted since the source of funds had already been disclosed and settled by the group company. The decision reinforces the principle that the explanation for a credit must be considered in light of group-level disclosures and settlements, particularly when the funds are demonstrably traced and accounted for, albeit through intermediaries.

Income Tax - Sections 2(15), 11, 12, 13 - Madras High Court Rules Microfinance Entities Ineligible for Charitable Exemption under Section 11(4A) When Lending Is Core Activity - In light of the facts and the statutory provisions, the Madras High Court decisively held that entities whose principal activity is microfinance lending, particularly when such activity is conducted for a fee, are not eligible for exemption under Section 11(1) or 11(4A) of the Income Tax Act, 1961. The business was not incidental to a charitable object but was the main purpose, and thus, the claim for exemption was rightly denied. Assessees undertaking similar activities must carefully evaluate the nature of their objects and income streams to determine eligibility for charitable exemptions.

Income Tax - Sections 132, 158BC, 158BE - Madras High Court Upholds Block Assessment as Within Limitation: Prohibitory Order Under Section 132(3) Not Equivalent to Deemed Seizure - The Madras High Court conclusively held that the block assessment order dated 28.03.2002 passed under Section 143(3) read with Section 158BC was within the statutory time limit, as the search was deemed to have concluded on 02.03.2000 when the prohibitory order was lifted. The assessment proceedings, therefore, suffered from no legal infirmity on the grounds of limitation. The matter was remanded to the Appellate Tribunal for expedited disposal, considering the protracted litigation over the block period from 1990-91 to 1999-2000 and part of 2000-01.

Sections 69A, 132, of the Income-tax Act, 1961 - Delhi High Court Affirms Validity of Additions Based on Seized Diaries and Corroborative Evidence in Real Estate Search Cases - The Delhi High Court concluded that where incriminating material found during a search is corroborated by formal books of account, the AO is justified in making additions under section 69A. Diaries and documents seized during such operations cannot be presumed to be inconsequential; their evidentiary value depends on the context, detail, and corroboration with other records. This decision upholds the approach of a thorough and context-driven examination of seized materials rather than a perfunctory or dismissive treatment.

Sections 139, 153C, of the Income-tax Act, 1961 - Delhi High Court Holds Revenue Cannot Ignore Revised Return Filed in Response to Sec. 139(9) Defect Notice Despite TDS Mismatch: Refund Processing Mandated - The Delhi High Court unequivocally held that the revenue authorities cannot disregard a revised return filed in response to a notice under section 139(9), especially in the absence of any formal communication to the assessee about the return’s continued defectiveness or invalidity. The presence of a TDS mismatch may justify further verification, but is not, per se, a ground to ignore the return or withhold refund processing. The revenue is bound by its statement to process the assessee’s rectification application and must do so expeditiously, ensuring any refund due, after proper adjustment, is granted.

Section 132 of the Income-tax Act, 1961 - Allahabad High Court Invalidates Income Tax Search and Seizure on OFS Share Sale, Citing Absence of Statutory 'Reason to Believe' - Based on the above findings, the Allahabad High Court set aside the warrant of authorization and quashed the search and seizure operation initiated against the assessee. The Court also invalidated the post-search notice issued under Section 131(1A) by the authorized officer, as it was procedurally barred after the completion of search actions under Section 132(1). The actionable takeaway is that revenue authorities must strictly adhere to statutory preconditions and procedural safeguards before invoking extraordinary powers of search and seizure, and that post-search investigatory powers must be exercised within the limits prescribed by law.

Sections 149, 148, 148A, of the Income-tax Act, 1961 - Delhi High Court Quashes Reassessment Notices for AY 2015-16 Issued Post 1-4-2021 in Light of Supreme Court's Directions on TOLA Applicability - In view of the Supreme Court's pronouncement and the concession recorded therein, the Delhi High Court unequivocally held that any reassessment notices issued for AY 2015-16 on or after 1st April 2021 stand vitiated and must be set aside. The action taken by the Assessing Officer in issuing notices and orders for reopening the assessment under the old regime, after the cut-off date, is rendered without jurisdiction and is not sustainable in law.

