ITAT Mumbai held that addition under section 68 of the Income Tax Act merely on the basis of information and statement of third party without any tangible material on record is unsustainable in law.
ITAT Mumbai held revisionary order under section 263 of the Income Tax Act to be proper and just as assessment was completed in a routine and mechanical manner without due diligence and without due application of mind.
ITAT Delhi held that punitive damage being allowed as negative restitution cannot be allowed as business expenditure under section 37(1) of the Income Tax Act
Explore the implications of the recent Income Tax amendment to Section 43B affecting MSMEs. Understand how timely payments are crucial and the potential impact on tax liability.
Explore the Thin Cap Adjustment Provisions under Section 94B of the Income Tax Act, addressing base erosion and profit shifting. Learn about its impact on NBFCs, start-ups, and global approaches.
Explore the Delhi High Courts landmark judgment on interfaith marriages, emphasizing informed religious conversion and legal consequences. Insights on guidelines and implications
Explore the formation of IFSCA’s Expert Committee on REITs and InvITs, aiming to attract global investments for India’s infrastructure projects. Learn more!
Explore SEBIs consultation paper addressing trust issues in the AIF ecosystem. Learn about proposed measures, global concerns, and how stakeholders can contribute. Provide your feedback now
Bombay High Court quashes GST registration cancellation order, citing lack of reasons in the show cause notice. Detailed analysis, implications, and restoration order provided.
In a recent ruling, the Gujarat High Court has echoed the Supreme Courts decision in the case of Union of India and Others vs. Ashish Agarwal, wherein it addressed a group of petitions challenging the constitutional validity of Notification No. 20/2021 dated 31.03.2021 as well as Notification No. 38/2021 dated 27.04.2021 and consequential notices under Section 148 of the Income Tax Act.
