Important Updates Of Case Laws, Articles And Association News
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Association News
Income-Tax Appellate Tribunal – Expectations from the Bar, Bench, Central Board of Direct Taxes, Ministry of Law and Justice, Ministry of Finance, Higher Judiciary and Legislature.
By Dr. K. Shivaram, Senior Advocate : Income-tax Appellate Tribunal - Expectations from the Bar, Bench, Central Board of Direct Taxes, Ministry of Law and Justice, Ministry of Finance, higher judiciary and Legislature. Read More ...
Invitation : All India Members’ Conference – Celebrating 84 Years of ITAT on 12th & 13th July 2025
📣 Announcement 📢 All India Federation of Tax Practitioners announce a series of online lectures on Income Tax Bill 2025 under already Announced Weekly Webinar Series 2025. Day, Date & Time: Friday, 11th July, 2025 at 5.00 p.m. Sharp Topic: Tax Planning, Tax Avoidance and General Anti-Avoidance Rule (Chapter XI... [Read more]
Click here for full ITAT_Chennai_Circular [Read more]
📣 Announcement 📢 All India Federation of Tax Practitioners announce a series of online lectures on Income Tax Bill 2025 under already Announced Weekly Webinar Series 2025. Day, Date & Time: Friday, 4th July, 2025 at 5.00 p.m. Sharp Topic: Consequences of failure to deduct or pay, penalty and prosecution... [Read more]
Case Laws
ACIT v. Dhiraj Parbat Gothi (ITAT Mumbai)
Mumbai Tribunal : S. 69C : Unexplained expenditure-Bogus purchases-Information from Investigation Wing-Addition restricted to 4% justified-Additional ground of Revenue to disallowance at 100% of alleged bogus purchases is rejected-No justification for 100% disallowance in absence of suppression of sales-Books of account not rejected-PCIT v. Kanak Impex (India) Ltd [2025] 172 taxmann.com 283 / 474 ITR 175 (Bom)(HC) is… Read More ...
Bombay High Court: S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Faceless assessment-Notice is issued by the Jurisdictional Assessing Officer-On writ the Court set aside the notice issued under Section 148 and all other proceedings/orders emanating therefrom- Honourable Court has granted liberty to the Revenue to revive the order simply by moving a Praecipe before this… Read More ...
Bombay High Court: The Assessing Officer has to give details in the recorded reasons as to which fact or material was not disclosed by the Petitioner that led to its income escaping assessment. A mere bald assertion in the reasons that there was a failure on the part of the Petitioner to disclose fully and truly all material… Read More ...
Bombay High Court: S. 271(1)(c) : Penalty-Concealment-Disallowance of deduction- Method of accounting-Plausible interpretation of law-No malafide intention-Disclosed all relevant facts and no false statement-Penalty is deleted. [S. 43B, 145, 260A] The assessee claimed a deduction for the unpaid ad-hoc bonus. The Assessing Officer disallowed the deduction under Section 43B and imposed a penalty under Section 271(1)(c) for furnishing… Read More ...
Bombay High Court: S. 4 : Charge of income-tax-Capital or revenue-Sales Tax Incentive- Purpose test-Incentive for setting up industrial unit in backward area- Sales tax incentive under 1979 and 1983 Schemes is capital receipt, not chargeable to tax. [S. 28(i), 43B, 1979 Scheme, 1983 Scheme] For the assessment year 1987–88, Bajaj Auto Ltd. set up a new industrial… Read More ...
Regards,
Editorial Board