Sections 139, 237, 119, of Income-tax Act, 1961 - Gujarat High Court Directs Fresh Consideration of Delay Condonation for TDS Refund Omission Due to Accountant’s Error in Section 54 Property Case - Based on the Gujarat High Court’s decision, it is actionable for taxpayers to pursue condonation of delay in filing returns for claiming TDS refunds, even if the delay arises from inadvertent errors by their representatives, provided there is a bona fide explanation and no evidence of mala fide intent. Authorities are bound to consider the substantive right of the assessee to refund of taxes already deducted and remitted, and cannot deny the principal refund merely on technical grounds. However, any interest claim on the delayed refund may justifiably be denied.

Sections 278AA, 276B, of the Income-tax Act, 1961 - Delhi High Court Affirms Acquittal in TDS Non-Deposit Case: Reasonable Cause Shields Accused from Punishment under Section 276B - On the basis of this decision, it is actionable for assessees facing prosecution under Section 276B to meticulously document and substantiate any circumstances constituting a reasonable cause for delay in TDS deposit. Establishing a bona fide inability to comply, supported by contemporaneous records (such as audited financial statements evidencing liquidity crisis), can provide an effective shield from criminal liability under Section 276B, as envisaged by Section 278AA.

Income Tax - Sections 69C, 147, 148 - Delhi High Court Upholds Reopening of Assessment for AY 2018-19 Based on Bogus Purchase Entries with Entry Operator - The Delhi High Court has held that the AO was justified in reopening the assessment under Section 147 based on the information received regarding bogus purchase entries from an entry operator. The Court emphasized that the existence of entries in the assessee’s books, corroborated by the confessional statement of the entry provider and supported by the STR report, forms an adequate basis for the AO’s action. The absence of supporting evidence for the movement of goods further weakened the assessee’s case. The decision was thus rendered against the assessee.

Income Tax - Section 127 - Delhi High Court Upholds Centralisation of Assessment Jurisdiction with Faridabad Authority in Search-Linked Case Despite Registered Office in Delhi - The Delhi High Court has affirmed that, where a search and seizure operation under Section 132 reveals interconnections between entities across jurisdictions, the transfer of assessment jurisdiction under Section 127 to a centralised authority is permissible—provided the order contains clear and cogent reasons. The existence of the registered office in a different jurisdiction does not, by itself, bar such transfer if coordinated investigation is necessary and the order is sufficiently reasoned.

Income Tax - Sections 132, 153C - Delhi High Court Quashes Section 153C Notice for AY 2016-17 Issued Outside Six-Year Block—Jurisdictional Error in Re-Opening Assessment Identified - The Delhi High Court, after a detailed examination of the statutory provisions and binding judicial precedents, has unequivocally held that notices under Section 153C must be confined to the six assessment years immediately preceding the assessment year relevant to the year in which the satisfaction note is recorded. Any attempt to reopen assessments beyond this period, absent statutory authorization, amounts to a jurisdictional error. In the present case, the notice for AY 2016-17 was set aside as being beyond the scope of the permissible block period.

Income Tax - Sections 143, 144B, 292BB - Delhi High Court Upholds Validity of Income Tax Notices Sent to MCA-Registered Email; Petitioner Estopped from Challenging Service due to Participation - The Delhi High Court concluded that service of income tax notices at an email address listed on the MCA website is valid under Rule 127(2)(b)(iii) of the Income Tax Rules, 1962. Where the assessee has received, responded to, or participated in proceedings following such service, Section 292BB operates to prevent the assessee from later contesting the validity of the service on technical grounds. As the petitioner had both actual knowledge and participated in the process, there was no violation of natural justice, nor any basis to set aside the assessment order for improper service.

Sections 56, 148, 151, of the Income-tax Act, 1961 - Reassessment Notice Quashed by ITAT Mumbai Due to Lack of Proper Authority Approval under Amended Section 151 for AY 2017-18 - Based on the facts and the statutory framework, the ITAT Mumbai decisively held that reassessment proceedings initiated for AY 2017-18, through a notice issued on 29-07-2022, were invalid due to lack of approval from the competent authority as specified under section 151(ii) of the Income-tax Act, 1961 (post-amendment). The Tribunal quashed the notice on the ground that the approval by the Principal Commissioner did not meet the statutory requirement for cases involving a lapse of more than three years from the end of the relevant assessment year.

