Bogus Purchase of Capital Assets? ITAT Delhi Deletes Addition-Investigation Wing Info Alone Not Enough     In a significant ruling for businesses facing “bogus purchase” allegations, the ITAT Delhi Bench has held that additions cannot be sustained merely on Investigation Wing information when the assessee has furnished complete, verifiable evidence of actual purchase and use of…

Rule 46A Relief: ITAT Mumbai Allows Additional Evidence Missed Due to SPAM Email | AIF Exemption Case Explained In a landmark ruling emphasizing fairness over rigid procedure, the Mumbai ITAT has held that technical lapses like missing an email due to a spam filter cannot defeat substantive tax claims. The decision in Mahendra Kalyanji Ghelani vs…

Penny Stock Additions Deleted: ITAT Hyderabad Rules “No Evidence, No Tax” | Key Relief for Capital Gains Cases   Allegations of “penny stock” transactions have become a common trigger for additions under Section 69A. But a recent ITAT Hyderabad ruling sends a strong message- mere suspicion or investigation reports cannot replace evidence. In this case,…

Can a Charitable Trust File Form 121 If Income Is Below ₹3 Lakh? A Grey Area in TDS Law That Needs Clarity   The Income Tax law is often praised for simplification, but at times, simplification brings with it a fresh layer of complexity. One such emerging issue under the new tax regime for Tax Year…

103 CAs penalised. 85 debarred. Penalties up to ₹10 crore. A strong and consistent message to audit profession from NFRA since 2022.   And almost every single order has the same pattern. A thread every CA must read. 1.  First, what is NFRA? The National Financial Reporting Authority is India’s independent audit regulator under Section…