ITAT Kolkata held that CIT(A) rightly deleted addition under section 68 of the Income Tax Act since identity and creditworthiness of share purchased duly explained. Accordingly, appeal of revenue dismissed.
ICAI extends Phase III and IV of Peer Review Mandate by 6 to 9 months, with new dates for mandatory peer reviews of specific practice units.
Summary of Calcutta High Court’s judgment on GST registration revocation, including compliance directives for restoration and legal observations.
ITAT Kolkata held that the surcharge is leviable only when the amount of income tax is computed where the total income exceeds Rs.50 lakhs. Here, surcharge is not leviable since income is less than Rs. 50 Lakhs. Accordingly, appeal allowed.
ITAT Kolkata held that undisclosed commission income on accommodation entries to be added @0.15% instead of 1%. Accordingly, AO directed to compute the rate the commission @0.15% and not 1%.
Vide the Show Cause Notice, assessee was given an opportunity to show cause as to why they had not declared the correct tax liability in the annual returns of GSTR-09.
Madras High Court directed petitioner to deposit 25% of the disputed taxes for granting an opportunity of being heard since petitioner failed to comply with the notice uploaded on GST portal. Thus, writ allowed.
Calcutta High Court dismisses appeal in PCIT Vs Sawankumar T Jajoo, upholding ITAT’s order on long-term capital gains from penny stocks.
Calcutta High Court held that transfer order issued under section 127(2) of the Income Tax Act lacking cogent reasons to justify necessity of transferring case is untenable. Accordingly, transfer order held as invalid.
ITAT Jaipur held that when the cash found in books are more then physically found no further addition is required to be made in the hands of the assessee. Accordingly, addition towards unexplained cash set aside.