Section 54F of the Income-tax Act, 1961 - ITAT Mumbai Permits Section 54F Exemption for Investment in Duplex Residential Units Acquired as a Single House - On the basis of the above analysis, the ITAT Mumbai conclusively held that the assessee’s claim for exemption under section 54F in respect of the purchase price of the duplex residential unit—comprised of two flats acquired simultaneously in the same building—was allowable. The Tribunal directed that the exemption under section 54F be granted as claimed, since all statutory conditions were satisfied and the investment was made in a composite single residential house.

Sections 72, 199, of the Income-tax Act, 1961 - ITAT Mumbai Remands Case: Foreign Company’s Belated Return—AO Directed to Verify Business Loss Carry Forward and TDS Credit Claims Amid Portal Glitches - The ITAT Mumbai, recognizing the bona fide technical hardship faced by the foreign company in filing its return of income, set aside the orders of the lower authorities and remanded the matter to the AO. The AO is directed to (i) thoroughly verify the assessee’s explanation regarding the delayed filing and, if justified, allow the carry forward of business losses as per Section 72 read with Section 139(3), and (ii) reconcile the TDS credit claims with Form 26AS and the income reported, granting appropriate credit after due verification. The decision reinforces the principle that substantive rights should not be denied due to minor technical or procedural lapses, provided the assessee’s claims are genuine and verifiable.

Sections 270A, 35(2AB), of the Income-tax Act, 1961 - ITAT Delhi Quashes Section 270A Penalty for Disallowance under Section 35(2AB) Where All Facts Truly Disclosed in ITR - On the basis of the above analysis, it is clear that where an assessee has made a bona fide claim for deduction under section 35(2AB) and has fully disclosed all relevant particulars in the ITR, the mere disallowance of such claim on the basis of Form 3CL does not constitute under-reporting or misreporting of income within the meaning of section 270A. Therefore, penalty under section 270A is not leviable in such circumstances. Assessees should ensure full and accurate disclosure of all particulars relating to deductions and claims in their returns to safeguard against penalty exposure.

Sections 68, 148, of the Income-tax Act, 1961 - ITAT Delhi Quashes Reassessment: Mere Non-Compliance by Share Subscribers Does Not Justify Bogus Share Capital Addition under Section 68 - The ITAT Delhi categorically held that the mere non-compliance under the Companies Act by shareholder companies, without any cogent evidence linking the share capital receipts to accommodation entries or bogus transactions, does not justify an addition under Section 68. The AO’s failure to establish the actual flow of unaccounted money or to demonstrate, through proper inquiry, that the share capital received was not genuine, vitiated the reassessment proceedings, resulting in their annulment.

Sections 68, 263 of the Income-tax Act, 1961 - ITAT Chandigarh Nullifies PCIT’s Section 263 Revision: Full Scrutiny Cited in Error for Limited Scrutiny Case Involving Unsecured Loans and Credit Card Payments - Since there was no evidence or record of conversion from limited to complete scrutiny, the PCIT’s assumption was factually and legally erroneous. The Tribunal quashed the Section 263 proceedings, affirming that revisionary jurisdiction cannot be invoked on the basis of a flawed factual premise. The AO had appropriately confined his scrutiny to the permitted issues, and the PCIT’s order was set aside as being without jurisdiction.

Sections 153C, 68, 37(1) of the Income-tax Act, 1961 - ITAT Guwahati Rules Section 153C Additions Invalid Where Documents Sourced from Survey, Not Search; Depreciation on Penalty Paid to GMC Remanded for Verification - The decision of the ITAT Guwahati unequivocally clarifies that additions under section 153C cannot be based on documents obtained during a survey under section 133A. For valid proceedings under section 153C, incriminating material must be discovered during a search under section 132. Any additions based on survey findings alone must be made, if at all, under regular assessment or reassessment provisions. For expenditure in the nature of penalties, if not for violation of law, such payments may be added to asset cost and depreciation allowed, subject to factual verification.

