Section 69A: ITAT Endorses a Balanced, Evidence-Based Approach over Blanket Additions   Shrenik Manish Mehta vs ITO ITA No.: 7324/Mum/2025 Facts: 1.  The assessee, an individual, filed return declaring income of ₹6.30 lakh. Case was selected for scrutiny due to large cash payments towards credit card dues. 2.  Total credit card payment: ₹27.65 lakh, out…

Commission paid to non-residents does not give rise to income chargeable to tax in India: ITAT Ahmedabad   Kiri Industries Ltd. vs. DCIT (ITA No. 2065/Ahd/2025)   Facts: 1.  The assessee is a company engaged in business activities and its return of income for A.Y. 2021-22 was subjected to scrutiny assessment under section 143(3) read…

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…