ITAT Kolkata held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since assessee duly established identity and creditworthiness of the investors and genuineness of the transactions.
The petitioner no.1 was the erstwhile company that went through insolvency proceedings. The resolution plan was approved on February 24, 2021 wherein the Income Tax Department had also put forward its claim before the resolution professional.
Income-tax Amendment Rules 2025 defines tax provisions for non-resident cruise operators under Section 44BBC, detailing conditions for ship operations in India.
Bunching of show cause notices did not cause any prejudice to assessee as it was open to assessee to take up any contention peculiar to any particular year in the reply to the show cause notice.
Explore the impact of OECD Two-Pillar tax rules on Indian MNEs. Key changes include taxing profits where value is created and a global 15% minimum tax rate.
SEBI amends AIF and PMS regulations to allow co-investment opportunities for Category I & II AIF unitholders. Key terms, concessions, and restrictions apply.
Analysis of GST appeal delays under CGST Act. Learn how courts address exceptional cases, balancing strict timelines with fairness and constitutional rights.
SEBI seeks public comments on proposals to revise the Social Stock Exchange framework, focusing on registration, disclosures, and social impact assessments.
Clarification on application fees for duty drawback rate extensions: exporters to pay per application, not per shipping bill. Effective under Drawback Rules, 2017.
Filing of Form 10CCB required for claiming deductions under Section 80IA before the due date for filing of return of income u/s 139(1) was only directory and not mandatory for the year under consideration.
