📢 ITAT Quashes Section 270A Penalty After Fresh Assessment Makes No Additions

ITAT has quashed the Section 270A penalty imposed on the assessee after the original assessment was set aside and the fresh assessment made no additions, removing the very basis for the penalty.

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📢 Mutual Fund Transactions to Feed ITR Pre-Filling: CBDT Prescribes Half-Yearly SFT Reporting

The CBDT through the Directorate of Income Tax (Systems), has notified the guidelines for furnishing Statements of Financial Transactions (SFT-2518) relating to Mutual Fund transactions.

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📢 CBDT Notification: Half-Yearly SFT Reporting by Depositories to Facilitate Capital Gains Pre-Filling in ITRs

The CBDT through the Directorate of Income Tax (Systems), has notified the guidelines for furnishing Statement of Financial Transactions (SFT-2517) relating to depository transactions.

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📢 ITAT Allows Section 80P Deduction to Co-operative Credit Society Where No Addition Made on Reopened Issues

The ITAT Ahmedabad rules AO Cannot make fresh addition on an issue unconnected with reasons recorded for Reassessment

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📢 High Court Grants Anticipatory Bail to GST Purchasers Accused of Availing Bogus ITC

The Karnataka High Court says custodial interrogation not necessary in genuine transactions.

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📢 ITAT Remands Rs 2.24 Crore Petrol Pump Income Case for Fresh Examination Over Unjustified 8% Profit Estimation

ITAT remanded a petrol pump operator’s case for fresh assessment after finding that the AO applied an 8% profit rate without considering past profits or comparable businesses.

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📢 High Court Holds Mere Suspicion of ‘Mule Account’ Insufficient to Freeze Account

The Calcutta High Court has held that bank cannot freeze account without evidence of Fraud.

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📢 ITAT Rules Advisory Fee Directly Linked to Share Divestment Qualifies as Deductible Transfer Expenditure

The ITAT Bangalore held that success fee of Rs 1.47 crore was wholly and exclusively incurred in connection with assessee’s sale of shares.

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📢 CBI Arrests Airtel Distributor Over Illegal SIM Box Operation Linked to 73 Cyber Fraud Cases

CBI arrests an Airtel distributor accused of fraudulently issuing around 700 SIM cards linked to an illegal SIM box network and 73 cybercrime cases across India.

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📢 High Court Holds Section 61 Scrutiny Not Mandatory Before Issuing Section 74A GST Notice

The Allahabad High Court held GST Department can invoke Section 74A based on Independent Verification.

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📢 ITAT Deletes Section 69A Bogus LTCG Addition, Holds Suspicion Cannot Replace Evidence

ITAT deleted Section 69A bogus LTCG addition, holding that suspicion and Investigation Wing findings alone could not establish an accommodation entry.

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📢 CBI Secures Extradition of Wanted Fugitive Amritpal Singh from Moldova to India

CBI, in coordination with MEA, MHA and Punjab Police, secured the extradition of wanted fugitive Amritpal Singh from Moldova to India on September 12, 2026.

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📢 ITAT Holds FDR-Bank Balance Difference Cannot Alone Be Treated as Unexplained Income

The ITAT Ahmedabad held that mere comparison of year-end investments with six years’ accumulation insufficient to invoke Section 68.

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📢 CBI Court Sentences Ex-Cotton Purchase Officer to Rigorous Imprisonment for 5 Years in Rs 94 Lakh DA Case

CBI Court has convicted ex-Cotton Corporation of India officer and his wife in a disproportionate assets case, sentencing them to five and four years of RI, respectively.

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📢 ITAT Holds Offshore Supplies by Italian Company Not Taxable in India

The ITAT Delhi has held supervisory revenue taxable as business profits under India-Italy DTAA.

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📢 ITAT Deletes Rs 6.42 Lakh Spousal Reimbursement Disallowance, Grants Relief on Rs 9.20 Lakh Foreign Travel Expenses

ITAT condoned a 690-day delay and deleted Rs 9.20 lakh in foreign travel and other expense disallowances while remanding a Rs 4.36 lakh Form 26AS mismatch for fresh verification.

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📢 ITAT Ahmedabad Allows Partner Remuneration Deduction Under Section 40(b)

The CPC passed fresh rectification order and allows remuneration claim after rectification

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📢 Advance Tax Second Instalment Due Tomorrow: Taxpayers Must Pay 45% by September 15

September 15, 2026, is the last date for eligible taxpayers to pay the second instalment of advance tax for FY 2026-27, with cumulative payment required to reach 45% of the estimated annual liability.

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📢 ITAT Allows Telescoping Benefit on Family Cash Transactions

The ITAT Ahmedabad holds cash returned by Housewife to Father-in-Law cannot be treated as Unexplained Expenditure.

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📢 ITAT Holds Suspicion Cannot Substitute Evidence

The ITAT Ahmedabad held that mere Investigation Wing Report and Penny Stock Allegation is insufficient to establish assessee’s connection

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📢 ITAT Remands Petrol Pump Income Case for Fresh Examination Over Unjustified 8% Profit Estimation

The ITAT Ahmedabad finds no proper basis for applying 8% profit rate on entire bank credits

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