Top 5 CASH transactions that can attract income tax notice

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• Option once exercised by filing of Form 10IC, it remains valid for subsequent assessment years: No need to file it every year: ITAT Delhi
• Validity of notice issued U/s 148A(b) to deceased person and subsequent notices to the Legal heir
• Issuance of notice by the wrong officer will invalidate the assessment proceeding
• Without any evidence to doubt the genuineness, the resultant capital loss cannot be disallowed: ITAT Mumbai
• Actual turnover of Kaccha Aarahtias (commission agents) is the commission charged and not the total sale proceeds on behalf of their principals: TDS credit allowed by ITAT Visakhapatnam
• Audit Memo do not fall within the ambit of the term “information” as provided in Explanation 1 to Section 148 of the Act w.r.t Finance Act 2021
• Penalty cannot be imposed on disallowance of 80P claim which is highly debatable
• Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling
• Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai
• Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares