Curated legal news, case breakdowns, and workflow tips for fast-moving practitioners.
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ITAT Delhi restricts ad-hoc profit addition in milk trading case to 5%, ruling that arbitrary 20% estimates under Section 69A lack evidence.
ITAT Delhi rules that Section 54F exemption cannot be denied due to builder’s delay in possession, holding that genuine investment intent is sufficient for tax relief.
ITAT Delhi remits Brawny Nivesh Pvt Ltd case, ruling that actual realizable value of assets must be verified before taxing unquoted shares under Section 56(2)(viia).
ITAT rules that unexplained cash additions under Section 68 are invalid unless books are rejected under Section 145(3), deleting a ₹64 lakh addition.
ITAT rules that survey statements alone cannot justify bogus purchase additions under Section 68. Corroborative evidence is mandatory in tax assessments.