ITAT held that the AO’s verification of seized material, statements, and bank records constituted proper enquiry. Key takeaway: Section 263 cannot be invoked merely because the PCIT prefers a ...

ITAT Delhi ruled that penalties under section 271DA cannot be levied without the AO recording satisfaction in the assessment order, following Supreme Court ...

ITAT Delhi applied the principle that if the foundation (quantum addition) is removed, the superstructure (penalty) collapses. The Section 270A penalty was deleted once the quantum was wiped out.

The Tribunal ruled that Section 271(1)(c) penalty cannot be imposed on estimated income. While the penalty on actual taxable additions remains, the portion related to estimated income was deleted. Key ...

ITAT held that although the assessee attempted to justify cash deposits as scrap sales, lack of key supporting records justified only a partial lump-sum addition. Key takeaway: Section 68 additions ...

ITAT held that a reassessment notice issued under Section 148 is invalid if approved by JCIT instead of the Pr.CIT for cases reopened after four years. Limitation rules under section 151 must be ...

The ITAT ruled that additions under Section 69 based solely on third-party statements and unverified documents cannot stand. Key takeaway: credible, corroborated evidence is essential for tax ...

Disallowances under Section 40A(3) were challenged as cash payments were made on holidays and for labor. Tribunal directs reassessment considering business exigency and genuine ...

ITAT Jaipur held that addition towards unaccounted commission based on seized digital sheet without corroborative evidence is not sustainable. Accordingly, addition is deleted and said ground raised ...

ITAT Chennai held that an appeal filed under the Black Money Act with a 5-day delay cannot be condoned without a notarised affidavit supporting the delay. The appeal was dismissed in limine, ...

The import of unstudded platinum jewellery (HS 71131921) is now restricted until April 2026, requiring DGFT approval for ...

The IBBI proposes measures to enhance transparency, disclosure, and accountability in corporate insolvency resolution, including allottees’ inclusion and CoC ...