ITAT Ahmedabad allows appeal by Digamber Jain Trust, questioning rectification order on unexplained cash deposits for AY 2016-17, due to pending original assessment.
No requirement to prove the irrecoverability of a debt; it suffices if the debt is written off in the books of accounts: ITAT Ahmedabad in Ishan Equipments Pvt Ltd Vs DCIT
NCLAT closes CIRP for Jaypee Healthcare as creditor claims are settled. The tribunal’s order supports final disbursements and halts insolvency proceedings.
Andhra Pradesh High Court held that usurping the jurisdiction of the disciplinary authority is impermissible. Thus, order is set aside and matter remitted back to the disciplinary authority for consideration.
ITAT Mumbai quashes PCIT’s Section 263 revision order, ruling AO had duly examined filing fee expenditure for share capital increase in original assessment, thus no error.
Madras High Court upheld the order stating cross-examination is unnecessary for statements meant to corroborate independent evidence in Annai Poly Packs case.
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.
Gujarat HC ruled that Ultratech Cement’s SVLDRS penalty declaration is valid, clarifying that show cause notices don’t hinder eligibility for the scheme.
ITAT Ahmedabad excused non-compliance due to CA’s failure, remanding the case for verification of additional evidence related to cash deposits and investments.
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.
