Articles

A state-wise inspection revealed that Karnataka had the most deleted transactions, worth Rs 2,000 crore, followed by Telangana with Rs 1,500 crore.

Biryani Billing Scam: I-T Dept Detects Rs 70,000 Crore Hidden Sales Across India

News

The tax authorities has intensified its data-driven scrutiny of high-earning executives for underreporting income, concealing foreign assets, and claiming bogus exemptions.

Tax Authorities Target Executives Earning Over Rs. 50 Lakh for Underreported Income and Fake Exemptions

Judgement

ITAT quashed the reassessment against the assessee, holding that the Section 148 notice dated June 29, 2022, was time-barred.

ITAT Delhi Quashes Reassessment as Section 148 Notice Issued Beyond Limitation Period

The Tribunal noted that the photocopy of the sale agreement was reliable evidence because it had the signatures of all parties, and the cheque numbers and amounts matched the actual payments.

ITAT Upholds Rs 1.12 Crore Addition, Rules Cash Payments in Property Sale Not Subject to Section 271D Penalty

ITAT held that cash found in lockers could not be taxed in the assessee’s hands under Section 69A in the absence of proof of ownership.

ITAT Deletes Rs. 25 Lakh Addition, Holds Cash in Wife’s Locker Cannot Be Taxed Without Proof of Ownership

The ITAT remanded the ex parte assessment orders of assessees for fresh adjudication, imposed Rs. 5,000 cost per appeal, and directed the CIT(A) to grant proper hearing opportunity.

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Biryani Billing Scam: I-T Dept Detects Rs 70,000 Crore Hidden Sales Across India

Tax Authorities Target Executives Earning Over Rs. 50 Lakh for Underreported Income and Fake Exemptions

ITAT Delhi Quashes Reassessment as Section 148 Notice Issued Beyond Limitation Period

ITAT Upholds Rs 1.12 Crore Addition, Rules Cash Payments in Property Sale Not Subject to Section 271D Penalty

ITAT Deletes Rs. 25 Lakh Addition, Holds Cash in Wife’s Locker Cannot Be Taxed Without Proof of Ownership

ITAT Remands Ex-Parte Search Assessments with Opportunity to Represent and Imposes Rs. 5,000 Cost