Addition under Section 69A Deleted for Cash Found During Search, Considering Cumulative Circumstances and Family Savings Summary in Key Points: Issue: Whether the addition made by the Assessing Officer (AO) under Section 69A of the Income-tax Act, 1961 for unexplained cash found during a search is justified when the assessee provides an explanation for the… Read More »
Reopening of Assessment for Cash Deposits During Demonetization – Notice Quashed for Lack of Tangible Material Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in reopening the assessment under Section 147 of the Income-tax Act, 1961, based on information about cash deposits made during demonetization, when the assessee had provided an… Read More »
7 IMPORTANT INCOME TAX CASE LAWS 28.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 DCIT v. Rajoo Engineers Ltd. Section 56(2)(vii)(c) not applicable to amalgamation. Click here Section 56 Income Tax Act, 1961 2 Narsimha Trading Co. v. Income-tax Officer Reopening of Assessment for Cash Deposits During Demonetization – Notice Quashed… Read More »
Clarifications regarding applicability of GST on certain services Circular No. 245/02/2025-GST Circular No. 245/02/2025-GST F. No. CBIC-190354/2/2025-TO(TRU-II)-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit) North Block, New Delhi Dated the1 28th of January, 2025 To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioners of Central Tax (All) / The… Read More »
Circular No. 244/01/2025-GST F. No. CBIC-190354/2/2025-TO(TRU-II)-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit) North Block, New Delhi Dated the 28th of January, 2025 To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioners of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Regularizing payment of… Read More »
11 IMPORTANT INCOME TAX CASE LAWS 27.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 Patna Bakhtiyarpur Tollway Ltd. v. ACIT Assessee denied depreciation as it was not the owner of the asset. Disallowance of Depreciation on Toll Road Constructed on NHAI Land Click here Section 32 Income Tax Act, 1961 2… Read More »
Revision Order for Penalty under Section 270A Set Aside for Lack of Intimation under Section 143(1)(a) Summary in Key Points: Issue: Whether the Principal Commissioner of Income-tax (PCIT) can revise an order and direct the Assessing Officer (AO) to invoke penalty provisions under Section 270A(9)(e) of the Income-tax Act, 1961, when there has been no… Read More »
Principal Commissioner could not initiate Section 263 proceedings as the issue was pending before CIT (A). Summary in Key Points: Issue: Whether the Principal Commissioner of Income-tax (PCIT) was justified in initiating revision proceedings under Section 263 of the Income-tax Act, 1961, when the Assessing Officer (AO) had already passed an order under Section 201/201(1A)… Read More »
Deletion of Addition under Section 68 Due to Clerical Error occurred while consolidating the annual accounts Summary in Key Points: Issue: Whether an addition made under Section 68 of the Income-tax Act, 1961 for an unexplained cash credit is valid when the increase in capital balance is due to a clerical error in the assessee’s accounts… Read More »
Reopening of Assessment for Alleged Bogus Purchases – Addition Deleted Due to Lack of Evidence Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in adding the entire purchase amount to the assessee’s income under Section 68 of the Income-tax Act, 1961, by treating the purchases as bogus, based on information from… Read More »