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Bombay High Court Quashes Backdated Section 154 Rectification Order Passed Without DIN – Siemens Ltd. v. DCIT (2025)
In a significant ruling, the Bombay High Court has quashed a backdated rectification order passed under Section 154 of the Income-tax Act on the ground that it was issued manually without quoting a Document Identificatio...
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Karol Bagh CPE Study
Circle of NIRC of ICAI Seminar will be held at 5:00 PM on Monday, 15th D...
Commissioner must follow binding jurisdictional HC precedent despite SC pendency; sec. 264 revision allowed: HC, Shangri-La International Hotel Management Pte. Ltd. vs. Commissioner of Income-tax (International Tax) - [2025] (Delhi)
Commissioner must follow binding jurisdictional High Court precedent despite pendency before Supreme Court; revision under section 264 allowableShangri-La International Hotel Management Pte. Ltd. v. Commissioner of Incom...
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)...
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...
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...