Blogs

Can “Diary Notings” and “Retracted Statements” Alone Sustain an Addition?

In appellate tax practice, the truth is simple: a case is only as strong as the evidence that supports it.  In a recent landmark decision, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, delivered a judgment that every tax professional should take note of. The Tribunal deleted additions totaling ₹4.99 crores that were made solely based on employee-maintained diaries and retracted statements.  The case, The Estate […] Print

Team Counselvise-November 14, 2025

Income Tax

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Can Profit Be Taxed Twice on the Same Bogus Purchase?

When books of accounts are accepted, can the Assessing Officer still tax “profit” on alleged bogus purchases again?  In a recent decision, the ITAT Delhi Bench ‘C’ delivered an insightful order in the case of Kritika Jain vs. ITO, offering clarity on reopening validity, bogus purchase additions, and double taxation of profit elements. Case in […] Print

Team Counselvise-November 12, 2025

Income Tax

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Whether the delay of 304 days in filing the appeal deserved to be condoned in absence of any explanation or affidavit ?

In the complex world of appellate tax litigation, time isn’t just a procedural formality it’s often the deciding factor between justice and finality. The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, recently delivered a detailed order in the case of Mikal Bhupendrabhai Patel vs. ITO, Ward 1(3)(1), Petlad, [ITA Nos. 473 & 474/Ahd/2025, AYs 2011–12 […] Print

Team Counselvise-November 10, 2025

Income Tax

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The Aishwarya Rai Bachchan ₹4 Crore Tax Case – Expert Analysis

In 2025, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, delivered a significant judgment in favor of Ms. Aishwarya Rai Bachchan, setting aside an additional disallowance of approximately ₹4 crore made by the Assessing Officer (AO) under Section 14A read with Rule 8D of the Income-tax Rules, 1962. While celebrity tax cases often attract attention […] Print

Team Counselvise-November 10, 2025

Income Tax

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Share sale proceeds not unexplained Karnataka HC upholds ITAT Order deleting Addition of Rs. 7cr. u/s 68.

Facts of the case Arguments of the Appellant (Revenue) Arguments of the Respondent (Assessee) Decision of the Court Significant takeaways from judgment The factual determinations of Tribunal cannot be interfered with u/s 260A unless they are perverse or unsupported by evidence. Print Print

Team Counselvise-October 13, 2025

Income Tax

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Bought property cheaper than stamp value? That’s not ‘underreporting’.

Facts of the Case Arguments of the Appellant (Assessee) Arguments of the Respondent (Revenue) Decision of the Court Penalty not sustainable u/s 270A- The provision of Section 270A(6)(d) of the Act stipulates that the amount of under-reported income on the basis of addition made in conformity with ALP determined by the TPO, does not qualify […] Print

Team Counselvise-October 08, 2025

Income Tax

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ITAT Judgement: You can’t call the purchases fake when you’ve already cashed in on the sales.

Facts of the case Arguments of the Appellant (Assessee) Arguments of the Respondent (Revenue) Decision of the Court Significant takeaways from judgment Print Print

Team Counselvise-October 08, 2025

Income Tax

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Vodafone Idea Sale & Leaseback: Tax Planning or Colourable Device?

Issue Involved Whether sale and lease back transaction are permissible as a part of tax planning? Facts of the Case The assessee had claimed lease rent as revenue expenditure. The AO disallowed the same as being a colourable device adopted by the assessee as the same has not been well substantiated by the assessee with […] Print

Team Counselvise-October 02, 2025

Income Tax

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Reassessments Need Solid Reasons and Not Just Assumptions

One of the most contested issues in tax law is the power of the Assessing Officer (AO) to reopen assessments. Sections 147 and 148 of the Income-tax Act grant this power, but it comes with a safeguard: the AO must have “reasons to believe” that income has escaped assessment.The recent decision in ITO v. Kapil […] Print

Team Counselvise-October 01, 2025

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Indirect Tax

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Indirect Tax Insights: Expert Analysis and Updates

Can “Diary Notings” and “Retracted Statements” Alone Sustain an Addition?

Can Profit Be Taxed Twice on the Same Bogus Purchase?

Whether the delay of 304 days in filing the appeal deserved to be condoned in absence of any explanation or affidavit ?

The Aishwarya Rai Bachchan ₹4 Crore Tax Case – Expert Analysis

Share sale proceeds not unexplained Karnataka HC upholds ITAT Order deleting Addition of Rs. 7cr. u/s 68.

Bought property cheaper than stamp value? That’s not ‘underreporting’.

ITAT Judgement: You can’t call the purchases fake when you’ve already cashed in on the sales.

Vodafone Idea Sale & Leaseback: Tax Planning or Colourable Device?

Reassessments Need Solid Reasons and Not Just Assumptions