Read all Latest Updates on and about section 132 of the Income Tax Act

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‘Base Note’ from French Govt. is Not Incriminating Material for Income Tax Addition u/s 153A: Bombay HC [Read Order]

The Bombay High Court recently clarified that a “base note” received from the French Government under international information exchange...

Loose Papers, WhatsApp Chats Not Enough: ITAT Quashes S. 69A Additions in Balmukund Group Cases...

Income Tax Dept. cannot Deny STCL Set-off against LTCG after accepting Same Claim in...

Relief for Lalitha Jewellery: Madras HC Quashes ₹51 Crore Unexplained Cash Credits Addition due to...

Cash Found in Locker During Search belongs to Entire Family, Not Solely belongs to Taxpayer: ITAT...

Gold Jewellery Belongs to Wife and Mother and within Permissible Limits Set by CBDT: ITAT Deletes Addition [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) deleted additions of Unexplained Gold jewellery belonging to the Assessee’s wife and mother, where the quantity was within the prescribed...

No Discrepancy Found in Quantitative Stock Quantity for Valuation: ITAT Deletes Addition, Upholds Consistent Valuation Method [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of ₹95,07,903 made on account of alleged excess stock valuation for the Assessment Year (A.Y.) 2021-22 and ruled that...

Funds Declared in Settlement Proceedings Cannot Be Treated as Unexplained Loans: Delhi HC rejects Revenue Appeal in Income Tax Case [Read Order]

The Delhi High Court has held that funds disclosed and taxed in proceedings before the Income Tax Settlement Commission cannot subsequently be treated as unexplained loans under Section 68 of the...

Penalty u/s 271(1)(c) Invalid when Notice Fails to Specify Charge and Irrelevant Limb not Struck Off: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961, are invalid when the Assessing Officer (AO) issues...

Income Tax Dept can Conduct Surprise Searches on Family’s Lockers over Suspicion of Undisclosed Assets: Delhi HC [Read Order]

In a recent ruling, the Delhi High Court held that the Income Tax Department can conduct surprise searches on family lockers under Section 132 of the Income Tax Act, 1961, if there are valid reasons...

ITAT Erred in Holding Vedanta’s Block Assessment Order Time-Barred: Madras HC Restores 25 Years Pending Matter to Tribunal [Read Order]

The Madras High Court has overturned the Income Tax Appellate Tribunal’s ( ITAT ) decision that had held the block assessment order issued against Vedanta Limited as time-barred and restored the...

Paintings Gifted by Well-Known Artists: Delhi HC Confirms Through Diwali Cards and Signed Letters, Deletes ₹34.67 Lakh Addition [Read Order]

In a recent decision, the Delhi High Court deleted a tax addition of Rs. 34,67,900, ruling that paintings in his possession were genuine gifts from renowned Indian artists, relying on Diwali cards...