ITAT rules that profits earned by a Indian bank’s foreign branches (PEs) are non-taxable in India under Article 7(1) of applicable DTAAs.

By | August 18, 2026
0 Comment

ITAT rules that profits earned by a Indian bank’s foreign branches (PEs) are non-taxable in India under Article 7(1) of applicable DTAAs. Issue Whether the business profits generated by the overseas branches (Permanent Establishments) of an Indian scheduled commercial bank (State Bank of India) are eligible for tax exemption in India under the business profits… Read More »

Reassessment Notices Issued Solely on M.B. Shah Commission Report Quashed Following High Court Precedent

By | August 18, 2026
0 Comment

Reassessment Notices Issued Solely on M.B. Shah Commission Report Quashed Following High Court Precedent Reassessment Notices Issued Solely on M.B. Shah Commission Report Quashed Following High Court Precedent Issue Whether reassessment notices issued under Section 148 based solely on the recommendations and findings of the Justice M.B. Shah Enquiry Commission Report on illegal mining are… Read More »

Rejection of Section 80G Approval Without Verifying Incidental Religious Expenditure Threshold Remanded for Fresh Examination

By | August 18, 2026
0 Comment

Rejection of Section 80G Approval Without Verifying Incidental Religious Expenditure Threshold Remanded for Fresh Examination Issue Whether the Commissioner of Income-tax (Exemptions) was justified in rejecting the assessee-society’s application for approval under Section 80G(5) without examining whether its religious activities were merely incidental to its charitable objects and within the permissible 5% expenditure limit under… Read More »

Reassessment Notice Quashed as Reopening Based on Original Scrutiny Records Amounts to Mere Change of Opinion

By | August 18, 2026
0 Comment

Reassessment Notice Quashed as Reopening Based on Original Scrutiny Records Amounts to Mere Change of Opinion Reassessment Notice Quashed as Reopening Based on Original Scrutiny Records Amounts to Mere Change of Opinion Issue Whether a reassessment notice under Section 148 based on Investigation Wing information can be sustained when the underlying transactions were fully disclosed… Read More »

Revenue Precluded From Challenging 10 Per Cent Bogus Purchase Addition Having Accepted CIT(A) Order

By | August 18, 2026
0 Comment

Revenue Precluded From Challenging 10 Per Cent Bogus Purchase Addition Having Accepted CIT(A) Order Issue Whether the Revenue is precluded from challenging the Tribunal’s estimation of bogus purchase additions at 10% when it did not file an appeal against the CIT(A)’s order restricting the addition to 12.5%. Facts Assessment Year: The dispute relates to Assessment… Read More »

Reassessment Notice Under Section 148 Based Solely on Third-Party Seized Broker Register Quashed

By | August 18, 2026
0 Comment

Reassessment Notice Under Section 148 Based Solely on Third-Party Seized Broker Register Quashed Reassessment Notice Under Section 148 Based Solely on Third-Party Seized Broker Register Quashed Issue Whether a reassessment notice under Section 148 alleging unexplained money under Section 69A for payment of “on-money” on land purchase can be sustained when based solely on a… Read More »

Addition for House Property Fixed at Disclosed Value, FDR Addition Restricted to Investment Amount, and Telescoping Denied

By | August 18, 2026
0 Comment

Addition for House Property Fixed at Disclosed Value, FDR Addition Restricted to Investment Amount, and Telescoping Denied Issue Whether the Tribunal was justified in estimating house property value at ₹85 lakhs over the disclosed ₹70 lakhs, denying telescoping benefit for unaccounted cash, and taxing FDR maturity values instead of actual investment amounts during block assessment.… Read More »

Cash Sales Credited to Profit and Loss Account Cannot Be Added Again as Section 68 Cash Credits

By | August 18, 2026
0 Comment

Cash Sales Credited to Profit and Loss Account Cannot Be Added Again as Section 68 Cash Credits Issue Whether cash received from sales and already credited to the Profit and Loss Account as part of business turnover can be added again as unexplained cash credit under Section 68 of the Income-tax Act, 1961. Facts Original… Read More »

Unsubstantiated Additions Under Sections 68 and 69C for Repaid Unsecured Loans Deleted

By | August 18, 2026
0 Comment

Unsubstantiated Additions Under Sections 68 and 69C for Repaid Unsecured Loans Deleted Unsubstantiated Additions Under Sections 68 and 69C for Repaid Unsecured Loans Deleted Issue Whether additions made towards unexplained cash credits under Section 68 and alleged commission expenses under Section 69C can be sustained when the unsecured loans were received via banking channels, bore… Read More »

Reassessment Order Based on Mere Suspicion Without Materials Countering Assessee’s Documented Explanations Quashed

By | August 18, 2026
0 Comment

Reassessment Order Based on Mere Suspicion Without Materials Countering Assessee’s Documented Explanations Quashed Issue Whether a reassessment notice under Section 148 and order under Section 148A(3) based on Suspicious Transaction Reports (STRs) can be sustained when the Assessing Officer fails to substantively deal with the assessee’s supporting documents and possesses no material indicating bogus transactions… Read More »