Reopening of assessment - tangible material having live link with escaped income - Unexplained money-loan transactions through banking channels Reopening of assessment - tangible material having live link with escaped income - Reopening of assessment for treating a loan received in an earlier assessment year as unexplained money in the assessment year of repayment - HELD THAT: - The loan had been received in A.Y. 2018-19 and was repaid during the year under consideration. As the material did ... ... ...

Deemed application of charitable trust income - Prospective application of the Form No. 9A time limit - Statutory accumulation of charitable trust income Deemed application of charitable trust income - Prospective application of the Form No. 9A time limit - Deemed application of charitable trust income for A.Y. 2019-20 - applicability of the subsequently introduced requirement of furnishing Form No. 9A at least two months before the return-filing due date - HELD THAT: - For A.Y. 2019-20, the ... ... ...

TP adjustment - penalty for furnishing inaccurate particulars - Provision for leave encashment - penalty for furnishing inaccurate particulars - Legal fees in capital gains computation - penalty for furnishing inaccurate particulars u/s 271(1)(c) TP adjustment on export of steel wire products and interest on loan to Associated Enterprise - Good faith and due diligence in transfer pricing documentation - Penalty for furnishing inaccurate particulars arising from transfer-pricing adjustments on... ... ...

Unexplained investment - on-money payment for purchase of flat - Natural justice - cross-examination of third-party witnesses Unexplained investment u/s 69 - on-money payment for purchase of flat - Seized material corroborated by statements - HELD THAT: - The seized material recovered from the seller directly revealed the cash payment and was corroborated by admissions made by the seller's key personnel during search. It was therefore not mere third-party information, and the assessee'... ... ...

Unexplained money additions u/s 69A - Binding effect of valuation report under section 142A - Penalty for failure to get books of account audited - reasonable cause Unexplained money additions relating to property transactions - Valuation report u/s 142A - Sustainability of unexplained money additions relating to property transactions where the valuation report accepted the declared consideration as matching the fair market value - HELD THAT: - The valuation report obtained on reference under... ... ...

Deductibility of stock exchange charges for operational and procedural lapses - Penalty u/s 270A for bona fide health and education cess claim affected by retrospective amendment Stock exchange charges as compensatory business expenditure - Expenditure outside Explanation 1 to section 37(1) - Allowability under section 37(1) of stock exchange charges levied for delivery, reporting, margin and other operational or procedural lapses, notwithstanding their description as penalties in the tax aud... ... ...

Penalty u/s 271D - acceptance of cash loan, deposit or specified sum in contravention of section 269SS - burden of proof HELD THAT: - Penalty provisions require strict construction. In proceedings for penalty under section 271D, the competent authority must first record specific findings establishing violation of section 269SS; only thereafter does the onus shift to the assessee to show reasonable cause under section 273B. Section 269SS requires a transaction or series of transactions with... ... ...

Cost of improvement - Government approved Engineer's valuation report - Deduction for investment in a new residential house u/s 54F - proof of interior expenditure Cost of improvement - Government approved Engineer's valuation report - Arbitrary estimation of construction cost - Allowability of the claimed cost of improvement of the transferred property on the basis of the Government approved Engineer's valuation report - HELD THAT: - The authorities accepted the year of construct... ... ...

Concealment penalty for bogus Chapter VI-A deductions claimed in a revised return - penalty u/s 271(1)(c) HELD THAT: - The Tribunal found that the assessee knowingly claimed deductions to which he was not entitled and sought a refund through the revised return. The subsequent filing of the correct return only after issuance of reassessment notice, following detection of the claim, did not displace the finding of concealment; alleged misguidance by the tax consultant was not accepted. We find ... ... ...

Penalty order for concealment of income as barred by limitation - Initiation of penalty proceedings in assessment order - statutory scheme governing limitation for levy of penalty provided u/sec. 275 HELD THAT: - Penalty proceedings were initiated in the assessment order in September 2024. Applying the statutory period of six months from the end of that month, the Tribunal held that the penalty order was required to be passed by 31.03.2025. The order passed thereafter was consequently barred ... ... ...

