High Court Rulings

Reopening was initiated by the AO and matter was to be remanded back. Purchase of immovable property worth INR 1.21 crore was not disclosed in the ITR, and no reason was given in support of conclusion that escaped income was more than INR 50 lakhs.

Where AO issued a notice u/s 148 to reopen assessment without prior approval of Principal Chief Commissioner or any other authority specified u/s 151(ii), impugned notice was liable to be set aside. 

ITAT Rulings

Notional rent to be determined as 'Income from house property’ on vacant unsold flats held as stock-in-trade, however, no addition could be made to any AY prior to AY 2018-19 on such notional rent.

Explained cash deposits made during demonetization period with prior withdrawals duly recorded in audited cash book cannot be added u/s 68.