ITAT Ahmedabad held that PCIT cannot exercise revisionary power u/s. 263 to restore an issue for the purpose of verification only since restoring matter for verification means that PCIT is not sure of assessment order being erroneous causing prejudice to the revenue.
Summary of RBI’s draft directions on Co-Lending Arrangements (CLAs) for banks, AIFIs, and NBFCs, covering key aspects and disclosures.
ITAT Ahmedabad held that exemption under section 10(23C)(vi) of the Income Tax Act is admissible to the trust has exist solely for educational purpose, thus since the hostel fees charged by the trust is significantly high the activity amounts to ‘trade, commerce and business’ hence exemption denied.
Madras High Court disposed of the writ petition with direction to petitioner to challenge the impugned Assessment Order as well as Rectification Order before Commissioner of Income Tax (Appeals) [CIT(A)].
ITAT Chennai held that cash sales of liquor is the source of cash deposit during demonetization and accordingly, since the nature and source of investment fully explained by the assessee, addition u/s. 69 of 69A not justifiable.
ITAT Mumbai held that presumptive taxation scheme under section 44AD of the Income Tax Act is duly applicable to nursing home since the assessee cannot be classified as a ‘person’ engaged in the ‘medical profession’.
Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee was thus justified in accounting for the same. Thus, that question is answered in favour of assessee.
This research paper explores the multifaceted responsibilities of foreign investors, examining how they navigate the complex interplay between profit motives and their broader obligations to host countries.
Karnataka High Court held that forcible recovery during course of search or investigation is contrary to law and hence liable to be refunded back. Thus, writ appeal dismissed as devoid of merit.
Analysis of India’s influencer marketing regulations, comparing them to global standards, highlighting enforcement gaps, and recommending improvements for transparency.
