Blog Categories
Subscribe to Newsletter
Join our subscribers list to get the latest Tax Updates and Opportunities.
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...
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...
Notices issued under section 148 by JAO post April 1, 2022, valid & legal; Faceless scheme does not mandate faceless issuance
Notices issued under section 148 by JAO post April
1, 2022, valid & legal; Faceless scheme does not mandate faceless issuanceWhile adjudicating the validity of notice issued by
Jurisdictional Assessing Officer (JAO...
Estimation Theory Not Applicable for Entirely Bogus Purchases: Mumbai ITAT Restores Full Addition in DCIT v. Deepak Shah (2025)
Estimation theory inapplicable where entire
purchases are non-genuine; Restores addition Mumbai
ITAT allows Revenue’s appeal and
reverses CIT(A) order and restores addition on account of purchases being
ent...
Severance compensation constitutes ‘profits in lieu of salary’, not capital receipts, under amended Section 17(3)(iii)
Severance compensation constitutes ‘profits in lieu of salary’, not capital receipts, under amended Section 17(3)(iii)Hyderabad ITAT holds that the severance compensation of Rs. 26,97,912/- received by the Assessee i...