Judgement

The AO treated Amodini Enclave Pvt. Ltd.’s Penny Stock Transactions as Bogus and added Rs 3.42 crore as Unexplained Credits under Section 68.

ITAT Kolkata Restricts Section 68 Addition to Sale Proceeds in Alleged Bogus Share Transactions

ITAT Restricts Section 68 Addition to Sale in Alleged Bogus Share Transaction

ITAT held that an assessment made without waiting for the DVO valuation report under Section 50C is invalid, and such premature assessment was quashed.

Income Tax Assessment Without Waiting for DVO Report Held Invalid by ITAT

Supreme Court upholds ruling that TCS is not applicable on penal recoveries from illegal miners.

Illegal Mining Fines Outside TCS Scope, Rules Supreme Court.

Illegal Mining Fines Outside TCS Scope, Rules Supreme Court

Articles

ITAT Ahmedabad gave partial relief in NRI Rahul Kumar Patel’s case for AY 2019-20 involving unexplained bank deposits, deleting the small ICICI addition and sending the HDFC matter back to AO for verification.

ITAT Ahmedabad held that NRE account deposits from foreign earnings cannot be taxed as unexplained income

Supreme Court upholds the quashing of a reassessment based solely on third-party information without independent verification.

Income Tax Reopening Based on External Input Set Aside; SC Refuses Interference

SC reinforces strict adherence to limitation in reassessment proceedings under Income Tax Act.

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ITAT Restricts Section 68 Addition to Sale in Alleged Bogus Share Transaction

Income Tax Assessment Without Waiting for DVO Report Held Invalid by ITAT

Illegal Mining Fines Outside TCS Scope, Rules Supreme Court

ITAT Ahmedabad held that NRE account deposits from foreign earnings cannot be taxed as unexplained income

Income Tax Reopening Based on External Input Set Aside; SC Refuses Interference

SC Dismisses Revenue SLP in Time-Barred Reopening Case