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

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Relief for Lalitha Jewellery: Madras HC Quashes ₹51 Crore Unexplained Cash Credits Addition due to Uncorroborated Search Statements [Read Order]

Advika Dwivedi

The Madras High Court quashed Rs. 51 crore addition under Section 68 of the IncomeTax Act, 1961, determining that uncorroborated search statements...

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...

No Discrepancy Found in Quantitative Stock Quantity for Valuation: ITAT Deletes Addition, Upholds...

Funds Declared in Settlement Proceedings Cannot Be Treated as Unexplained Loans: Delhi HC rejects...

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...

Income Already Disclosed: ITAT Deletes Unexplained Expenses and Stock Valuation Addition [Read Order]

The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) deleted unexplained expenses and stock valuation addition made by the Assessing Officer (AO) citing that the income had already been...

Additions cannot be Made Without Incriminating Document: ITAT Set Asides Rs. 2 Crore Unexplained Cash Credit Addition [Read Order]

The Lucknow Bench of the Income Tax Appellate Tribunal (ITAT) has set aside an addition of Rs. 2 crore made under Section 68 of the Income Tax Act, ruling that no additions can be made without any...

ITAT dismisses Appeals, Sustains Additions for Unexplained items Found During Search, Citing Evidentiary Value [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Delhi Bench has dismissed the appeals filed by two companies and upheld the additions made by the Assessing Officer ( AO ) under Section 153A of the Income...