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Archive: 24 June 2022

Posts in 24 June 2022

Section 68 addition justified if creditors absconding & could not be produced before AO

June 24, 2022 783 Views 0 comment Print

Explore the case of ITO vs. Shreeji Multitrade Pvt. Ltd. (ITAT Mumbai) involving unexplained cash credits. Detailed analysis of scrutiny, appeals, and the burden of proof in section 68 of the Income Tax Act.

Section 14A applicable to strategic investment generating exempt dividend income

June 24, 2022 2343 Views 0 comment Print

Explore the impact of Maxopp Investment Ltd. vs CIT on Section 14A disallowance. ITAT Kolkata sets aside Ld. CIT(A) order, directing re-computation in light of strategic investments.

Section 68 addition not allowed if Source of Fund Not Doubted by AO

June 24, 2022 1746 Views 0 comment Print

Explore ITAT Mumbai decision in ITO vs. Gama Entertainment Systems Pvt. Ltd. Understanding Section 68 implications on share premium. Full analysis and conclusion.

Recent case laws related to revocation of cancelled GST Registration

June 24, 2022 18255 Views 1 comment Print

Stay up to date with recent case laws regarding the revocation of cancelled GST registration. Understand the legal provisions and rules under the GST laws.

अब पछताए होत क्या जब चिड़िया चुग गई खेत: बैंक तब जागे, जब डीएचएफएल कर गई घोटाला

June 24, 2022 1947 Views 0 comment Print

देश के सबसे बड़े बैंकिंग घोटाले दीवान हाउसिंग – सन् 2010 से 2018 तक इसके प्रमोटरों ने खुलकर फर्जीवाड़ा किया और हमारी सरकार इन्हें हाउसिंग सेक्टर में बेहतरीन प्रदर्शन के लिए इनाम देते रहे, बैंक इन्हें लोन बांटता रहा और तब इन्हें खुले आम किए जा रहा फर्जीवाड़ा भी अच्छा लगता रहा और जब 2019 में कंपनी ने डिफाल्ट किया तो सब खटकने लगा

Subsidy for encouraging dispersal of industries to less developed areas cannot be treated as revenue receipt

June 24, 2022 900 Views 0 comment Print

Discover the ITAT Pune decision in DCIT Vs Haldex India Pvt. Ltd. case. Analysis of subsidy taxability under Package Scheme of Incentives, 2007. Learn more.

Penalty not leviable for Bonafide & Inadvertent mistake in deduction claim

June 24, 2022 5817 Views 0 comment Print

No penalty u/s.271(1)(c) can be imposed in respect of inadvertent and bona fide mistake committed by the assessee.

Section 148A Notice cannot sustain on Violation of Natural Justice Principle

June 24, 2022 1806 Views 0 comment Print

Delhi High Court invalidates 2018-19 tax assessment, citing inadequate opportunity for defense and procedural violations. Details on the case and court ruling.

In absence of documentary evidence addition for jewellery claimed as gift allowed

June 24, 2022 1767 Views 0 comment Print

ITAT find that jewelry has been found during the course of search from the possession of the assessee. The jewellery was inventorised. The claim of the assessee that this has been received as a gift from relatives and friends is not at all substantiated but merely remained a claim. In view of this we do not find any infirmity in the orders of the learned lower authorities in confirming the addition of Rs. 1,867,098/– u/s 69B of the act after granting benefit of 500 g of gold jewellery to the assessee in terms of CBDT instruction number 1916.

ITAT Allows Administrative Service Charges considering emails as evidence

June 24, 2022 468 Views 0 comment Print

Read the detailed analysis of ACIT Vs Tata Autocomp case by ITAT Pune. Disputed deduction of Rs.2.64 crore for Administrative Service charges, resolved in favor of the assessee.

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