AO after providing due opportunity to the assessee, made addition of INR 3,74,08,810/- on the basis that the assessee could not explain and produce books of accounts alongwith supporting evidences.
Madras High Court held that allegation of suppression of sale based on consumption of power not sustained since EB units consumed are not directly linked with sales and reasons for difference in turnover duly explained.
ITAT Delhi held that the law is very well settled that there cannot be any levy of penalty on an estimated addition on ad hoc disallowances of expenses. Accordingly, penalty proceedings initiated under section 271(1)(c) of the Income Tax Act quashed.
CESTAT Kolkata held that valid specific license required for import of old and used worn clothing articles. Accordingly, redemption fine @10% and penalty @5% imposed for failure to comply with licensing requirement.
Personal loans offer a quick and hassle-free solution for covering various expenses, such as medical bills, home renovations, or even a family holiday. However, it’s essential to understand how much you’ll repay every month before taking on the responsibility of a loan.
Madras HC dismissed M. S. Mohamed Siddique’s writ petition, upholding tax assessment without personal hearing due to failure to request one.
Gauhati High Court rules that payment of demand under Section 129(3) does not restrict the right to appeal. Court addresses portal issues affecting appeal filing.
Kerala HC dismisses writ petition challenging Section 74 CGST Act invocation for alleged willful suppression of sales and tax evasion.
The ITAT Indore accepts peak credit theory in Kamal Chand Sisodiya Vs ITO, stating past savings can explain cash deposits, limiting unexplained income.
Delhi HC sets aside GST registration cancellation due to vague show cause notice lacking specific reasons. The court emphasizes natural justice principles.
