ITAT Jaipur held that addition towards unexplained money under section 69A of the Income Tax Act merely on the basis of statement which was subsequently retracted is not sustainable in law. Accordingly, addition is directed to be deleted.
An overview of India’s pre-GST excise duty and CENVAT credit system, explaining how taxes were levied, credits claimed, and the rationale behind their structure.
Calcutta High Court directs refund of IGST paid by Sanjay Kumar Lohia, ruling a challan’s incorrect tax period entry should not deny a legitimate refund claim.
ITAT Mumbai under Resale Price Method [RPM] focus is more on same or similar nature of products rather than similarity of products. Thus, TPO directed to include 5 companies as comparable for benchmarking international transaction.
Understand RBI’s Master Direction on Supervisory Returns for NBFCs. Learn about applicability, definitions, and timelines for various DNBS returns submissions.
Understand GST ITC refunds for inverted tax structures when input and output goods are the same. Learn about legal provisions and CBIC clarifications on this issue.
Madras High Court held that the scope of review being very limited, the review application is dismissed as there is no error apparent on the face of the impugned judgment. Writ petition disposed of, accordingly.
Learn about Tax Deducted at Source (TDS) in India, including its purpose, payment due dates for FY 2025-26, return filing forms, and consequences of non-compliance.
Madras High Court rules in favor of Enfinity Solar, quashing an assessment order due to the tax authorities’ failure to issue a mandatory draft assessment order after remand.
ITAT Delhi held that addition under section 69A of the Income Tax Act towards cash deposited during demonetization cannot be sustained as source of cash deposited is cash sales and the same is already offered to tax. Accordingly, the appeal is allowed and addition is deleted.
