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.
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.
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.
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
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.
Appellate Tribunal overturns Benami property attachment order in Rachakonda Srinivas Rao case, citing lack of ownership transfer and applicability of amended PBPTA.
Karnataka HC quashed penalty imposed under Section 201 of Income Tax Act for non-deduction of TDS on professional advice, citing specific legal provisions and case facts.
Chennai ITAT directs AO to review e-notices and deductions u/s 54 in ₹1.8 crore capital gains case, giving assessee another chance to present evidence.
Andhra Pradesh HC rules that GST registration cannot be refused solely because an assessee belongs to another state. Legal trade rights must be upheld.
ITAT Delhi rules in favor of Mahadev Dairy Pvt. Ltd., deleting ₹25 lakh addition under Section 68. The loan from promoters was found genuine.
