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No Exclusion of DEPB from Gross Profit while Calculating Business Income: ITAT strikes down ₹2.55 Cr Addition [Read Order]

The Income Tax Appellate Tribunal, Mumbai Bench held that Duty Entitlement PassBook (DEPB) benefits cannot be excluded from gross profit while...

Annual Tax and Corporate Law Digest 2025: High Court Cases [Part XXXIX]

PCIT found to have Erred in Exercising Revisionary Powers u/s 263: ITAT sets aside Revisionary Order...

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

PCIT can Sanction Income Tax Prosecution where Alleged Tax Evasion Exceeds ₹25 Lakh: Delhi HC [Read...

Delhi HC Rules Six‑Year Limit u/s 153C Runs From Handing Over of Seized Documents to AO, Not Search Date [Read Order]

The Delhi High Court has dismissed an appeal filed by the Principal Commissioner ofIncome Tax (Central), Gurugram, affirming that the six‑year limit under Section 153C of the Income Tax Act, 1961,...

[BREAKING] Income of the Association of Persons (Syndicates) cannot be clubbed with Members': Supreme Court

The Supreme Court of India has upheld the decision of the Madhya Pradesh High Court, ITAT and CIT(A) observing that income earned by an Association of Persons (AOP) or syndicate cannot be directly...

P&H HC upholds Transfer of Assessment From Chandigarh to Goa u/s 127 of Income Tax Act, Citing Efficient Tax Collection and Public Interest [Read Order]

The Punjab and Haryana High Court has upheld the order of the Principal Commissioner ofIncome Tax (PCIT), Chandigarh‑I, transferring the assessment jurisdiction of the petitioner from Chandigarh to...

Relief to Aditya Birla Sun Life Insurance: ITAT Quashes Reassessment Notice u/s 148 Issued Beyond Statutory Time Limit Under New Regime [Read Order]

In a recent ruling in the case of Aditya Birla Sun Life Insurance Co. Ltd., the Mumbai Bench of the Income Tax Appellate Tribunal has held that reassessment proceedings initiated beyond the...

No Error in Treating ₹122.31 Lakh Cash Deposits as Sales: Allahabad HC Backs AO’s Approach [Read Order]

The Allahabad High Court held that the Assessing Officer (AO) had duly examined the ₹122.31 lakh cash deposits and taken a plausible view by treating them as sales receipts. Therefore, dismissing...

Capital Gains Must Reflect Only Real Consideration Received: ITAT quashes S.263 Revision [Read Order]

The principle that capital gains taxation must be based strictly on the real consideration received, said the Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) while quashing two...

PCIT cannot use Suo Motu Revisional Power u/s 263 if AO has Allowed Deductions after Investigation: Kerala HC grants Relief to Apollo Tyres [Read Order]

The Kerala High Court recently granted relief to Apollo Tyres, holding that the Principal Commissioner of Income Tax (PCIT) cannot invoke suo motu revisional powers under Section 263 of the Income...