IndiaAI: A Comprehensive Platform for Artificial Intelligence in India India is rapidly emerging as a global leader in artificial intelligence (AI), driven by a combination of government initiatives, private sector innovation, and a thriving startup ecosystem. At the heart of this transformative journey lies the IndiaAI portal (https://indiaai.gov.in/), a comprehensive platform designed to serve as… Read More »
14 INCOME TAX CASE LAWS 10.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 ACIT (OSD) v. GAIL Mangalore Petrochemicals Ltd. New claims by Income Tax Department after approval of Resolution Plan cannot be considered. Click Here Section 4 Income Tax Act, 1961 2 Artificial Limbs Manufacturing Corporation of… Read More »
Quashing of Complaint for Tax Evasion u/s 276C(1) Rejected if sale consideration of land received in Cash : Cognizable Offense Requires Trial Summary in Key Points: Issue: Can a complaint alleging tax evasion under Section 276C(1) be quashed at the initial stage of prosecution? Facts: A complaint was filed against the assessees for allegedly evading… Read More »
TDS Default: Assessee Allowed to Seek Compounding of Offense under Section 320 CrPC Summary in Key Points: Issue: Can the assessee, who deducted TDS but failed to deposit it on time, seek compounding of the offense under Section 320 of the Code of Criminal Procedure (CrPC), given that the TDS amount and interest have been… Read More »
Penalty under Section 271B Cancelled: Reasonable Cause for Delay in Audit Report Summary in Key Points: Issue: Was the penalty levied under Section 271B for failure to get accounts audited justified, or did the assessee have a reasonable cause for the delay? Facts: The assessee, a partnership firm, failed to get its accounts audited and… Read More »
Reopening Notice Quashed: Notice Issued to Deceased Assessee Without Informing Legal Heir Summary in Key Points: Issue: Was the reopening notice issued under Section 148 valid, given that it was issued to a deceased assessee without informing their legal heir? Facts: The original assessee passed away on July 30, 2021. The Assessing Officer issued a… Read More »
Reopening Notice Quashed based solely on information from the insight portal : No Independent Application of Mind by Assessing Officer Summary in Key Points: Issue: Was the reopening notice under Section 147 valid when it was based solely on information from the insight portal, without the Assessing Officer (AO) forming an independent opinion? Facts: The… Read More »
Matter remanded for reconsideration of additions towards non-current liabilities. Matter remanded for reconsideration of additions towards cash deposits during demonetization. I. Best Judgment Assessment Title: Best Judgment Assessment Set Aside: Lack of Reasons for Rejecting Books and Estimating Profit Summary in Key Points: Issue: Was the best judgment assessment under Section 144 valid, even though… Read More »
Taxability of Interest on Government Grants: Matter Remanded for Further Inquiry Summary in Key Points: Issue: Is the interest income earned on government grants deposited in a bank account taxable as income from other sources under Section 56? Facts: The assessee-company, established for implementing the Smart City scheme, received grants from the Central and State… Read More »
Exemption under Section 54B Allowed: Partial Agricultural Use Sufficient Summary in Key Points: Issue: Is the assessee entitled to exemption under Section 54B for capital gains from the sale of agricultural land, even if only a part of the land was used for agricultural purposes in the two years preceding the sale? Facts: The assessee… Read More »