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Section 148 of the Act

Annual Income Tax Case Digest: ITAT Decisions 2025 [Part XII]

A Round-Up of all the ITAT Decisions in 2025This annual round-up analytically summarizes the key Direct Tax-Income Tax rulings of the Income Tax...

Provision for Future Expenses Allowable under Matching Principle: ITAT Quashes Reassessment due to...

Consultant Failed Him’: ITAT remands ₹18.5L Income Tax Addition on Differently Abled Taxpayer,...

Taxpayer Yet to Prove Source of Deposit from Property Sale to Father: ITAT Remands Cash Deposit...

Is Excessive Share Premium a Capital Receipt or Income? Supreme Court to determine Taxability of...

Partial Relief for IIECL: ITAT Holds Only Profit Margin Taxable, Restricts Addition on ₹92.20 Lakh Bogus Purchases to 5% [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) held that only the profit margin was taxable and restricted the addition on ₹92.20 lakh bogus purchases to 5%, thereby granting...

Unexplained Cash Deposits in Bank: ITAT Restricts Addition to 12% as Interest on Short-Term Loans [Read Order]

The Jabalpur Bench of Income Tax Appellate Tribunal ( ITAT ) partly allowed the appeal, restricting the addition of unexplained cash deposits in bank to 12% of the total deposits as interest on ...

Accommodation Entry Share Sale Treated as Unexplained Income u/s 69: ITAT Deletes Addition, Finds Actual Profit Only Rs. 842 [Read Order]

The Nagpur Bench of Income Tax AppellateTribunal ( ITAT ) deleted an addition under section 69 of Income Tax Act,1961 in an alleged accommodation entry share sale, finding that the actual profit was...

Reopening of Assessment regarding Excess claim of Depreciation: Supreme Court dismisses SLP due to lack of Sufficient Reason for Delay [Read Judgement]

In a recent ruling, the supreme court dismissed a Special Leave Petition(SLP) filed challenging the reopening assessment regarding excess claim of depreciation. The dismissal was due to the lack of...

Revenue Challenges Gujarat HC Order on Reopening Income Tax Assessment Based on External Trading Data Before Supreme Court [Read Order]

The Revenue approached the Supreme Court challenging a Gujarat High Court judgment that quashed a reassessment notice issued under Section 148 of the Income Tax Act, 1961, on the ground that the...

Delhi HC Quashes Reassessment Notice Issued on failure to follow Procedure as prescribed u/S 148A of Income Tax Act [Read Order]

The Delhi High Court quashed the reassessment notice issued on failure to follow the procedure as prescribed under section 148A of the Income Tax Act, 1961. Chandra Prakash...

Income Tax Notice Dispatch Date Prevails Over Digital Signature Date: Delhi HC upholds Notice issued on Basis of SC Judgment [Read Order]

In a recent ruling, the Delhi High Court has held that the date of dispatch of an income tax notice is determinative, not the date of its digital signature. The bench upheld the notice issued on the...