Judgement

The ITAT held that in cases related to alleged bogus purchases, only the profit portion in such purchases should be taxed, not the full amount.

Only Profit, Not Full Purchases Taxable: ITAT Reduces Alleged Bogus Purchase Addition from 25% to 12.5%

An individual failed to report foreign ESOPs in Schedule FA in the first year of compliance, though taxes were already paid. The tax officer imposed a ₹10 lakh penalty, upheld by CIT(A). The appellant argued it was a genuine, unintentional mistake due to initial confusion.

Employee Penalized Rs. 10L for Not Disclosing Foreign ESOPs: ITAT Deletes Penalty for Bona Fide Error

ITAT rules the ARC trust as a pass-through; income from NPAs is taxable in SR holders.

ITAT Holds Securitisation Trust Not Taxable; Income Taxable in Investors’ Hands

ITAT allows compensation deduction on share deal cancellation and rejects the allegation of a tax avoidance device.

ITAT Allows Contractual Compensation Deduction; Rejects Colourable Device Allegation

The High Court annulled the ex-parte assessment and referred the case for new adjudication, determining that sending notices to incorrect email addresses breached the principles of natural justice and denied the petitioner a fair chance to present their case.

Income Tax Reassessment Passed Ex Parte Due to Notices Sent to Wrong Email

The High Court of Karnataka cancelled the tax orders after finding the company wasn’t given a fair chance to respond due to a communication gap with its auditor.

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Only Profit, Not Full Purchases Taxable: ITAT Reduces Alleged Bogus Purchase Addition from 25% to 12.5%

Employee Penalized Rs. 10L for Not Disclosing Foreign ESOPs: ITAT Deletes Penalty for Bona Fide Error

ITAT Holds Securitisation Trust Not Taxable; Income Taxable in Investors’ Hands

ITAT Allows Contractual Compensation Deduction; Rejects Colourable Device Allegation

Income Tax Reassessment Passed Ex Parte Due to Notices Sent to Wrong Email

Company Blindsided by Income Tax Notices Sent to Auditor: High Court Steps In & Quashes Entire Proceedings