Income Tax Bulletin March 2026
Judicial Updates
- Entire purchases cannot be bogus if sales are undisputed; Restricts Sec.69C addition to 5%.
- Active Sec. 12AA registration protects Assessee despite missing approval details in ROI; Restores exemption claim.
- Revision u/s 23 of Black Money Act dismissed as foreign assets disclosed in ‘Schedule FA’ and nothing prejudicial to Revenue’s interest could be established:
- Satisfaction Note after 15 months of assessment ‘unreasonable’, proceedings barred by limitation; Quashes Sec. 153C notice.
- Undisclosed cash income adjusted against cash seized in search; Follows ‘principle of telescoping’: