Judgement

ITAT held that reassessment beyond three years is invalid if the alleged escaped income does not exceed the statutory Rs 50 lakh threshold under Section 149(1)(b).

Income Tax Section 149: Escaped Income Refers to Real Income, Not Gross Transactions

High Court ruled that Section 8B of the Agricultural Income Tax Act applies to income from the 2008-09 financial year.

HC Upholds Validity of Section 8B for Assessment Year 2009-10

ITAT Mumbai remands Shilpa Shetty’s Rs. 12.54 crore gift case to the Assessing Officer for fresh examination, citing lack of proof of genuineness and creditworthiness under Section 68

ITAT Remands Rs. 12.54 Cr Gift Case of Shilpa Shetty to AO for Fresh Examination

The ITAT upheld a Rs 1.44 crore addition for unexplained demonetisation cash deposits, rejecting the assessee’s claim of accountant-led fraud due to lack of evidence.

Accountant Fraud Defence Fails: ITAT Upholds Rs 1.44 Crore Addition in Demonetisation Deposit Case 

The Supreme Court has upheld the High Court’s decision reversing the ITAT’s findings and has dismissed the company’s civil appeals.

SC Dismisses Appeals of United Breweries, Upholds High Court in Tax Dispute

SC upholds quashing of reassessment, finds reopening based on change of opinion invalid

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Income Tax Section 149: Escaped Income Refers to Real Income, Not Gross Transactions

HC Upholds Validity of Section 8B for Assessment Year 2009-10

ITAT Remands Rs. 12.54 Cr Gift Case of Shilpa Shetty to AO for Fresh Examination

Accountant Fraud Defence Fails: ITAT Upholds Rs 1.44 Crore Addition in Demonetisation Deposit Case

SC Dismisses Appeals of United Breweries, Upholds High Court in Tax Dispute

SC Declines to Interfere in Reopening Dispute; Revenue’s SLP Dismissed