Judgement

The SC has ruled that income tax reassessment proceedings are invalid in the absence of a mandatory notice under Section 143(2), clarifying that taxpayer participation cannot cure the complete non-issuance of such notice.

Supreme Court: Income Tax Reassessment Invalid Without Mandatory Section 143(2) Notice Issuance Even If Taxpayer Participates

News

The CBI conducted raids at Aaj Ka Anand Papers' offices and directors' residences in Pune over an alleged Rs 81.66 crore SBI bank fraud case.

CBI Raids Offices and Residences of Aaj Ka Anand Papers Directors in Pune Over Alleged Rs 81.66 Crore SBI Fraud

CBI conducts searches at multiple Mumbai locations in connection with an alleged Rs 58.48 crore SBI loan fraud involving Avaya Industries Ltd and its directors.

CBI Conducts Searches at Multiple Locations in Mumbai Over Alleged Rs 58.48 Crore SBI Loan Fraud Involving Avaya Industries

The CBI has registered a case against Chandra Proteco Limited and its directors over an alleged Rs 210.13 crore bank fraud involving diversion of funds and misuse of credit facilities worth Rs 541.46 crore.

CBI Registers Case Against Chandra Proteco and Its Bank Fraud of Over Rs 210.13 Crore 

The ITAT Delhi held that repayment of Rs 1 Crore loan before reassessment notice supports genuineness.

ITAT Holds Repaid Loan Cannot Be Treated as Bogus Accommodation Entry Merely on Suspicion

The ITAT Delhi directs AO to reconsider taxability of plot surrender compensation after granting the assessee a fair opportunity of hearing.

ITAT Remands Addition for Fresh Assessment After Setting Aside Ex-Parte Orders

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