ITAT Mumbai held that addition in case of bogus purchases should be limited to the extent of G.P. rate on purchases. Accordingly, matter remanded with direction to reduce addition only to the extent of profit margin involved in such purchases.
In the case of Aashish Luthra vs. ITO, ITAT Mumbai deletes cash deposit addition after establishing the source as property sale advance received by the father.
Learn about the legal implications, remedies, and judicial precedents regarding claiming excess Input Tax Credit (ITC) in GSTR-3B compared to GSTR-2A/2B. Navigate through notices, circulars, and court rulings.
Understand the implications of Karnataka’s new Gratuity Insurance Rules 2024 on employers. Learn about registration, exemptions, tax implications, and compliance requirements.
Bombay High Court held that reopening of assessment under section 147 of the Income Tax Act, without any fresh and tangible material, merely on the basis of change of opinion is unsustainable in law.
CESTAT Delhi held that miscellaneous services rendered by air travel agent like planning travel itinerary of clients, etc. are covered within the ambit of Air Travel Agent and cannot be classified under Business Support Service.
Explore the case of Shantabai Jasraj Lodha challenging additions made by CIT(A) – NFAC regarding a Rs.20 lakhs deposit during demonetization. Analysis reveals discrepancies and remand for further verification.
Explore the ITAT Delhi ruling on the eligibility of management service fees paid to non-resident AEs under section 37(1) of the Income Tax Act in the case of Iris Worldwide Integrated Marketing Pvt. Ltd vs. DCIT.
Read the full text of the order of ITAT Bangalore in Ambika Ghorpade Vs ACIT case, discussing disallowance u/s 14A of Income Tax Act and expenses under section 37(1).
Explore the comprehensive guide on GST implications for corporate guarantees in India, including taxability, valuation methods, exemptions, and recent amendments.
