Category: Income Tax

AO taking cognizance of belated return ought to have issued the mandatory notice under section 143(2) of the Act – ITAT In a recent judgment, ITAT Agra has held that once AO took cognizance of the belated return filed by the assessee he ought to have issued the …

When assessee failed to explain source of purchases expenditure, estimating profit rate was contrary to provision of Section 69C which calls for addition of the entire amount. In a recent judgment, Hon’ble Supreme Court dismissed SLP against the judgment of the Bombay High Court which held that when …

Income Tax Department not trusted even upon its lawyers – SC slams ITD on adopting a long process resulting delay in filing appeal In a recent judgment, the Hon’ble Supreme Court has slammed the Income Tax Department for adopting a long process of filing petition despite having a …

CBDT notifies the Capital Gains Accounts (Second Amendment) Scheme, 2025 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th November, 2025 (INCOME-TAX) S.O. 5293(E) — In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section …

First-time experience in filing appeal was a reasonable and bona fide cause for delay – ITAT condoned delay In a recent judgment ITAT Hyderabad condoned the delay in filing appeal observing delay due to assessee’s official deployment during Parliamentary Elections and his first-time experience in filing appeal was …

Assessees was  not required to prove the “source of the source‟ of funds received as unsecured loans Prior to the amendment of Finance Act, 2022 In a recent judgment, Hon’ble Delhi High Court held that since the case related to prior to the amendment of Finance Act, 2022 …

The contention that during the pendency of case before settlement commission, the assessee must give up his right to contest the assessment order on merits is misconceived and must be rejected – Supreme Court In a recent judgment, the Hon’ble Supreme Court rejected the stand of the Revenue …

Entire amount of undisclosed money cannot be treated as income and only estimated profit embedded in these transactions may only be taxed.  In a recent judgment, Rajkot ITAT held that entire amount of undisclosed money cannot be treated as income and only estimated profit embedded in these transactions …

Notice u/s 143(2) send by email fifty seconds before signing by the Assessing Officer was not a legal notice – ITAT In a recent judgment, ITAT Jaipur quashed the assessment holding that notice under section 143(2) send by email fifty seconds before signing of notice by the Assessing …

Once investment amount reflected as payable and receivable in the books of accounts of both parties, no addition can be made towards unexplained money u/s 69A of the Act. In a recent judgment, ITAT Hyderabad deleted addition u/s 69A observing that once the investment amount is reflected in …