ITAT Quashes Reassessment Based on ‘Borrowed Satisfaction’, Grants Relief in Rs 1.59 Crore Penny Stock Case The ITAT Ahmedabad held that an assessment reopening based on general information rather than independent verification is unjustified and invalid as per the law. The tribunal allowed Bhupesh Sajjansinh Rathod’s appeal by setting aside the additions made by the…
HC Quashes Assessment for Non-Service of SCN, Orders Fresh Proceedings The petitioner, Sunil Kumar Sahoo, proprietor of M/s. Bhagabati Cashew, challenged an assessment order dated November 14, 2017, and a subsequent demand notice for the Assessment Year 2015-16. The dispute arose following a survey conducted under Section 133A of the Income Tax Act. The petitioner…
CBDT Mandates Use of Computer-Generated DIN on Income Tax Communications; Effective April 2026 The Central Board of Direct Taxes (CBDT) under the Ministry of Finance (Department of Revenue) has issued a Circular No. 4/2026, dated March 31, 2026, announcing updates in the rules related to the use of the Document Identification Number (DIN) in income-tax…
CBDT Confers Income Tax Exemption Status to Haryana District Legal Services Authority The Central Board of Direct Taxes (CBDT) under the Ministry of Finance (Department of Revenue) has issued a notification dated March 24, 2026, in New Delhi, concerning the income tax exemption conferred to a certain legal services authority. According to the notification, the government has granted…
No Evidence, No Relief: ITAT Upholds Rs 80 Lakh Addition in Unexplained Cash Credits Case The ITAT Surat held that mere claims without evidence cannot justify large cash deposits. Unusual cash handling and lack of documentation led to treating deposits as unexplained income, upholding the Rs 80 lakh addition and dismissing the assessee’s appeal. The…
ITAT Quashes Rectification Order, Restores Section 11 Exemption Over Late Form 10B Filing The ITAT Mumbai set aside a rectification order passed denying the Section 11 exemption because Form 10B was filed late, holding that the company was awarded a proper opportunity of hearing before issuing the order. The appeal was filed by a charitable…
ITAT Deletes Penalty in Education Cess Dispute; Says Retrospective Amendment Not Grounds for Penalty The Income Tax Appellate Tribunal (ITAT), Ahmedabad, in a recent ruling, has deleted the penalty of Rs 3.69 lakh imposed on the grounds of under-reporting of income in the ITR and allowed the taxpayer’s appeal. Shree Swati Texdyes Private Limited had…
ITAT Delhi Quashes 153C Assessments Over Lack of ‘Bearing’ in Satisfaction Note The ITAT held that a valid Section 153C satisfaction note must clearly establish a direct link between seized material and the determination of taxable income. Since the AO failed to demonstrate this “bearing”, in conclusion, the tribunal quashed all assessments. The Income Tax…
One day delay in receipt of ITR with CPC Bangalore cannot deny Taxpayer from Opting New Tax Regime: ITAT The ITAT Delhi ruled that minor procedural delays should not prevent taxpayers from receiving rightful benefits. The tribunal instructed tax authorities to ignore one day of delay in filing relevant documents for e-verifying the return and…
HC: Reassessment Notice Beyond 10 Years Quashed as Time-Barred Under Law The petitioner, an individual engaged in the real estate business as part of the PSY Group, had originally filed his return of income for Assessment Year 2014-15, declaring modest income. Thereafter, search action under Section 132 of the Income Tax Act was conducted on…
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