Chennai Container Terminal Pvt. Ltd. v. Assistant Commissioner of Income-tax & Ors.
Bombay High Court Quashes Reassessment Notice Beyond Four Years: Full Disclosure Bars Reopening Under Section 147 Introduction In a landmark judgment delivered on 16 June 2026, the Bombay High Court in Chennai Container Terminal Pvt. Ltd. v. Assistant Commissioner of Income-tax reaffirmed one of the most important safeguards available to taxpayers against reassessment proceedings under […]
Prakash Bhaguji Katkade v. Income Tax Officer (ITAT Mumbai)
CASE STUDY Detailed Analysis of ITAT Mumbai Decision Case Citation Prakash Bhaguji Katkade v. ITO Decision by the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ANAYLITICAL VIDEO 1. Facts of the Case Mr. Prakash Bhaguji Katkade, along with another co-owner, purchased a residential flat from the Cosmos Group for a registered consideration of ₹72 […]
MSME Payment Disallowance: The Finance Act 2023 Time Bomb Every Taxpayer Must Defuse
Section 43B(h) MSME Payment Disallowance — Complete Guide with Emerging Case Laws, Practical Strategy & AY 2024-25 Litigation Alert Relevant Sections & Provisions Section 43B(h) — Deduction only on actual payment to Micro or Small Enterprises within prescribed time limits (inserted by Finance Act 2023, w.e.f. AY 2024-25) Section 15 of MSMED Act, 2006 — […]
Section 56(2)(x): Property Transactions and the Stamp Duty Trap
The Quick Reference Box Parameter Legal Position Who is taxed? Buyer — on difference between stamp duty value and consideration Trigger amount Difference must exceed ₹50,000 OR 10% of consideration Tax rate Normal slab rates under the head “Income from Other Sources” Safe harbour tolerance 10% of consideration (Finance Act 2020, from AY 2021-22) Is […]
Section 68 Cash Credits: When the AO’s Addition Fails
The Quick Reference Box Parameter Legal Position Who bears the burden? Assessee — primary burden to prove identity, creditworthiness, genuineness When does burden shift? After assessee produces adequate documentation What must AO do after burden shifts? Conduct independent inquiry — cannot sit back Withdrawn statement — sufficient to sustain addition? No — ITAT Mumbai 2026 […]
The Supreme Court’s Landmark Ruling on Reassessment
Section 148A Reassessment Procedure — Supreme Court’s Definitive Ruling in Rajeev Bansal Case: What Every Tax Professional Must Know Relevant Sections & Provisions Section 147 — Income escaping assessment Section 148 — Notice for income escaping assessment Section 148A — Conducting inquiry, providing opportunity before issue of notice under Section 148 (inserted by Finance Act […]