Judgement

The Delhi ITAT upheld the Rs 33.59 lakh addition for alleged bogus derivative trading losses while remanding the reassessment validity issue to the CIT(A) for fresh adjudication.

ITAT Upholds Rs 33.59 Lakh Bogus Derivative Loss Addition, Remands Reassessment Validity Issue

The ITAT granted relief from enhanced Section 14A disallowance due to lack of mandatory satisfaction by the AO and remanded the expected loss provision issue for fresh examination.

ITAT Holds Rule 8D Cannot Be Invoked Without Recording Satisfaction, Remands Rs 119.56 Crore Expected Loss Claim

The Gujarat High Court has quashed the reassessment notice and consequential order holding that the proceedings were barred by Limitation 

High Court Quashes Reassessment Notice Issued Beyond Limitation

The Gujarat High Court has held that where an assessment has been completed under Section 143(3) it cannot be reopened merely on a change of opinion. 


High Court Rules Reassessment Notice under Section 148 Cannot Be Issued on Mere Change of Opinion

The Gujarat High Court has quashed a show cause notice, order under Section 179 holding that the Income Tax Department failed to provide reasonable opportunity of hearing

High Court Quashes Section 179 Proceedings Against Directors for Lack of Reasonable Opportunity 

Reassessment invalid as reopening relied solely on presumptions without evidence against the assessee company.

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ITAT Upholds Rs 33.59 Lakh Bogus Derivative Loss Addition, Remands Reassessment Validity Issue

ITAT Holds Rule 8D Cannot Be Invoked Without Recording Satisfaction, Remands Rs 119.56 Crore Expected Loss Claim

High Court Quashes Reassessment Notice Issued Beyond Limitation

High Court Rules Reassessment Notice under Section 148 Cannot Be Issued on Mere Change of Opinion

High Court Quashes Section 179 Proceedings Against Directors for Lack of Reasonable Opportunity

High Court Quashes Reassessment Based on Presumed On-Money from Sister Concern