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Archive: 31 October 2024

Posts in 31 October 2024

Cross-examination Unnecessary for statements intended for independent evidence corroboration

October 31, 2024 18 Views 0 comment Print

Madras High Court upheld the order stating cross-examination is unnecessary for statements meant to corroborate independent evidence in Annai Poly Packs case.

Bogus Purchase Addition Deleted; ITAT validates 13.05% profit rate declared by assessee

October 31, 2024 36 Views 0 comment Print

ITAT Jaipur upheld CIT(A)’s decision to delete bogus purchase additions, validating a 13.05% profit rate declared by the assessee in the case.

Declaration of proposed penalty under SVLDRS is valid declaration: Gujarat HC

October 31, 2024 18 Views 0 comment Print

Gujarat HC ruled that Ultratech Cement’s SVLDRS penalty declaration is valid, clarifying that show cause notices don’t hinder eligibility for the scheme.

Non-compliance due to CA’s failure: ITAT Ahmedabad remands case for verification

October 31, 2024 24 Views 0 comment Print

ITAT Ahmedabad excused non-compliance due to CA’s failure, remanding the case for verification of additional evidence related to cash deposits and investments.

No Addition for Off-Market Penny Stocks if Purchase is Justified & Proper Documentation is Provided

October 31, 2024 72 Views 0 comment Print

ITAT Mumbai rules that shares bought off-market and later sold on stock exchanges with proof of genuine transactions cannot be treated as unexplained income.

Income Tax Recovery proceedings cannot proceed During Pending Appeals: Gujarat HC

October 31, 2024 72 Views 0 comment Print

Gujarat High Court rules that income tax recovery proceedings cannot proceed while appeals are pending before the CIT(A), impacting numerous taxpayers.

Section 154 Rectification Order Renders Penalty Proceedings Inconsequential: Bombay HC

October 31, 2024 39 Views 0 comment Print

Bombay HC rules in favor of Kusharaj Bhandary, nullifying an assessment and penalty order due to TDS credit error. Outcome highlights rectification rights.

New Guidelines on Annuity Cancellation and Transfers in NPS

October 31, 2024 177 Views 0 comment Print

PFRDA Circular mandates that annuity cancellations for NPS subscribers can only occur during the free look period, effective immediately.

Advisory on Aadhaar Authentication for GST Registration in Ladakh

October 31, 2024 21 Views 0 comment Print

New Aadhaar authentication process for GST registration in Ladakh. Book appointments for biometric verification and document verification.

New Import/Export Declaration Rules for Synthetic Diamonds w.e.f 01.12.2024

October 31, 2024 42 Views 0 comment Print

From December 1, 2024, additional qualifiers for synthetic diamond import/export declarations are mandatory to enhance customs assessments and reduce clearance delays.

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