Section 153C Cannot Be Invoked Mechanically: ITAT Jaipur Quashes Proceedings for Lack of Independent Satisfaction   AO Cannot Simply Copy the Satisfaction Note of the Searched Person-Independent Application of Mind Is Mandatory Search assessments under Sections 153A and 153C of the Income-tax Act confer extraordinary powers upon the Income Tax Department. However, these powers are…

One House Sold… Two Houses Bought! Will Section 54 Still Save Your Tax?   [Query 1] I am having an inherited house, 1 residential flat and a residential plot. My wife is having a residential flat. Now, we plan to sell our ancestral house. Can we purchase 2 flats and claim capital gain exemption? The…

Section 68 Cannot Be Invoked Mechanically: Gujarat High Court Says One-to-One Matching of Bank Credits with Sales Is Not Mandatory   Assessing Officer Must Give Cogent Reasons Before Treating Business Receipts as Unexplained Cash Credits Section 68 of the Income-tax Act is one of the most frequently invoked provisions during assessments and reassessment proceedings. Whenever…

Online Rummy Loss Cannot Be Taxed as Gross Winnings: Hyderabad ITAT Deletes ₹3.54 Crore Addition   Assessing Officer Cannot Ignore Buy-In Amount and Tax Gross Payout Under Section 115BB The rapid growth of online gaming has opened a new frontier in income tax litigation. Questions surrounding the taxation of online rummy, poker, fantasy sports and…

No Form 10B? ITAT Delhi Clarifies: Charitable Trust Cannot Be Taxed on Gross Receipts Alone     Non-Filing of Form 10B May Deny Exemption Under Sections 11 & 12, But It Does Not Permit Taxation of Gross Receipts Without Allowing Expenditure Charitable trusts and institutions often believe that failure to comply with procedural requirements such…