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The Key highlights of the 55th GST Council Meeting (CA. Abhishek Raja "Ram")Recommendations of the 55th Meeting of the GST CouncilUnion Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chairs the Pre-Budget Consultation Meeting with States and UTs (with legislature), in Jaisalmer, Rajasthan, todayCBDT NOTIFIES NO TDS ON PAYMENTS TO CREDIT GUARANTEE FUND TRUST FOR MSES REFERRED IN SEC. 10(46B)Advisory for Entry of RR No./eT-RRs in EWB system Post EWB-FOIS Integration

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HIGHLIGHTS OF DIRECT TAX

The Chamber of Tax Consultants Challenges Software Changes Preventing Section 87A Rebates for AY 2024-25: Court Extends ITR Filing Deadline to Ensure Fairness, Dated - 20-12-2024
The ITAT Delhi - Overrules CIT(A): Gifted Shares Exempt from Tax, Rs.5.03 Crore Addition Deleted, Dated - 16-12-2024
The ITAT Delhi - Rules in Favour of Assessee: Deletes Disallowances of Rs.156.80 Cr and Rs.277.04 Cr in AY 2016-17 Appeal, Dated - 12-12-2024
The Delhi High Court: Questions Constitutionality of Finance Act's Definition of "Appellant" in Tax Appeal Scheme - Taxpayers where due date filing of appeal has not expired, Dated - 09-12-2024
The ITAT Ahmedabad: Inter-Branch Transfers Included in Turnover: Assessing Authority's Tax Rate Error Corrected, Assessee Eligible for 25% Concessional Rate, Dated- 06-12-2024
The Delhi High Court Denies Taxpayer's Claim for Exemption on Two Flats Under Section 54F: Defines "A Residential House" as a Singular Unit, Dated - 03-12-2024
The Gujrat High Court: Validity of Notices U/s 153C of the Income Tax Act, 1961: Court Affirms Income Tax Department's Power to Reassess Petitioner’s Income for a Decade Based on Seized Material Justifying Income Escapement, While Clarifying Procedural Compliance with Statutory Timelines and Requirements, Dated - 02-12-2024
The ITAT Jodhpur Affirms Cryptocurrency Gains as Long-Term Capital Gains u/s 2(14) of the Income Tax Act, 1961, Upholding Assessee's Claim for Exemption u/s 54F and Establishing Deduction Eligibility for Investments in Residential Property Following Bitcoin Sales. Dated - 28-11-2024.
The ITAT Mumbai: Quashes Rs. 29.15 Lakh Addition: Unexplained Cash Deposits During Demonetization Period Validated by Assessee, Dated - 22-11-2024
The ITAT Delhi: Emphasizes Strict Compliance with Section 153C, Jurisdictional Error and Procedural Lapse Quashes Assessment for AY 2021-22, Dated - 20-11-2024
The Delhi High Court Upholds Revenue's Appeal, Validates Reassessment Under Section 147 Despite Unsatisfied Conditions for Section 153C, Dated - 20-11-2024
The Delhi Tribunal Quashes Pr. CIT's Order Under Section 263 Due to Issuance in the Name of Deceased Assessee, Dated - 19-11-2024
The Supreme Court Dismisses Revenue’s SLP on Jurisdiction Validity Under Section 153C; Pending Applications Disposed of, Dated - 12-11-2024
The ITAT Dehradun: No Penalty Under Section 271D for Alleged Violation of Section 269SS in Land Sale Transactions, Dated - 17-11-2024
The Delhi Tribunal: Affirms Deletion of Rs. 1.64 Lakh Notional Interest Addition by A.O. on Alleged Undisclosed Deposit of Rs. 8.87 Crore in HSBC Bank, Geneva; Holds Tax Cannot Be Imposed on Hypothetical Income Without Evidence of Actual Receipt, Dismissing Revenue's Appeal for Lack of Proof, Dated - 06-11-2024.