Sections 10(37), 56, 45, 80GGB of the Income-tax Act, 1961 - ITAT Delhi Orders Reassessment on Clerical Error in Exemption Claim, Interest Taxability, and Political Donation Deduction under Income Tax Act - The ITAT Delhi has remanded all three issues back to the Assessing Officer for fresh examination. Specifically, the AO is directed to: (a) recompute the total income after allowing the correct exemption for enhanced compensation under section 10(37), (b) conduct a factual verification of the interest received on compensation and tax the correct quantum as per law, and (c) verify the political contributions made and allow deduction under section 80GGB as per the amended provisions of the Companies Act, 2013 and prevailing law.

Section 254, 250 of the Income-tax Act, 1961 - ITAT Pune Condones 464-Day Delay in Appeal: Ex-Parte Order by CIT(A) Set Aside for Non-Compliance with Section 250(6) - On a comprehensive assessment of the facts and the statutory framework, the ITAT Pune held in favour of the assessee. The Tribunal accepted the cause for delay as reasonable under Section 254 and set aside the ex-parte order of the CIT(A) for non-compliance with Section 250(6). The case was restored back to the file of the CIT(A) for fresh adjudication on merits, with a direction to provide the assessee a reasonable opportunity of being heard.

Sections 80P, 147, 68, of the Income-tax Act, 1961 - Disallowance Under Section 80P Not Sustainable When No Addition Made on Reopened Cash Deposits—Fresh Proceedings Under Section 148 Permissible - In light of the above, the ITAT Jaipur held that the disallowance of the Section 80P deduction in reassessment proceedings, where no addition was made on the issue of large cash deposits (the recorded reason for reopening), is legally unsustainable. The AO’s action was set aside, with liberty to initiate fresh proceedings under Section 148 if there is material to do so, following due process.

Income Tax - Sections 147, 148, 151 - Reassessment Proceedings Quashed by ITAT Ahmedabad Due to Sanction from Improper Authority; Landmark Supreme Court and High Court Rulings Reinforced - The decision of the ITAT Ahmedabad makes it abundantly clear that obtaining sanction from the correct Specified Authority is a sine qua non for valid reassessment under Section 148, especially where the statutory period of three years has elapsed. Any deviation from this requirement will vitiate the entire proceedings, and such reopening will be legally untenable and subject to being quashed. Assessees facing reassessment should, therefore, meticulously verify the authority from whom the sanction has been obtained.

Income Tax - Sections 14A, 68 - No Disallowance Under Section 14A Without Exempt Income and Section 68 Addition Unsustainable Where Loan’s Identity and Genuineness Proven: ITAT Kolkata - On the basis of the above decision, it is actionable that unless exempt income is earned by the assessee during the relevant year, no disallowance under Section 14A read with Rule 8D is warranted. Furthermore, where the assessee meticulously substantiates the identity, creditworthiness, and genuineness of a loan transaction—particularly when involving group concerns and supported by comprehensive documentary evidence and banking records—addition under Section 68 cannot be sustained. Proper documentation and transparency in financial dealings are critical for defending such claims.

Income Tax - Sections 40A, 143, 147, 263 - ITAT Kolkata Rules PCIT’s Section 263 Revision Invalid Where Issue Outside Scope of Reassessment Under Section 147 - The ITAT Kolkata has held that the exercise of revisionary powers under Section 263 cannot be sustained where the issue sought to be revised was not the subject matter of the reassessment order under Section 143(3)/147. The Tribunal quashed the PCIT’s revisionary order as being ultra vires and restored the matter concerning Section 40A(3) compliance to the AO for de novo consideration on the merits, after giving the assessee an opportunity to present supporting evidence.

Income Tax - Sections 69A, 115BBE - ITAT Delhi Orders Fresh Assessment in Section 69A Unexplained Income Case; Criticizes AO for Lack of Proper Inquiry - On the basis of this decision, it is clear that any addition under Section 69A, especially when coupled with penal provisions like Section 115BBE, requires the AO to conduct a thorough and independent inquiry. The assessee must be granted a reasonable opportunity to present all relevant evidence and explanations. Failure to do so will render the assessment vulnerable to being set aside by appellate forums. Actionable steps for assessees include ensuring that all explanations and documents are properly submitted during assessment proceedings, and for AOs, ensuring that such submissions are duly considered and addressed in the assessment order.

