Tax Guru

AO Can’t Cry ‘SBN Violation’ to Tax Genuine Sales – Demonetisation or Not – Once Sales Are in the Books, You Can’t Tax the Cash Twice

The Tribunal ruled that the crore addition, made solely because the assessee's petrol pump was allegedly unauthorized to ...
Tax Guru

GST paid on exempted services to be refunded back without applying period of limitation

Andhra Pradesh High Court held that since services by way of renting of residential dwelling for use as residents is exempted ...
Tax Guru

ITAT Mumbai upholds penny-stock loss as genuine – Revenue’s addition deleted

ITAT Mumbai dismissed the Revenue's appeal, ruling that a genuine business loss from penny stock trading, supported by ...
Tax Guru

Writ disposed of as alternative remedy of filing appeal before GST appellate authority available

Andhra Pradesh High Court held that this Writ Petition is disposed of relegating the petitioner to the alternative remedy of ...
Tax Guru

Addition upheld by CIT(A) without passing speaking order is not justifiable: Matter restored

ITAT Raipur held that addition upheld by CIT(A) without passing a speaking order in the backdrop of documents uploaded by the ...
Tax Guru

ITAT Mumbai restores case for fresh adjudication – 100% turnover cannot be taxed without examining books; even 5% estimation unjustified without verification

ITAT Mumbai set aside orders taxing a money changer's Rs.219 crore turnover, holding that neither u/s 68 addition nor arbitrary profit estimation is valid without verifying recreated ...
Tax Guru

ITAT Delhi: Cash of ₹3.11 Cr found in locker is NOT “unexplained” – treated as speculative/business income, Section 69A & 115BBE deleted

The ITAT ruled that crore cash found in a locker during a search was not "unexplained money" because the assessee immediately explained the source as accumulated speculative business income and ...
Tax Guru

ITAT Delhi delivers a two-fold relief – quashes reassessment as void for lack of jurisdiction & grants full Section 54F exemption even where houses are constructed in son’s ...

The ITAT quashed the reassessment order as void because the final assessment was completed by an Income Tax Officer (Ward-2) who lacked jurisdiction, while the proceedings were initiated by another ...
Tax Guru

When time to issue 143(2) was still available, AO could not invoke 147 reopening held illegal entire assessment cancelled- ITAT Mumbai

The ITAT Mumbai ruled that the power to reopen an assessment under Section 147/148 is invalid when a valid return is on record and the Assessing Officer still has time to initiate regular scrutiny ...
Tax Guru

Notice u/s 148 issued on 31.03.2018 but served on 11.04.2018; service beyond 6-year limit u/s 149(1)(b) makes reopening time-barred & void ab initio

Relying on the jurisdictional High Court precedent, the Tribunal quashed the entire crore addition, holding that service of the notice beyond the statutory limitation date is a fatal flaw. The ...
Tax Guru

Once overall source is accepted, Section 69A cannot be invoked merely due to lack of one-to-one correlation- ITAT Mumbai deletes adhoc addition on cash deposits

The issue was a ad-hoc addition on cash deposits sustained by the due to the absence of direct source-to-deposit correlation. The ITAT deleted the addition, holding that once the overall source (like ...
Tax Guru

ITAT Delhi restores ₹2.35 Cr loan addition for fresh examination – CIT(A) deleted addition based on additional evidence without giving AO proper opportunity

The ITAT Delhi set aside a CIT(A) order deleting a ₹2.35 crore addition under Section 68, ruling that the CIT(A) failed to give the AO adequate opportunity to verify the creditworthiness and ...