ITAT Ahmedabad upheld part of the unexplained investment addition for Rs. 79.35 lakh in Bhavin V. Maniar’s case, allowing time for further documentation.
The AO proceeded to treat the transactions as penny stock and relying on the investigation report on penny stock from the Investigation Wing, he disallowed the same u/s 68 of the Act to the extent of Rs.1,28,58,450/-.
The Court further observes and directs that in the eventuality the amount lying in the frozen accounts mentioned in the Show Cause Notice dated 09.04.2024 are not equivalent amount requisite for the pre-deposit in terms with Section 107(6)(b) of the Act of 2017.
ITAT Mumbai upholds deletion of additions u/s 68 for trading in penny stocks. Assessee provided valid evidence, and AO failed to counter claims with proof.
Kerala High Court held that amount of interest received by the foreman of a chit on defaulting subscriptions cannot be said to be amounts received as consideration for the supply of services. Thus, the same is not leviable to GST.
Abstract The environment, derived from the French word “environner” meaning “to encircle,” encompasses both natural and human-made surroundings that support life. It includes essential natural elements such as air, water, and soil, as well as human-made structures like buildings and roads. The environment is fundamental to human well-being, providing resources necessary for survival and regulating […]
Understand GST provisions for residential and commercial property renting, including RCM applicability, tax rates, and input tax credit eligibility.
Allahabad HC issued notice to Revenue as GST portal lacked an option to appeal against rejection of transitional credit in Form GST TRAN-1 due to clerical error.
ITAT Chennai dismissed the Revenue’s appeal in the Madras Cricket Club case, citing a CBDT circular due to the tax effect being below the threshold of Rs. 60 lakh.
Bombay High Court held that rejection of application for waiver of interest under section 234C without addressing the submissions highlighted by the petitioner. Accordingly, waiver application remitted back for denovo consideration.
