Category: Judgments

ITAT dismisses claim of Leave Encashment exemption u/s 10(10AA)(ii) beyond Rs. 3 lakhs In a recent judgment, ITAT Ahmedabad has dismisses claim of Leave Encashment exemption u/s 10(10AA)(ii) beyond Rs. 3 lakhs for prior to AY 2023-24 ABCAUS Case Law Citation:5132 (2026) (04) abacus.in ITAT In the instant …

Assessing Officer had taken a reasonable stand that 25 kg written in WhatsApp chat/text message was 25 lakh – ITAT In a recent judgment, ITAT has held that the Assessing Officer had taken a reasonable stand that 25 kg written in text message/chat represented 25 lakh and the …

Shareholders are only owners of the shares of the company therefore, income from properties earned by the company cannot be treated to be an income of the shareholders. In a recent judgment, Hon’ble High Court has held that shareholders of the company are only owners of the shares …

When approval for reassessment was granted by unauthorised authority, such jurisdictional error cannot be shielded by the law of limitation – High Court In a recent judgment, Calcutta high Court has held where approval for reassessment was granted by an authority not “specified” under the statute, such jurisdictional …

ITAT on presumption of bogus purchases ought to have remanded case to AO to reconsider the whole matter instead of determining appropriate percentage of profit In a recent judgment, Kerala High Court has held that when ITAT ordered a remand on the question whether there were “bogus purchases” …

Where proceedings u/s 153C are barred by limitation, AO can not reopen the case invoking section 148 and 148A of the Act – ITAT In a recent judgment, ITAT Agra has held that where proceedings u/s 153C were barred by limitation, AO can not take recourse was reopen …

Corporate guarantees executed by the corporate debtor constitute “financial debt” under IBC and banks to be recognized as financial creditors – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that the corporate guarantees executed by the corporate debtor constitute “financial debt” within the meaning of …

The CIT(E) should have provided opportunity to assessee to produce documents and should have decided the application on its merit – ITAT In a recent judgment, ITAT Delhi has held that before rejecting registration u/s 12A(1)(ac)(ii), the CIT(E) should have provided opportunity to the assessee to produce the …

ITAT condemns irresponsible attitude and callous approach of the income-tax authorities making assessee shuttle between the CPC and jurisdictional AO In a recent judgment, ITAT Ahmedabad has expressed strong displeasure over the irresponsible attitude and callous approach of the income-tax authorities making assessee shuttle between the CPC and …

AO was not justified in assessing income as per ITR processed by CPC Bangalore u/s 143(1)(a) without giving effect to the rectification application u/s 154 – ITAT In a recent judgment, ITAT Varanasi has held that AO was not justified in assessing the income of the assesse as …