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HC Upholds Deletion of Share Capital Addition Under Section 68

March 20, 2024 243 Views 0 comment Print

Read about the Calcutta High Court’s decision to uphold the deletion of share capital addition under Section 68 of the Income Tax Act, as identity, creditworthiness, and genuineness of transactions were established.

Delhi HC Directs Decision on DVAT Act Refund Claim within 4 Weeks

March 20, 2024 87 Views 0 comment Print

Delhi High Court orders refund decision within 4 weeks for Central Herbal Expo’s claim under DVAT Act. Get insights into the judgment.

Effect of depreciation must be excluded for determining fair and true profit for purpose of TNMM: ITAT Kolkata

March 20, 2024 165 Views 0 comment Print

ITAT Kolkata held that for determining fair and true profit for the purpose of application of Transactional Net Margin Method (TNMM), it is appropriate that the effect of depreciation must be excluded.

Penalty u/s. 271B for not getting books of accounts audited not leviable as reasonable cause shown: ITAT Jaipur

March 20, 2024 405 Views 0 comment Print

ITAT Jaipur held that assessee failed to get its books of accounts audited based on a reasonable cause. Accordingly, penalty under section 271B of the Income Tax Act for failure to get books of account audited not leviable as assessee reasonable cause shown.

Excess stock found during survey is undeclared business income and not unexplained investment: ITAT Chandigarh

March 20, 2024 297 Views 0 comment Print

ITAT Chandigarh held that excess stock found during the course of survey cannot be brought to tax under the deeming provisions of section 69B of the Income Tax Act as the same is undeclared business income and not unexplained investment.

Compensation for unilaterally terminating certain obligation under agreement is business income: ITAT Mumbai

March 20, 2024 117 Views 0 comment Print

ITAT Mumbai held that compensation received by the assessee in out of court settlement for unilaterally terminating certain obligation under the agreement is an income assessed to business income and not an income assessed to capital gains as claimed by the assessee.

Jurisdiction assumed by AO at Mumbai invalid as assessee resided and carried profession at Bangalore: ITAT Mumbai

March 20, 2024 201 Views 0 comment Print

ITAT Mumbai held that assessee was residing as well as carrying on her profession at Bangalore and thus, assumption of jurisdiction by the AO at Mumbai was invalid. Thus, an order which is passed without jurisdiction is non est in the eyes of law.

Revisional jurisdiction u/s 263 not invocable when AO takes one possible view: ITAT Delhi

March 20, 2024 132 Views 0 comment Print

ITAT Delhi held that PCIT cannot assume revisional jurisdiction under section 263 of the Income Tax Act when in case of debatable issue, out of the two possible views, AO accepts one of the views.

Portal Access Issue: Delhi HC Directs Re-Adjudication for GST Registration Cancellation

March 20, 2024 243 Views 0 comment Print

Delhi High Court directs re-adjudication in case of failure to reply to GST Registration cancellation SCN due to portal access issue. Full judgment analysis.

Delhi HC Sets Aside GST Registration Cancellation Order

March 20, 2024 213 Views 0 comment Print

Read about Ganesh Sales Corporation’s case where Delhi HC overturns GST registration cancellation due to procedural lapses in the show cause notice and order.

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