Penalty for Foreign Asset Disclosure Cannot Be Imposed for Mere Technical Lapse: Bombay HC     Penalty for Foreign Asset Disclosure Cannot Be Imposed for Mere Technical Lapse: Bombay HC Pr. CIT v. Shrem Alloys Pvt. Ltd. (Bombay High Court) 485(ITR)790 Facts: 1.  The assessee acquired foreign assets. Disclosure was made in original returns for…

Your income may be tax-free up to ₹12 lakh–but your cash flow still isn’t   For many taxpayers, it now feels like a strange bargain-no tax liability, but still a deduction at source. Tax law often simplifies things-only after adding a new layer of complexity. The transition from Forms 15G and 15H to a unified Form…

Reassessment Quashed for Mechanical Approval: ITAT Rajkot Reinforces Safeguards Under Section 151   In a significant ruling strengthening taxpayer protection, the ITAT Rajkot Bench (ITA No. 377/RJT/2025, AY 2012–13) has held that reassessment proceedings under Sections 147/148 cannot survive if the mandatory approval under Section 151 is granted mechanically. The decision reiterates a crucial legal safeguard—approval…

Section 143(1) Adjustments vs. Debatable Issues: ITAT Draws a Clear Line in PF/ESI Disallowance Case   By Swati Talwar In a significant ruling that reinforces the limits of automated tax processing, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) in the case of R.K. & Company Manpower Pvt Ltd. has once again clarified…

Section 148 Reopening Quashed: Gujarat High Court Insists on “Live Link” Between Evidence and Income Escapement   In yet another strong ruling curbing arbitrary reassessment, the Gujarat High Court has held that reopening under Section 148 cannot be sustained on vague, third-party seized material without a clear and live nexus to the assessee. The judgment reinforces…