Income Tax - Section 69C - ITAT Cochin Sets Aside Section 69C Addition: Lack of Evidence on Bogus Purchases Necessitates Fresh AO Inquiry - Given the Tribunal’s direction, all future proceedings must involve a comprehensive fact-based inquiry rather than reliance on generic benchmarks for bogus purchases. The AO is instructed to provide the assessee a full opportunity to submit detailed documentation and to seek corroborative independent evidence as required. This ensures that the principle of natural justice is upheld, and any addition under Section 69C is made only after due and proper examination of facts and evidences specific to this case.

Income Tax - Sections 69A, 69C - ITAT Upholds Additions under Sections 69A & 69C Due to Assessee’s Failure to Furnish Evidence; CIT(A) Order Affirmed in Absence of Contradictory Material - The Tribunal’s order underscores that appellants must actively participate in appellate proceedings and substantiate their claims with appropriate evidence and arguments. Failure to do so will result in the confirmation of the additions made by the AO, as appellate authorities are left with no option but to rely on the findings of the lower authorities. In this case, the absence of submissions or evidence at both the CIT(A) and ITAT stages led to the dismissal of the appeal and affirmation of the additions under Sections 69A and 69C.

Income Tax - Section 143 - ITAT Bangalore Orders De Novo Assessment: CIT(A) Faulted for Dismissing Appeal Without Granting Assessee Proper Hearing; RMET Unit’s Separate Accounts at Issue - The ITAT’s order underscores the imperative of adhering to the principles of natural justice in appellate proceedings. The case has been remanded to the AO, directing a de novo assessment after providing the assessee an opportunity to present its case comprehensively, including filing the necessary separate accounts and substantiating its claims regarding the disputed amount. The assessee must proactively participate in the fresh proceedings and ensure all requisite documentation is furnished to avoid adverse outcomes.

Income Tax - Sections 36, 132, 153A, 292C - ITAT Bangalore Quashes Additions Based on Unsubstantiated Loose Slips Seized from Third Party; No Notional Interest Disallowance on Advances to Sister Concern - The ITAT Bangalore’s order clearly establishes that additions under Section 153A/153C cannot be sustained if based solely on loose slips or documents seized from third parties, particularly in the absence of corroborative evidence directly linking the assessee to the alleged transactions. Similarly, notional interest disallowance on advances to sister concerns is not justified if the advances are made for genuine business purposes. Assessees are advised to ensure proper documentation and business rationale for inter-company advances and to contest additions based on unsubstantiated third-party documents.

Income Tax - Section 45 - ITAT Kolkata Upholds Taxation on Undisclosed Income: Sale of Flat 204 Assessed on Registered Sale Deed Value, Rejects Unregistered Prior Agreement - On careful evaluation of the evidence and statutory provisions, ITAT Kolkata concluded that the only recognized sale transaction for Flat No. 204 occurred on 08.01.2015 upon the execution of the registered sale deed in favour of Shri Gautam Krishna. The attempt to establish an earlier sale through an unregistered, unstamped document was unacceptable in law. Consequently, capital gains arose in the year of the registered sale, and the value recorded in the deed (or as per Section 50C if higher) was correctly adopted for tax purposes.

Income Tax - Section 80G - ITAT Ahmedabad Sets Aside Rejection of Section 80G Registration: Emphasis on Actual Expenditure Over Mere Religious Object Clauses - The ITAT Ahmedabad’s decision underscores that the eligibility for registration under Section 80G cannot be denied solely due to the presence of religious language in the trust's objects. The determining factor is the actual application of funds, specifically whether less than 5% is utilized for religious purposes. The CIT(E) is obligated to conduct a factual enquiry and verify expenditure records before making a decision. As a result, the matter has been remanded for proper verification and reconsideration in accordance with law.