Unexplained money u/s 69A - cash deposits from disclosed cash sales HELD THAT: - The books of account had not been rejected, and the cash sales as well as the corresponding bank deposits stood disclosed therein. Section 69A applies where money owned by the assessee is not recorded in the books of account; it could not therefore be invoked in respect of the recorded transactions. See Ankit Gold Ltd [2025 (6) TMI 1923 - ITAT AHMEDABAD] wherein held 'amount in question was already recorded a... ... ...

Assignment of contractual and decree rights to acquire immovable property - capital asset - Indexed cost of improvement - verification of supporting evidence - Exemption for investment in a new residential house - examination of supporting evidence - Penny stock share gains - preponderance of probabilities Assignment of contractual and decree rights to acquire immovable property - capital asset - Capital gains and income from other sources - Tax character of consideration received on assignme... ... ...

Most-favoured-nation clause - notification for treaty-based exemption Most-favoured-nation clause - notification requirement - Interest on income-tax refund - treaty rate - Claim to a nil source-tax rate on interest under section 244A under the India-Netherlands DTAA by invoking the MFN clause and the interest provisions of the India-USA or India-Italy DTAA - HELD THAT: - A notification under section 90(1) is indispensable for domestic enforcement of an MFN-based treaty benefit. Notification ... ... ...

Interest on surplus deposits attributable to provision of credit facilities - Deduction under section 80P(2)(a)(i) for co-operative credit societies - Eligibility of interest earned on deposits with Co-operative Banks and Scheduled Banks for deduction under section 80P(2)(a)(i) by a co-operative credit society providing credit facilities to its members - HELD THAT: - The assessee was engaged solely in providing credit facilities to its members, and the deposits represented funds not immediately ... ... ...

Exemption u/s 54B - Exemption on reinvestment of agricultural land - Appellate enhancement without notice - Consistent treatment of co-owners Exemption on reinvestment of agricultural land - Consistent treatment of co-owners - Entitlement to exemption on investment in agricultural land sold by co-owners, where the Revenue had accepted the corresponding claim of the other co-owner - HELD THAT: - The assessee and his brother were co-owners of both the agricultural land sold and the land purchas... ... ...

Revision u/s 263 - depreciation on acquired trademark - distinction between lack of enquiry and inadequate enquiry Validity of revision of the assessment accepting depreciation on a trademark acquired from a related party, on the ground of inadequate verification of its valuation and commercial rationale - HELD THAT: - Revisionary jurisdiction is exercisable only where the assessment order is both erroneous and prejudicial to the interests of the revenue. The assessment record showed that the... ... ...

Recovery of assessed tax pending appellate proceedings - Attachment of bank accounts Continuation of attachment of the assessee's bank accounts while the income-tax appeal, restored for fresh adjudication, remained pending before the Commissioner of Income Tax (Appeals) - HELD THAT: - As the appellate issue had been restored for fresh consideration and had not yet been finalised, the Court made the lifting of the attachment conditional upon deposit of 20% of the assessed tax liability. [P... ... ...

Unexplained money u/s 69A - demonetisation period cash deposits - Substantial question of law - stated source was the return of business advances to paddy-procurement agents HELD THAT: - The Tribunal's finding that the source of the deposits stood explained was supported by the assessee's accounts and the evidence concerning the established practice of advancing funds to agents for paddy procurement. Assessing Officer neither rejected the books of account nor examined the available... ... ...

Agricultural and business expenditure in social forestry operations - Book profit adjustment for expenditure relating to exempt agricultural income - Concealment penalty where tax is assessed on book profit Agricultural and business expenditure in social forestry operations - Classification of social forestry expenditure incurred on sapling cultivation, clonal propagation and supervision of trees grown by farmers - HELD THAT: - The Court accepted the Tribunal's factual segregation of the ... ... ...

Taxability of non-resident receipts - situs of accrual - Reassessment - jurisdictional nexus with India - Advance rulings-scope of jurisdiction after admission of application - Reassessment limitation - qualifying asset of assessee - Protective assessment - prohibition on protective recovery Taxability of non-resident receipts-situs of accrual - Reassessment-jurisdictional nexus with India - Taxability in India of payments received under an overseas pharmaceutical marketing and settlement arr... ... ...