Sponsored
    Follow Us:

Archive: 17 February 2025

Posts in 17 February 2025

Penalty u/s. 271AAA(1) for undisclosed income admitted during search set aside as tax paid with interest

February 17, 2025 90 Views 0 comment Print

Supreme Court held that no penalty under section 271AAA(1) of the Income Tax Act when undisclosed income during course of search is admitted and paid tax with interest. Accordingly, penalty u/s. 271AAA(1) set aside.

Relief to Bloomsbury Publishing in Transfer Pricing Case

February 17, 2025 78 Views 0 comment Print

It was held that transactions and FAR of assessee were similar to AY 2021-­22 and as per the records brought to our notice, there was no change in the activities carried out by assessee in the current assessment year and subsequent assessment years.

No addition u/s 68 as contribution to share capital was genuine

February 17, 2025 165 Views 0 comment Print

Addition made in the case of assessee was held to be unjustified. Assessee had established and satisfied all the three ingredients being identity, creditworthiness and genuineness of share capital contribution to explain credit in terms of provisions of section 68.

HC Dismisses Writ Petition Over Car Transportation: E-way Bill vs. Invoice-cum-Bill of Supply

February 17, 2025 189 Views 0 comment Print

In the matter abovementioned Hon’ble Calcutta HC have dismissed the writ petition filed against impugned order imposing penalty u/s 129 (3) of WBGST after considering that petitioner failed to provide documentary evidence in support of his claim.

Lack of proper inquiry on Unexplained Cash Deposits during Demonetization: ITAT restores matter

February 17, 2025 141 Views 0 comment Print

Assessee and his family have 261 bighas of agricultural land and did not filed his ITR for AY 2017-18. AO received information that there was cash deposits of Rs. 10,00,000/- in the bank accounts of the assessee during demonetization

Expenditure incurred for IPO, subsequently aborted, allowable being revenue in nature: ITAT

February 17, 2025 165 Views 0 comment Print

In the matter abovementioned ITAT deleted addition made on account of expenditure incurred for initial public offering (IPO) which was subsequently aborted. ITAT held that this expenditure is allowable being revenue in nature.

Sponsored
Sponsored
Search Post by Date
February 2025
M T W T F S S
 12
3456789
10111213141516
17181920212223
2425262728