The Mumbai Tribunal: Deletes Penalties Imposed u/s 271(1)(c) for AYs 2010-11 and 2011-12 on Estimated Disallowance of Bogus Purchases, Dated - 06-11-2024
The Delhi High Court Quashes Reassessment Notices Issued u/s 148 of the Income Tax Act Against Experion Hospitality and Experion Developers; Cites Revenue’s Inconsistent Stance on Singapore-Based Gold Hotels & Resort Pte. Ltd. Investments, Highlights Abuse of Power and Need for Finality in Assessments: Court Rejects Reassessment Citing Lack of New, Material Information as Basis for Reopening and Emphasizes Importance of Consistency in Tax Administration. Dated - 28-10-2024
Revision u/s 263: Allowability of Foreclosure Premium as Business Expenditure for Loan Restructuring and Lower Interest Rates - Exploring Whether Pre-Closure Premium Qualifies as Revenue Expenditure u/s 37(1), Dated - 28-10-2024
The Supreme Court Reviews Landmark Judgment on Benami Transactions Amendment Act's Retrospective Applicability, Ruling in Favour of Assessee by Affirming Non-Retroactive Nature of 2016 Amendment and Highlighting the Necessity of Active Disputes for Addressing Constitutional Challenges, Dated - 18-10-2024
The Delhi Tribunal Sets Aside Income Tax Reassessment for AY 2016-17: Revenue's Allegations of Fake Gold Sales Dismissed, as Tribunal Upholds Assessee's Argument Regarding Improper Reopening Approval, Rendering the Assessment Invalid. Dated - 16-10-2024
The Ahmedabad Tribunal - Interest u/s 244A: Rs.28,61,840 Refund Granted to Assessee on Self-Assessment Tax Despite Provisio Restrictions, Dated - 09-10-2024
The Bombey High Court: Rs.159.12 Crores in Anonymous Donations Exempt from Tax under Section 115BBC(2)(b) of Income Tax Act, Affirms Trust's Religious and Charitable Purpose, Dated - 08-10-2024
The ITAT Mumbai: Registered Stamp Vendor Challenges Income Tax Assessment - Quashing of NFAC Order and Rs. 2.14 Crores Additional Income Claim Due to Procedural Irregularities u/s 139 and 142 of the Income Tax Act, Dated - 07-10-2024
The Jaipur Tribunal: Upholds Real Estate Company's Appeal Against Rejection of Books of Accounts u/s 145; Overturns Assessment of Unexplained Cash Deposits of Rs. 2.64 Crores for AY 2017-18 u/s 68 and 69A, Declaring Cash Deposited During Demonetization as Explained, Despite Provisions of 115BBE, Dated - 03-10-2024.
The Supreme Court Landmark Judgment: Income Tax Reassessments - The Impact of TOLA and Finance Act 2021 on the Income Tax Act and Section 148 Notices.Dated - 03-10-2024
The ITAT Mumbai: Section 56(2)(x) for Addition Over Alleged Transfer of Tenancy Rights Despite Assessee’s Status as a Tenant with No Ownership Rights and Insufficient Evidence of Property Transfer, Dated - 27-09-2024
The Delhi High Court: Reassessment Notices u/s 148 and 148A(b) Issued to Deceased Person for AY 2015-16 Quashed: Fundamental Jurisdictional Error in Income Tax Proceedings. Dated - 26-09-2024
The Ahmedabad Tribunal Overturns PCIT's Order u/s 263, Upholding Assessee's Claim That Notional Guarantee Commission of Rs. 99,72,600 Was Properly Reviewed and Accepted by AO, Leading to Successful Appeal Against Revenue Concerns. Dated - 25-09-2024
The MP High Court Orders to Income Tax Department for Refund Rs. 5.25 Crore Plus Interest to Petitioner, Rejecting Procedural Delays and Upholding Statutory Rights Following ITAT Ruling on Non-Deduction of TDS. Dated - 18-09-2024
The ITAT Delhi: Assessee Wins Appeal - Assessment Orders for 2011-19 Invalidated Due to Procedural Errors and Lack of Evidence. Dated - 13-09-2024
The Delhi Tribunal: Rules in Favour of Assessee on India-Singapore DTAA Benefits, Overturns Rs.211.61 Crore Tax Addition. Dated - 05-09-2024
