Protection of Bona Fide Purchasers of Property in Court Auction without notice of the prior tax proceedings Summary in Key Points: Issue: Whether the Income Tax Department can proceed against a bona fide purchaser of property in a court auction when the property was subject to prior tax proceedings against the original owner. Facts: The… Read More »
SLP dismissed, Reopening Notice Quashed for Lack of New Information or Tangible Material Summary in Key Points: Issue: Whether the reopening of an assessment under Section 148 of the Income-tax Act, 1961 was valid based on information received from a survey, when the same information had already been used for reopening assessments for earlier years and… Read More »
Commissioner (Appeals) exceeded their power by remanding the matter back to the AO Summary in Key Points: Issue: Whether the Commissioner (Appeals) exceeded their power by setting aside a best judgment assessment order and remanding the matter back to the Assessing Officer (AO). Facts: The assessee, a stamp vendor, had their case selected for scrutiny… Read More »
Addition under Section 68 deleted as the share capital contribution was genuine. Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in treating the share capital and share premium received by the assessee company as unexplained credits under Section 68 of the Income-tax Act, 1961. Facts: The assessee company raised capital through… Read More »
Deduction under Section 54B denied as the land was not used for agricultural purposes. Summary in Key Points: Issue: Whether the assessee can claim a deduction under Section 54B of the Income-tax Act, 1961 for capital gains arising from the sale of agricultural land when the land was not used for agricultural purposes for two… Read More »
Assessee entitled to additional depreciation for plant and machinery used in the process of accelerated freeze drying. Summary in Key Points: Issue 1 (Additional Depreciation): Whether the assessee, engaged in the business of exporting food products, is entitled to additional depreciation under Section 32(1)(iia) of the Income-tax Act, 1961, for plant and machinery used in… Read More »
Analysis of Income-tax (Second Amendment) Rules 2025. The Income-tax (Second Amendment) Rules, 2025, bring several key changes to the Income-tax Rules, 1962, primarily focusing on Venture Capital Funds (VCFs), Finance Companies in International Financial Services Centres (IFSCs), and certain aspects of specified funds. Here are the key points: 1. Venture Capital Funds (VCFs): Clarifies the… Read More »
Income-tax (Second Amendment) Rules 2025. Also Read Analysis of Income-tax (Second Amendment) Rules 2025. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th January, 2025 No. 10/2025 INCOME-TAX G.S.R. 76(E).—In exercise of the powers conferred by section 295 read with sub-item (b) of item (I) of subclause (i)… Read More »
Auditing and Assurance Standards Board The Institute of Chartered Accountants of India 24th January, 2025 Announcement The Auditing and Assurance Standards Board (AASB) of ICAI is releasing the publication “Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 3)”. Please click here to download the publication.
Single Show Cause Notice Can be Issued for Multiple Financial years Under Section 74 of the GST Act Summary in Key Points: Issue: Whether a single show cause notice (SCN) can be issued for multiple financial years under Section 74 of the GST Act. Facts: The assessee challenged a show cause-cum-demand notice issued for multiple… Read More »