Exemption from specified income U/s 10(46A) of IT Act 1961 - Greater Noida Industrial Development Authority

Order under section 138(1)(a) of the Income-tax Act, 1961

U/s 138(1) of IT Act 1961 - Central Government specifies ‘Secretary to the Government of Maharashtra, Women and Child Development’

Zero Coupon Bond - Specified bond notified u/s 2(48) of the Income-tax Act, 1961

Corrigendum - Notification No. 44/2025, dated 06th May, 2025

Corrigendum - Notification No. 41/2025 dated 30th April, 2025 - 50/2025 - Income Tax

Corrigendum - Notification No. 42/2025 dated 01st May, 2025

CBDT extends due date of filing ITRs which are due for filing by 31st July 2025

Extension of due date for furnishing return of income for the Assessment Year 2025-26

FIRST SCHEDULE











ITAT : ITAT Mumbai Quashes Section 68 Addition on Cash Deposits During Demonetisation Citing Lack of Investigation and Reliance on Ad-Hoc Formula


ITAT : Ahmedabad ITAT Affirms CIT(A)’s Deletion of ₹3.5 Crore Addition under Section 68: Presumption by AO Not a Substitute for Evidence in Property Advance Case

ITAT : Delhi ITAT Rules Section 50 Inapplicable: Sale of Shares via Put Option Cannot Be Treated as Sale of Underlying Assets for STCG Purposes

ITAT : Mumbai ITAT Allows Deduction of BSE/NSE and SEBI Charges Paid by Goldman Sachs (India) Securities, Distinguishes Non-Statutory Violations from Penal Payments

ITAT : Delhi ITAT Reaffirms Option Money from Share Sale in JV as Capital Receipt, Not Business Income, for Dabur Invest Corp.

ITAT : Delhi ITAT Rules Standard Flight Simulator Services Provided to Indian Pilots in Ethiopia Not Taxable as Fee for Technical Services (FTS); No Customization or Indian Nexus Found

ITAT : Delhi ITAT Rules Offshore Supply by Chinese Telecom Firm to Indian PSUs Not Taxable under Section 44BBB; Strikes Down CIT(IT)’s Section 263 Revision Order

ITAT : ITAT Bangalore Quashes Deemed Dividend Addition Under Section 2(22)(e); Finds Cash Seizure Merely Custodial, Not Personal Benefit

ITAT : Delhi ITAT Sets Aside CIT(A) Order for Non-Compliance with Rule 46A(3); Directs Fresh Adjudication Ensuring Due Process for Additional Evidence

ITAT : Delhi ITAT Affirms Deductibility of Pre-Commencement Expenditure Once Business Set Up, Despite Single Investment Transaction in Subsidiary

ITAT : Pune ITAT Upholds Assessee’s Short-Term Capital Gains as Genuine Amidst Lack of Evidence of Manipulation in Exchange-Traded Penny Stock Transactions

ITAT : Mumbai ITAT Orders Reference to Valuation Officer under Section 50C for Sale of Fixed Asset; Rejects Section 43CA Applicability in Absence of Inventory Treatment

ITAT : Delhi ITAT Affirms Excise Duty Exemption as Capital Receipt for P.C. Jeweller; Allows Fresh Claim Before CIT(A) Despite Prior Revenue Classification

HC : Madras High Court Upholds CBDT Circulars: No Vivad Se Vishwas Amnesty for Assessee with Disputed Tax Over ₹5 Crore from Search Assessments

HC : Madras High Court Affirms ITAT Ruling: Deduction Under Section 10AA Not Denied for Delay in Filing Form 56F Where Substantive Compliance Exists

HC : Madras High Court Rules Non-Refundable Life Membership Fees as Capital Receipt, Not Taxable as Revenue Income for Clubs

HC : Gujarat High Court Invalidates Reassessment After Four Years Where Assessee Had Fully Disclosed All Material Facts; Reassessment Deemed Mere Change of Opinion

ITAT : Ahmedabad ITAT Quashes Penalty for Deduction Claim in Belated Return: No Concealment Under Section 271(1)(c) When Capital Gain Exemption Claimed in Return Filed U/s 139(4)

ITAT : Delhi ITAT Invalidates Ad Hoc Income Addition: Rejection of Books Unfounded Without Concrete Discrepancy Under Section 145(3)