The Bombay High Court: Overturns PCIT’s Rejection of Condonation Application u/s 119, Permits Family to File Delayed Income Tax Returns Due to Chartered Accountant’s Spouse Illness, Emphasizing Empathetic Consideration for Genuine Hardship - Dated - 04-09-2024
The ITAT Mumbai: Gift Received from Non-Resident Indian Brother Exempt from Taxation: Tribunal Directs Removal of Rs 20 Lakh from Taxable Income After Genuineness Established. Dated - 16-08-2024
THE ITAT MUMBAI: Bogus LTCG Allegations Rejected, Exemption Under Section 10(38) Validated for AY 2014-15. Dated - 12-08-2024
The Delhi Tribunal Deletes Penalty for Misreporting Income as Assessee’s Excessive Deduction Claim u/s 35(2AB) was Bona Fide and Based on Tax Audit Report; CIT(A) Initially Restricts Penalty to 100% After AO Imposes 200% Penalty for Disallowed Expenditure of Rs. 1,73,57,717/- Due to DSIR Approval Difference During Scrutiny for AY 2018-19. Dated - 07-08-2024
AHMEDABAD- ITAT Upholds Partial Relief to Partnership Firm in Cross-Appeals Over AY 2013-14 Dispute, Confirms Deletion of Rs. 6 Crores Addition for On-Money, and Dismisses Revenue's Appeal on Unaccounted Income and Excess Cash Claims. Dated - 23-07-2024
The Surat Tribunal Sets Aside Ex-parte Order by CIT(A) Denying Deduction U/S 54F Due to Non-Speaking Order; AO’s Addition of Rs. 72,79,111 Challenged - Tribunal Remands Case for Fresh Assessment After Noting Inadequate Hearing Opportunities for Deceased Assessee, Directs CIT(A) to Adhere to Section 250(6) of IT Act, 1961 and Provide Adequate Hearing, Allowing Assessee's Appeal. Dated - 16-07-2024
The Bombay Court Quashes Notice Issued u/s 148 for AY 2020-21 Due to Procedural Flaws and Inadequate Verification; Emphasizes Need for Thorough Cross-Checking of Faceless Information u/s 135A; Constitutional Challenge on Clause (d) of Section 148A Remains Unresolved. Dated- 15-07-2024
The Supreme Court's Landmark Order: Orders Void in TDS/TCS Default Cases Under Income Tax Act, 1961; Declares Violation of Natural Justice in Section 206C(6) Orders; Liquor Vendors Not Classified as "Buyers" in Mysore Sales. Dated - 08-07-2024
The Pune Tribunal Deletes Rs. 1,61,548 Penalty for A.Y. 2018-19 Due to Incomplete Penalty Notice U/s 270A in Case of Under-Reporting in Consequence of Mis-Reporting of Income. Dated - 03-07-2024
The Madras High Court Rules Against Reopening Assessment Based on TDS Discrepancy, Affirms Anesthesiologist's Professional Status and Correct Tax Filing Practices for AY 2018-19, ITR-3 Filed Incorrectly Due to TDS Discrepancy u/s 194J and 192 - Dated - 25-06-2024
The AP-High Court Quashes Proceedings Against Educational Institution for Delayed TDS Payment Due to Fee Reimbursement Delays: Proceedings for an offence u/s 276-B - non-payment/belated remittance of the TDS - Failure to pay tax to the credit of Central Government - interpretation given to term “reasonable cause. Dated - 21-06-2024
The ITAT Rules Against Rs. 60 Lakh Addition Based on WhatsApp Data: Lack of E-certificate and Corroborative Evidence Invalidates Revenue's Claim - Addition Based on Electronic Data Obtained During a Search Operation Under Section 132 Raises Questions on Admissibility and Reliability. Dated - 11-06-2024
The Delhi Tribunal Upholds CIT(A) Decision: Dismisses Revenue's Appeal on Preference Share Valuation u/s 56(2)(viib), Referencing Rules 11UA(1)(c)(c) and 11UA(1)(c)(b). Dated - 10-06-2024
The ITAT Pune Dismissed Appeal for Non-Payment of Advance Tax u/s 249(4)(b): Assessee Responded to Notice u/s 142(1) Despite Belated Income Tax Return Filing - Dated 05-06-2024.
