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Reassessment Quashed Due to Non-issuance of Section 143(2) Notice — Foundational Infirmity; Bangalore ITAT Relies on PCIT v. Shri Jai Shiv Shankar Traders
In a significant ruling, the Income-tax Appellate Tribunal (ITAT), Bangalore Bench, has quashed reassessment orders passed under Section 147 read with Section 144 on account of non-issuance of notice under Section 143(2)...
Delhi High Court Upholds PCIT-Only Sanction for High-Value Tax Evasion Prosecution: Collegium Approval Not Required Under CBDT Circulars
Saumya
Chaurasia v. Union of India & OthersDelhi High
Court | WP(C) 8191/2025 | Dec 8, 2025** 1. Core
Issue:-Whether, for prosecution under Section 276C(1) (wilful attempt to evade
tax) and Section 278E (pre...
Kerala High Court: Section 10(23BBA) Exemption Restricted to Statutory Managing Bodies, Not to Administered Religious or Charitable Institutions
The Kerala High Court has dismissed the assessee’s writ petitions, holding that the exemption under section 10(23BBA) applies exclusively to bodies and authorities constituted, established, or appointed under a Central...
ITAT Kolkata Remands Assessment: Entire Bank Deposits Cannot Be Taxed Without Allowing Expenditure Even if Section 10(23C)(iiiab) Exemption Is Denied, University of North Bengal v. DCIT, Exemption (2025) (ITAT Kolkata)
The assessee, a university, claimed exemption under section 10(23C)(iiiab) and accordingly did not file its return of income. Since no return was filed, the Assessing Officer issued a notice under section 148 requiring t...
Deletion of Section 68 Penny Stock LTCG Addition in Section 153A Assessment Absent Incriminating Material: Mumbai ITAT Follows Abhisar Buildwell
Deletes Section 68 addition on penny stock LTCG in Section 153A assessment sans incriminating materialMumbai ITAT deletes addition under Section 68 on account of long term capital gain on alleged penny stocks of listed c...
Filing of audit report mandatory but timeline merely procedural; Allows deduction under section 80IAC
Filing of audit report mandatory but timeline merely procedural; Allows deduction under section 80IACDelhi ITAT allows Assessee’s appeal observing that the filing of Audit Report is mandatory for claiming deduction und...
Failure to consider judicial precedents not rectifiable under section 254(2); Upholds ITAT’s refusal to rectify
Failure to consider judicial precedents not rectifiable under section 254(2); Upholds ITAT’s refusal to rectifyTelangana High Court dismisses Assessee’s writ petition on finding that there is no infirmity in the ITAT...
Final Deadline Alert: Correct TDS/TCS Returns for FY 2018-19 to 2023-24 Before 31 March 2026
Final Deadline – 31 March 2026 for Correcting TDS/TCS
Returns for FY 2018-19 to FY 2023-24The Central Board of Direct Taxes (CBDT) has provided an
exceptional one-time window allowing all deductors to revise, correct...
Quashes Section 263 revision, holds Section 69C inapplicable where source of payment remains undisputed
Quashes Section 263 revision, holds Section 69C inapplicable where source of payment remains undisputedDelhi ITAT quashes revisionary proceedings under Section 263, holding that Section 69C could not be invoked in the ab...
Dividend/interest income not profit ‘derived’ from business, ineligible for Section 36(1)(viii) deduction claim
Dividend/interest income not profit ‘derived’ from business, ineligible for Section 36(1)(viii) deduction claimIn a judgment pronounced on 10.12.2025, Supreme Court dismisses assessee’s (National Cooperative Develo...