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Income Tax

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Top view of tax documents, calculator, magnifying glass, and calendar on a black surface.
Posted inBlog

Gujarat High Court Rules Reassessment Based on Examined Issues is Change of Opinion

Gujarat High Court quashes Section 148 tax reassessment for AY 2012-13, ruling that reopening based on previously examined scrutiny issues is a change of opinion.
Posted by Prasenjit Bhowmik September 5, 2026
Bangalore ITAT Rules Demonetised Notes for Loan Recovery Are Not Taxable Under Section 68
Posted inBlog

Bangalore ITAT Rules Demonetised Notes for Loan Recovery Are Not Taxable Under Section 68

The Bangalore ITAT ruled that demonetised notes accepted for loan recoveries are not taxable under Section 68, easing tax burdens for cooperatives.
Posted by Prasenjit Bhowmik August 22, 2026
1 April Notice Date Prevails Over 31 March: Rajkot ITAT Quashes ₹1.33 Cr Penny-Stock Addition
Posted inBlog

1 April Notice Date Prevails Over 31 March: Rajkot ITAT Quashes ₹1.33 Cr Penny-Stock Addition

Discover how the Rajkot ITAT quashed a 1.33 crore tax addition, ruling that an April 1 notice date invalidates older reassessment procedures.
Posted by Prasenjit Bhowmik August 21, 2026
TDS Paid Under Section 195A Not Subject to Service Tax: CESTAT Chandigarh
Posted inBlog

TDS Paid Under Section 195A Not Subject to Service Tax: CESTAT Chandigarh

In a notable legal development for indirect taxation, the Chandigarh bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled that Tax Deducted at Source (TDS) paid…
Posted by Prasenjit Bhowmik August 20, 2026
Lucknow ITAT Rules Sales Spike Alone Cannot Tax Demonetisation Cash as Unexplained
Posted inBlog

Lucknow ITAT Rules Sales Spike Alone Cannot Tax Demonetisation Cash as Unexplained

The Lucknow ITAT ruled that a surge in sales during demonetisation is not enough to tax cash deposits as unexplained income, easing business scrutiny.
Posted by Prasenjit Bhowmik August 17, 2026
ITAT Remands ₹2.15 Crore On-Money Addition Pending Developer's Appeal Findings
Posted inBlog

ITAT Remands ₹2.15 Crore On-Money Addition Pending Developer’s Appeal Findings

Tax authorities recently faced a procedural turning point when the Income Tax Appellate Tribunal (ITAT) set aside a disputed financial addition amounting to ₹2.15 crore. The tribunal ordered a fresh…
Posted by Prasenjit Bhowmik August 15, 2026
ITAT Delhi Rules Foreign Life Policy Is Not Undisclosed Asset and Maturity Proceeds Are Exempt
Posted inBlog

ITAT Delhi Rules Foreign Life Policy Is Not Undisclosed Asset and Maturity Proceeds Are Exempt

The Income Tax Appellate Tribunal (ITAT) in Delhi has ruled that a foreign life insurance policy acquired while an individual was a non-resident Indian (NRI) does not constitute an undisclosed…
Posted by Prasenjit Bhowmik August 15, 2026
Jodhpur ITAT Rules Penny Stock LTCG Cannot Be Invalidated Without Direct Evidence
Posted inBlog

Jodhpur ITAT Rules Penny Stock LTCG Cannot Be Invalidated Without Direct Evidence

In a notable legal development, the Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) has ruled that long-term capital gains (LTCG) from penny stocks cannot be dismissed as bogus…
Posted by Prasenjit Bhowmik August 14, 2026
Understanding the Income Tax Department's E-Verification Scheme and AIS
Posted inBlog

Understanding the Income Tax Department’s E-Verification Scheme and AIS

The Income Tax Department utilizes an advanced E-Verification Scheme to cross-reference taxpayer data and identify discrepancies in filed returns. By leveraging the Annual Information Statement, tax authorities can systematically detect…
Posted by Prasenjit Bhowmik August 14, 2026
Bangalore ITAT Rules Demonetised Notes for Loan Recovery Not Taxable Under Section 68
Posted inBlog

Bangalore ITAT Rules Demonetised Notes for Loan Recovery Not Taxable Under Section 68

The Bangalore ITAT ruled that demonetised notes deposited for loan recovery are not taxable under Section 68, offering major relief to cooperatives.
Posted by Prasenjit Bhowmik August 12, 2026

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