The Supreme Court Dismisses Special Leave Petition Due to 224-Day Delay in Filing; Cites Insufficient Reasons for Condonation in Case of Alleged Bogus Loss in Penny Stock Transactions, Deemed Pre-Arranged as well as Sham & carrie. Dated - 13-05-2024
The ITAT Jaipur Grants Relief: TDS Credit Denial Overturned for Commission Agent in Landmark Ruling. Dated - 30-04-2024
The ITAT Delhi: Validity Challenge - Assessment Under Section 143(3) by Non-Jurisdictional ITO Raises Query on AO Jurisdiction Based on Income Threshold; Transfer to DCIT Due to Exceeded Return Income of 30,00,000/- for AY 2015-16 - Appeal Allowed - Assessment Quashed Over Jurisdictional Issue. Dated - 29-04-2024
The ITAT Jaipur: Addition of Rs. 22,37,511, u/s 69A - Amount received in cash from persons for online fund transfer through novapay online portal and deposited in Bank- Fund Transfers Deleted. Dated - 22-04-2024
The ITAT, Delhi: Addition of unsecured loans / bogus advances against sales - unexplained cash credit u/s 68 of The IT Act, 1961. Dated - 19-04-2024
The Bombey High Court Invalidates Reassessment Notice After ITAT Decision Goes Against Revenue's Interest: Land Development Firm Prevails as Court Quashes Invalid Tax Assessment Reopening Based on Insufficient Grounds. Dated - 12-04-2024
The ITAT Delhi: Penalty was imposed u/s 271DA due to the assessee's receipt of cash totaling Rs. 2,00,000 or more from a single person, achieved by splitting invoices against the sale of goods at its stores, which violated the provisions of Section 269ST.- Dated - 02-04-2024
The ITAT Delhi: Senior Citizen's Addition u/s 69A - unexplained cash deposits in the bank account. Dated - 22-03-2024
"The ITAT Jodhpur- Appeal Challenging Penalty Imposed u/s 270A Condoned Due to Technical Delay, Tribunal Directs Deletion of Penalty - misreporting of the income - disallowances of 40A(3) on account of interest income in the other sources and has also disallowed the claim of the assessee u/s 32 disputing the period use of the asset of the assessee - Dated - 21-03-2024"
"The MP High Court Dismisses Appeal: Tribunal Upholds Taxation of Undisclosed Income from Regular Business Activities at Normal Rate - Dated - 19-03-2024"
"The ITAT Jodhpur Order: Rs. 31,96,104 in Additions for Unexplained Jewellery and Cash Deleted under Sections 69 and 69A for AY 2017-18" Dated - 18-03-2024
Madras High Court: Orders Quashing of Impugned Orders and Directs Refund of Rs. 7,65,000 Differential TDS Credit to Petitioner | Dated -04-03-2024
"The BOM-HC: AY 2014-15 Notices Ruled Time-Barred Under Section 149(1) First Proviso; Landmark BOM-HC Analysis of Fifth Proviso Sets New Judicial Standard"
The High Court of Bombay: AO's Attempt to Deny Exemption under Section 11 Overturned by Tribunal, Upholds Charity's Entitlement; AO Barred from Initiating New Controversy in Implementing Tribunal Order. Dated - 20-02-2024
The Kolkata High Court in batch matters has quashed the reassessment proceedings for the A.Y. 2013-14 and 2014-15, holding that the same is time barred.
The Madras High Court Remands Case Due to Lack of Reasons for 20% Payment Decision by CIT(A), Dated - 06-02-2024
KAR-HC Directs Government to Address Representation for Increasing Section 80TTA Limit by January 31.
The ITAT Excludes Section 68 Addition on Gift from NRI through NRE Account with Onus Discharged.
The Bombay HC: Extension of Time Limit under Section 148 to 30-06-2021 Not Applicable for AY 2013-14. Dated - 15-01-2024
"The Supreme Court Upholds High Court Ruling: Assessing Officer Barred from Issuing Notice in Name of Non-existent Amalgamating Company-Dated - 08-01-2024"
Delhi High Court Stresses: No Condonation of Delay in Appeal Filing Without Justifiable Circumstances Presented by Revenue.
The ITAT Mumbai: Addition u/s 68 towards unexplained cash credit unsustainable as cash sales already reflected in Profit & Loss.
The MP High Court Upholds ITAT Ruling in Favour of assessee: Telescoping Benefit Granted in Cash Deposit Dispute. Dated - 28-05-2024
ITAT AMRITSAR: AO can’t make same additions which were deleted by CIT(A) in earlier year on same facts.
Supreme Court Dismisses Revenue's Special Leave Petition Challenging Quashing of Section 271C Penalty Show Cause Notice for 9-Year Delay.
KAR-HC Validates Quashing of Post-Search Assessment and Clarifying Section 127 & 153C.

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