x
# 
News & Views 
 Article - CBDT Grants Extended Window for Processing Income Tax Returns for AY 2023-24
 Article - Advance Tax in India: Due Dates, Computation Methods & Exemptions
 Article - Evolving MSME Compliance in India: Perspectives and Practical Challenges for Stakeholders
 Article - Recent Landmark ITAT Decisions: Reassessment, Section 80G, DTAA Interpretation, Transfer Pricing, and Section 68 Cash Credits
 Article - Revisiting the Fundamentals: Tribunal Clarifies Lower Authorities’ Misinterpretation on Section 54B Exemption
 Article - Renewal of Registration under Section 12A and Section 80G: Guidelines and Practical Considerations
 Article - Implications of Extended ITR Filing Due Date on Interest Payable for Income Tax Refunds
 Article - June 2025 Compliance Calendar: Essential Tax and Regulatory Deadlines
 Article - Taxation of Cryptocurrencies in India: A Comprehensive Overview
 Article - Tax Implications on Sale of Old Gold in India
 Article - Obligation to Pay Advance Tax: Who Must Comply and Key Timelines
 Article - Regulatory Updates and Legal Developments: Week Ending 25th May 2025
 Article - Key Compliance Guidelines for TDS on Payments to Non-Residents
 Artice - Evolving Framework of Capital Gains Taxation and Section 87A Relief Provisions
 Article - Digital Revolution in Tax Assessment: Understanding the Faceless Evaluation System
 Article - Regulatory Framework for Immovable Property Acquisition by Foreign Individuals in India
 Query - Applicability of Section 87A Rebate on Capital Gains from Equity and Mutual Funds
 Article - CBDT extends due date of filing ITRs which are due for filing by 31st July 2025
 Article - Protect Yourself from the Tax Season: File TDS and SFT Returns by 31st May
 Query - TDS Obligations on Payments to Foreign Educators and Professionals
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Parallel citation of TIOL for Tribunal Orders reported in TaxCorp(DT). Updated on realtime basis.

ITAT: taxmann.com

Parallel citation of taxmann.com for Tribunal Orders reported in TaxCorp(DT). Updated on realtime basis.

ITAT: TMI

Parallel citation of TMI for Tribunal Orders reported in TaxCorp(DT). Updated on realtime basis.

ITAT: DTR

Starting from Volume 1. Updated weekly.

ITAT: ITR (Trib)-OL

ITAT Orders reported in ITR (Trib)-OL. Updated weekly.

ITAT: TaxCorp UnReported

ITAT Orders reported exclusively in TaxCorp(ITAT). Updated on realtime basis.

ITAT: TaxSutra

Parallel citation of TaxSutra for Landmark Tribunal Orders reported in TaxCorp(LJ). Updated on realtime basis.

ITAT: ITR(Trib)

ITR(Trib) orders starting from volume 1. Also tribunal orders reported earlier in ITR. Updated weekly.

ITAT: CCH(Trib)

Parallel citation of CCH for Tribunal Orders reported in TaxCorp(DT). Updated on realtime basis.

ITAT: Taxman(Mag)

ITAT Orders reported exclusively in Taxman(Mag).

ITAT: Taxation

Selected : Starting from Volume 1 upto Volume 234.

ITAT: Orange

Exclusive orders reported in orange.taxsutra

Income Tax Commentary

Working Commentary on Income Tax Act, 1961

Circulars & Notfications

All Circulars, Notification, Order, Clarification, Press Release, Finance Acts, Bills, Ordinances issued by CBDT and GOI.

CBDT: Circulars

All Circulars issued by CBDT. Updated on Realtime basis.

CBDT: Notifications

All Circulars issued by CBDT. Updated on Realtime basis.

CBDT: Instructions

All Circulars issued by CBDT. Updated on Realtime basis.

CBDT: Miscellaeneous

CBDT: Letter, Order, Press Release, Public Notice, Direction etc.

Finance Acts

All Finance Acts and Taxation Laws Amendment Acts

DTAA

Double Taxation Avoidance Agreements, TIEA

Income Tax Act

Income Tax Act, 1961

Income Tax Rule

Income Tax Rules, 1962

Articles

TaxCorp Articles and News

Deeds & Documentation

Deeds & documentation (Partnership, HUF, Gift, POA and 45 other categories covering around 1,500 deeds annd agreements. Editable.

Other DT Laws

Direct Tax Acts

Around 20 Direct Tax Acts

Direct Tax Rules

Around 100 Direct Tax Rules

Accounting Standards U/s 145(2)

Income computation and disclosure standards

Benami Property

Benami Property - Act & Rules

Money Laundering

Money Laundering (Acts & Rules)

Money Laundering

Money Laundering (Notifications)

Income Declaration Scheme

Act, Rules & Notifications