Can a Recorded Bank Loan Become ‘Unexplained Money’ Under Section 69A? Mumbai ITAT Says No   Section 69A Cannot Be Invoked Merely Because the Revenue Suspects an Accommodation Entry Sections 68 and 69A are among the most frequently invoked provisions in income-tax assessments. However, courts have repeatedly reminded tax authorities that these provisions operate only…

A Wrong Section Should Not Deny the Right: Nagpur ITAT recognises Substance Over Technicalities   Registration of Charitable Trusts Cannot Be Rejected Merely Because of a Procedural Mistake A charitable trust is created to serve society, not to become a victim of paperwork. Yet, many genuine trusts find themselves caught in the web of procedural…

No Old Bills? Still Eligible for Indexed Cost and Full Section 54 Exemption, Rules Chandigarh ITAT   Joint Ownership Does Not Mean Half Deduction When Entire Investment Is Made by One Person Taxpayers claiming capital gains exemptions often face two recurring challenges. First, proving the cost of construction or improvement carried out many years ago….

Wrong Route, Wrong Assessment: Delhi ITAT Quashes Assessment Based on Third-Party Search Material     If the Department Wants to Use Search Documents Found from Someone Else, It Must Follow the Reassessment Procedure Tax law is not only about what the Income Tax Department can do-it is equally about how it must do it. In a significant…

Presumptive Taxation Under Section 44AD Saves Taxpayer from Bogus Billing Allegation: ITAT Deletes Additions Under Sections 68 and 69C     Suspicion Cannot Replace Evidence, Says Surat ITAT In an important ruling for small traders and taxpayers opting for presumptive taxation, the Surat Bench of the Income Tax Appellate Tribunal (ITAT) has held that additions…