News

The Income Tax Department conducted surveys and found 2.5 lakh unreported property deals worth Rs 3.12 lakh crore, identifying reporting failures, incorrect PAN details, and initiating penalties against responsible officials.

 Income Tax Department Uncovered Massive Unreported Property Deals Worth Rs 3.12 Lakh Crore Across Multiple States

Judgement

HC invalidates reopening as broker entry post-transaction lacked a nexus with the assessee's purchase.

HC Quashes Reopening Based on Post-Sale Broker Entry

The tax authority tried to impose a retroactive penalty on a hospital for using funds within a legally allowed six-year period that was later shortened.

Protecting Charitable Funds from Retrospective Tax Rules: ITAT

Rs 7.96 Cr addition was cut to Rs 24.18 L based on fresh evidence, but it was accepted without the AO’s review. Court held this violated Rule 46A and due process.

Big Tax Dispute: Rs 7.96 Cr Addition Slashed After New Evidence, But Rule 46A Ignored by AO

ITAT Mumbai held that reassessment under Sections 147/148 was invalid as it was based on issues already decided in favour of the assessee. The ₹12.83 crore capital gains addition was deleted since no conversion or sale took place.

ITAT Mumbai Rejects Reopening and  Deletes ₹12.83 Cr Capital Gains Addition

ITAT Mumbai Rejects Reopening and Deletes Rs 12.83 Cr Capital Gains Addition

ITAT Quashes Assumption-Based Additions; Holds Tax Additions Are Unjustified Without Solid Evidence