Invoice Value Applies for Supply to Related Persons Eligible for ITC (Sri Lakshmi Ganesh Cement and Iron General Stores, AAR Andhra Pradesh) Issue: To determine the correct valuation method under the Goods and Services Tax (GST) Act for goods supplied by a registered person to a related person (a firm owned by the applicant’s wife)… Read More »
ITR REFUND IN BELATED ITR FILING ! INCOME TAX REFUND लेने का यह मौका हाथ से न जाने दे !
Income Tax Notice based on WhatsApp Chat between Assessee Son and Accountant Based on the analysis of the case DCIT vs. Niru Dhiren Shah, here are the Facts, Issue, and Decision: 1. Facts Search Operation: A search and seizure action under Section 132 was conducted on the assessee and separately on a third party, Mr.… Read More »
IMPORTANT INCOME TAX CASE LAWS 24.11.2025 Section Case Law Title Brief Summary Citation Relevant Act 2(15) Give Foundation v. Joint Director of Income-tax (Exemption) Assessee was entitled to exemption under Section 11 as its activity of acting as a bridge between donors and recipients, with less than 20% retention of donations, could not be treated… Read More »
Property Attachment Must Be Lifted and Encumbrances Removed After Tax Demand is Quashed and Dues Paid Issue Whether a Tax Recovery Officer (TRO) is legally bound to lift an order of attachment on an assessee’s property and communicate the same to the Sub-Registrar for the removal of encumbrances, once the underlying tax demand has been… Read More »
Partial Doubt on Trading Segment Loss Does Not Justify Total Rejection of Books u/s 145 Issue Whether the Assessing Officer (AO) can reject the entire books of account of an assessee under Section 145(3) and estimate Gross Profit (GP) for the whole business, merely because he doubts the loss incurred in one specific segment (trading),… Read More »
Section 80P Deduction Allowed; No Violation of Mutuality as Dealings Restricted to Members Issue Whether a co-operative society carrying on the business of providing credit facilities is eligible for deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961, when the Assessing Officer (AO) alleges a violation of the “principles of mutuality,” despite the fact that… Read More »
Penny Stock Addition Deleted: Assessee Held as “Unsuspecting Investor” Absent Direct Link to Rigging Issue Section 68: Whether the sale proceeds of shares can be treated as unexplained cash credits (accommodation entries) based solely on general SEBI/Investigation Wing reports alleging price rigging in the scrip, without establishing a direct link or collusion between the assessee… Read More »
Presumptive Taxation Return (Sec 44AF) Cannot be Treated as Invalid Under Sec 139(9) for Lack of Accounts Issue Whether a return of income filed under the “Presumptive Taxation” scheme (Section 44AF for retail business) can be treated as “invalid” by the Assessing Officer under Section 139(9) on the ground that the assessee failed to attach… Read More »
Reassessment Quashed on “Change of Opinion”; Tribunal Can Adjudicate Validity Under Rule 27 Issue Can the Income Tax Appellate Tribunal (ITAT) allow an assessee to challenge the validity of a reassessment (under Rule 27) even if the assessee did not file a cross-appeal, simply to support the CIT(A)’s order? Is a reassessment valid if initiated… Read More »