ITAT Ahmedabad held that section 275(1A) of the Income Tax Act empowers AO to pass penalty order by enhancing or reducing penalty on the basis of assessment as revised by giving effect to orders passed by appellate authority or courts.
ITAT Ahmedabad held that the income of beneficiaries of trust cannot be treated as income in the hands of the trust. Accordingly, disallowance under section 143(1) of the Income Tax Act not justified.
CESTAT Kolkata rejects Revenue’s case against Agrasen Sponge Pvt Ltd, citing lack of evidence for alleged clandestine removal and production discrepancies.
The assessee had adopted Transactional Net Margin Method (TNMM) as the most appropriate method and Operating Profit/ Operating Cost [OP/OC] as the Profit Level Indicator for benchmarking the international transactions.
Understand the rules for disclosing foreign assets and income by resident Indians. Learn eligibility, required ITR schedules, due dates, and consequences of non-compliance.
Explore the as is where is GST regularization approach. Learn about past tax adjustments, exemptions, and practical implications on compliance and tax liabilities.
Delhi High Court held that AO has erroneously added value of transaction while calculating income that could possibly have escaped assessment. Accordingly, order set aside and matter remanded back to AO for fresh consideration.
The present appeal is filed by the assessee against the denial of registration under section 12AB of the Income Tax Act vide the order passed by the Commissioner of Income Tax (Exemption), Ahmedabad.
Understand penalties for GST offences under Section 122 of the CGST Act, 2017. Explore key provisions, offences, penalties, and Rule 142 compliance procedures.
Understand the ongoing conflict between Section 23 and Section 24 of the CGST Act, its implications, and recent amendments proposed for clarity in GST registration rules.
