Landmark Supreme Court of India rulings, explained in clear, plain language.
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Can an income tax reassessment notice issued after four years survive challenge on reason to believe?
Chetan Sabharwal vs. Assistant Commissioner of Income Tax Circle 28(1), New Delhi
The Supreme Court dismissed the appeals and held that the reassessment notice dated 31.03.2015 was valid, as the Investigation Unit's report constituted tangible material with a live link to the belief that income had escaped assessment, and no case of change of opinion was made out.
Can unpaid excise duty on bonded warehouse stock be disallowed under Section 43B?
M/S. Lakshmi Sugar Mills Co. Ltd. vs Commissioner of Income Tax, Delhi-II
The Supreme Court held that unpaid excise duty on closing stock kept in a bonded warehouse cannot be disallowed under Section 43B when the Assessee never claimed it as a deduction.
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