Gemini 2.0 Flash Thinking Experimental model with apps The “Gemini 2.0 Flash Thinking Experimental” model represents a significant advancement in AI reasoning and its integration with Google apps. This experimental model enhances the capabilities of the Gemini AI in several key ways: Enhanced Reasoning and Transparency: Step-by-step Breakdown: It breaks down complex queries into smaller,… Read More »
6 Important Income Tax Case Laws 05.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 HM Brothers (P.) Ltd. v. Deputy Commissioner of Income-tax Disallowance of depreciation upheld as the assessee failed to submit records of machinery usage. Click Here Section 32 Income Tax Act, 1961 2 Sonansh Creations… Read More »
If the AO does not make an addition for the primary reason stated in the reopening notice, the basis for reassessment fails. Reassessment Invalid: New Legal Ground Permissible, No Addition for Original Reason, Income Below Basic Exemption Limit Summary in Key Points: Issue 1: Admissibility of New Legal Ground Can the assessee raise a new… Read More »
Unexplained Investment Addition Deleted: Assessee Provided Sufficient Evidence of Payment made from NRI Bank Account of Wife Summary in Key Points: Issue: Was the addition made under Section 69 for unexplained investment in immovable property justified, given the assessee’s submission of evidence explaining the source of funds? Facts: The assessee purchased immovable property and the… Read More »
Reopening Notice Quashed: Penny Stock Manipulation. : Lack of Tangible Material and Independent Inquiry Summary in Key Points: Issue: Was the reopening notice under Section 147 valid, based on information from the Chief Commissioner of Income Tax (CCIT) regarding alleged bogus long-term capital gains (LTCG), without further inquiry or tangible material? Facts: The assessee’s assessment… Read More »
Income Tax Reopening Notice Quashed: No Evidence of Accommodation Entries, Reassessment can not be initiated on the basis of information which is incorrect Summary in Key Points: Issue: Was the reopening notice under Section 147 valid when there was no material evidence to support the allegation of accommodation entries? Facts: The assessee-company (petitioner) had merged… Read More »
Depreciation on Machinery Disallowed: No Evidence of Purchase or Installation Summary in Key Points: Issue: Was the disallowance of depreciation on machinery justified, given the lack of evidence of purchase, installation, and usage? Facts: The assessee claimed depreciation on machinery. The Assessing Officer found no evidence of purchase or installation, as the assessee failed to… Read More »
6 Important GST Case Law 05.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 Schloss HMA (P.) Ltd. v. Union of India Matter stayed pending adjudication of whether providing corporate guarantee is a supply. Click Here Section 7 Central Goods and Services Tax Act, 2017 2 B M S Projects v. State… Read More »
Appeal Delay Condoned: Delay was due to notice uploaded on GST portal without proper notification : Appellate Authority to Consider Merits Summary in Key Points: Issue: Should the delay in filing the appeal be condoned, considering the assessee’s explanation for the delay and the Appellate Authority’s power to condone delays beyond the statutory period? Facts:… Read More »
Detained Goods Released on Bond and Bank Guarantee: Factual Dispute Requires Appellate Review Summary in Key Points: Issue: Should the detained goods be released, and was the order under Section 129(3) valid, given the assessee’s arguments about the authority’s power and the factual dispute? Facts: The assessee challenged an order under Section 129(3) demanding Rs.… Read More »