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 …

Assessment itself is not a process to penalise assessee for earning undisclosed income – High Court upheld application of peak credit theory to undisclosed income.  In a recent judgment, Hon’ble High Court has upheld addition as per peak credit holding that the process of assessment itself is not …

Actual use of asset not the sole test for allowability of depreciation and it may be allowed when business only temporarily remained suspended In a recent judgment ITAT has held that Actual use of asset is not the sole test for allowability of depreciation and that, in appropriate …

It can never be the object of assessment proceedings to find an empirically, absolutely correct solution on every fact issue – High Court In a recent judgment, Hon’ble High Court has held that assessment proceedings are summary that must be concluded in a time bound manner. While full …