Judgement

ITAT quashes reassessment as alleged penny stock transactions belonged to the client, not the assessee.

Reassessment Invalid Where Alleged Penny Stock Transactions Belonged to Client: ITAT

ITAT deletes penalty as issue admitted by High Court proves claim was debatable.

High Court’s Admission of Quantum Appeal Weakens Penalty Proceedings: ITAT

ITAT quashes reopening as a belief based on suspicion, not supported by tangible material evidence.

No Nexus, No Reopening: ITAT Sets Aside Assessment

Additions under Sections 69A/69B invalid without linking seized documents to assessee.

Loose Papers Alone Insufficient for Section 69A/69B Additions

ITAT deletes share capital addition; documentary evidence sufficient despite directors not appearing before AO.

Section 68 Addition Deleted Where Investors Duly Verified by AO

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ITR-4 for FY 2025-26 introduces new disclosures, expanded eligibility, mandatory validations, and tax regime compliance requirements, making careful and timely filing essential for taxpayers

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Reassessment Invalid Where Alleged Penny Stock Transactions Belonged to Client: ITAT

High Court’s Admission of Quantum Appeal Weakens Penalty Proceedings: ITAT

No Nexus, No Reopening: ITAT Sets Aside Assessment

Loose Papers Alone Insufficient for Section 69A/69B Additions

Section 68 Addition Deleted Where Investors Duly Verified by AO

Sugam, not so Sugam: Don’t File ITR-4 Until You Check These 10 New Income Tax Changes