Month: August 2026

Assessee could not be faulted for showing only cash in hand and bank balance as capital following presumptive taxation when there was no mandate to provide particular set of information in ITR In a recent judgment, ITAT has held that when assesse had taken a recourse to filing …

Sale of flats in a real estate project held capital gains as intention of the assesee was to hold that land to construct the flats, and lease them out. In a recent judgment, Hon’ble High Court has upheld that sale of apartments in a real estate project was …

Merely because interest liability was recognised by journal entries at the close of the year, it does not make expenditure fictitious or non-genuine. In a recent judgment, ITAT has held that merely because the interest liability has been recognised through journal entries at the close of the accounting …

Addition for cash deposits in bank account which were immediately transferred to other accounts deleted in absence any enquiry by AO In a recent judgment, ITAT deleted the addition towards cash deposits in bank account of the assessee during demonetisation window which were immediately transferred to other accounts …

ITAT disallows 6% for alleged bogus purchases as purchases from unregistered dealers could not be ruled out. In a recent judgment, ITAT has held that a disallowance of 6% for alleged bogus purchases was appropriate as purchases from unregistered dealers per se could not be altogether ruled out …

CBDT Circular can’t restrict powers of Income Tax Authority u/s 119(2)(b) to condone delay beyond six years In a recent judgment, Hon’ble High Court has held CBDT Circular can not restrict powers of Income Tax Authority u/s 119(2)(b) to condone delay beyond six years for granting refund ABCAUS …

Benefit of the cash bought at the time of migration from Pakistan allowed as assessee fulfilled conditions of CBDT Circular In a recent judgment, ITAT has allowed the benefit of the cash and jewellery bought by the assessee at the time of migration from Pakistan to India. ABCAUS …

Ambiguous notices without striking off the irrelevant limb cannot be the foundation of imposition of any penalty – Supreme Court dismisses SLP of Revenue In a recent judgment, Hon’ble Supreme Court has dismissed the SLP of the Income Tax Department rejecting the contention that in the notice the …