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ITR Invalidated for Alleged ₹10 Crore Gross Receipts Without S. 44AB Audit: Karnataka HC Sets Aside CPC Order, Directs Fresh Consideration [Read Order]

In a recent ruling, the Karnataka High Court has intervened in a dispute over the income tax return for AY 2024–25, which had been invalidated by...

PCIT Cannot Rely on AI Overview on London Rental Yields to Revise ALV: ITAT quashes Income Tax...

New HRA Claim Form: Income Tax Draft Mandates Disclosure of ‘Relationship With Landlord’ to Curb...

ITAT Allows Final Opportunity to Explain Non-filing of Return on Payment of ₹5k Cost, Remands Matter...

ITAT Weekly Round-up

“Minuscule” Stock Gap No Defence: ITAT Sustains Section 69A Addition for Gold, Silver, Diamond Stock Discrepancy [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a “minuscule” difference in stock of gold, silver, diamond..etc cannot be used as defence to avoid addition under Section...

Scrap Dealing is a Peculiar Business, Books of Account not Required: ITAT Allows Appeal, Notes Declared Income u/s 44AD [Read Order]

The Income Tax Appellate Tribunal (ITAT), Agra Bench, held that books of accounts are not required in peculiar businesses like scrap dealing due to their unpredictable market. The tribunal allowed...

Defective Satisfaction Note Vitiates Income Tax Assessment u/s 153C: ITAT Quashes ₹4.89 Crore Additions [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi Bench, quashed an addition of ₹4.89 crore as unexplained credits and expenditure, holding that the Assessing Officer (AO) assumed...

ITAT Cannot Grant S. 12A Registration Based Solely on Oral Submissions Without Evidence: Punjab & Haryana HC [Read Order]

In a recent ruling, the Punjab and Haryana High Court held that the Income Tax Appellate Tribunal cannot grant registration under Section 12A of the Income Tax Act only based on oral submissions...

Multiple Floors in Same Redeveloped Building Qualify as ‘One Residential House’ for Section 54 : ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that multiple floors received by an assessee in a single redeveloped building would qualify as “one residential house” for the...

Profit from Sale of Unlisted Shares of ICICI Bank Held for 6 Years Taxable as LTCG, Not Business Income: Calcutta HC [Read Order]

In a recent ruling, the Calcutta High Court held that profit arising from the sale of unlisted preference shares of ICICI Bank Ltd., which were held for nearly six years, is taxable as Long-Term...

ITAT Rules Startups Cannot Be Denied Deduction u/s 80‑IAC for Technical Error; Remits Case for Verification [Read Order]

In a recent ruling The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has clarified that the non‑filing of Form 10CCB is a procedural lapse and cannot by itself justify the denial of a...

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