GST
ITC Cannot Be Denied for Supplier Default!
Tripura High Court Protects Genuine Taxpayers
Input Tax Credit (ITC) is the backbone of the GST framework. For businesses, it is not an incentive—it is...
Articles
Section 54 exemption was allowed even with ₹0 invested in Capital Gain Account Scheme.
Section 54 is a beneficial provision intended to encourage investment in residential housing by granting exemption from LTCG tax. However, taxpayers often face disallowance...
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Income Tax
Can a PCIT introduce new issues in a Section 263 order without mentioning them in the Show Cause Notice?
1. Issue
The central issue before the Income Tax Appellate Tribunal (ITAT), Delhi Bench ‘B’, was whether the Principal Commissioner of Income Tax (PCIT) validly exercised revisionary jurisdiction under Section 263 of...
Income Tax
Can “Diary Notings” and “Retracted Statements” Alone Sustain an Addition?
In appellate tax practice, the truth is simple: a case is only as strong as the evidence that supports it.
In a recent landmark decision, the Income...
Income Tax
Can Profit Be Taxed Twice on the Same Bogus Purchase?
When books of accounts are accepted, can the Assessing Officer still tax “profit” on alleged bogus purchases again?
In a recent decision, the ITAT Delhi...
Income Tax
Whether the delay of 304 days in filing the appeal deserved to be condoned in absence of any explanation or affidavit ?
In the complex world of appellate tax litigation, time isn’t just a procedural formality it’s often the deciding factor between justice and finality.
The Income...
Income Tax
The Aishwarya Rai Bachchan ₹4 Crore Tax Case – Expert Analysis
In 2025, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, delivered a significant judgment in favor of Ms. Aishwarya Rai Bachchan, setting aside an...
Income Tax
Share sale proceeds not unexplained Karnataka HC upholds ITAT Order deleting Addition of Rs. 7cr. u/s 68.
Facts of the case
The assessee filed its return of income, declaring a STCL on sale of shares held in X Ltd. to three entities.
The...
Income Tax
Bought property cheaper than stamp value? That’s not ‘underreporting’.
Facts of the Case
The assessee, as b co-owner, purchased two properties at consideration amounts lower than the SDV of those properties.
The AO invoked section...
Income Tax
ITAT Judgement: You can’t call the purchases fake when you’ve already cashed in on the sales.
Facts of the case
The assessee was a proprietor engaged in wholesale trading. During scrutiny, AO noticed sundry creditors of significant amount.
Notices u/s 133(6) were...
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