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

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No Addition Permissible in Unabated AY Without Incriminating Material Found During Search: ITAT Deletes Rs. 7.25 Crore Addition [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) deleted ₹7.25 crore addition under Section 68, holding that no addition can be made in an...

Unauthenticated Excel Sheets and Emails Sent by Lenders deemed "Dumb Documents" for interest...

Political Party Denied Section 13A Exemption for Non-Compliance: ITAT Directs Income Taxable at 6%...

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

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 Factually-Identical Connected Cases: Bombay HC [Read Judgment]

The Bombay HighCourt has held that the Income Tax Department cannot deny the set-off of short-term capital loss (STCL) against long-term capital gains (LTCG) to an assessee after having accepted the...

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

The Madras High Court quashed Rs. 51 crore addition under Section 68 of the IncomeTax Act, 1961, determining that uncorroborated search statements cannot be treated as evidence to brand genuine...

Cash Found in Locker During Search belongs to Entire Family, Not Solely belongs to Taxpayer: ITAT deletes Addition u/s 69A [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that cash found in assessee’s locker during search belonged to the entire family residing together and not solely to the taxpayer and...

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...