Reopening can be done based on audit opinion even if query was raised during assessment proceedings: Bombay HC
For invoking section 41(1), there must be an allowance or deduction claimed by the assessee in the past concerning a trading liability, which is subsequently remitted or ceased.
Where the assessee has submitted all the necessary documentary evidence, addition of bogus purchases cannot be made: ITAT Delhi
CIT (A) non admission of confirmation of account as additional Evidence – ITAT restored the matter to AO for fresh adjudication
No question of law if Assessing Officer had concluded that the transaction of purchase and sale of shares was a sham transaction & disallowed Short-Term Capital Loss
Capital Gain Taxation: ITAT Hyderabad interesting judgement on DVO, Litigation Expenses, Cost of Improvement
Once an assessment is linked to a search operation, it must be reopened under Section 153A/153C & not under Section 1480
Budget 2025: Welcome relief for individuals remitting funds abroad for educational purposes under the Liberalized Remittance Scheme (LRS).
