Day: October 26, 2025

Amendment to section 50C w.e.f. 01.04.2019 was to apply retrospectively w.e.f. 01.04.2003, when the section 50C was brought into statute – ITAT In a recent judgment, ITAT Agra deleted addition made u/s 56(2)(viib) holding that amendment to section 50C brought into the Act by finance Act, 2018 w.e.f. …

Approval u/s 153D has to be granted for each assessment year. A single approval granted for all AYs held as non application of independent mind. In a recent case. The ITAT Delhi quashed a single approval u/s 153D accorded in respect of 14 Assessment Years pertaining to two …