Month: November 2025

Recent Posts

• 5 Years vs. 6 Years Controversy for utilisation of accumulated amount for trust: ITAT Held that the CPC cannot apply statutory amendments retrospectively
• Income Tax Department Sends SMS & Emails to 25,000 Taxpayers for Non-Disclosure of Foreign Assets: A Serious Wake-Up Call for AY 2025–26
• Section 153C Notice invalidated by Gujarat HC for Inordinate Delay in Recording Satisfaction Note
• It is incorrect to deny ITC to recipient/buyer for genuine purchase , for default in compliance to show sales in GSTR 1 by supplier
• Applicability of Section 54F Where Assessee Holds a Jointly-Owned Residential Property
• Merely because a registered sale deed was not executed, the genuineness of consideration received under agreement to sell cannot be doubted
• Lack of definitive quantum of escapement and change of opinion: Gujarat HC held reopening invalid
• Section 153C arises only upon timely recording of satisfaction. If this foundational step is delayed without justification, subsequent actions lose legal validity: Gujarat HC
• Raipur ITAT on Penny Stock Addition: Not permissible mechanically without any direct evidence showing the assessee’s involvement in rigging or providing/receiving accommodation entries
• To have rectification power of ITAT under section 254(2), an issue must be self-evident without need for elaborate argument or re-examination.