ITAT Jaipur allowed exemption under Section 54F in Goverdhan Singh Shekhawat Vs ITO despite technical non-compliance, emphasizing substance over form and judicial precedents.
ITAT Mumbai rules in favor of assessee, deleting a Rs 10.53 lakh cash deposit addition, citing Section 68 non-applicability to bank accounts.
The ITAT Mumbai has deleted unexplained cash credit additions for the Pitkar family, ruling Section 68 inapplicable to bank passbooks and citing genuine medical expenses.
Learn about India’s upcoming GST Compliance Rating system and recent tax reforms. Understand its benefits for taxpayers, buyers, and creditors, and the challenges of implementation.
India’s exporters face mandatory annual IEC updates from DGFT, even with no changes. This practice burdens businesses and raises concerns about efficiency and legal compliance.
Delhi ITAT partially allows Rohit Goel’s appeal against ACIT, addressing unexplained cash deposits, out-of-book purchases, and assessing income based on bank credits.
Understand Indian income tax implications for non-resident shareholders on foreign company share buybacks. Learn about residential status, capital asset situs, and why capital gains on foreign shares are generally not taxable in India.
Understand the importance of correct formats for Section 143(2) scrutiny notices. Learn how non-compliance impacts tax assessments, referencing CBDT guidelines and recent tribunal rulings.
SC rules that nominees under Section 109A of the Companies Act do not gain absolute ownership of shares, preserving legal heirs’ rights under succession laws.
Understand key restrictions on Input Tax Credit (ITC) under Section 16 of the CGST Act, 2017, and recent judicial interpretations impacting buyer claims due to supplier defaults.
