ITAT Ahmedabad held that once cash sales are accepted as genuine for the purpose of determining profit, the same cannot be added again as unexplained cash credit by invoking provisions of section 68 of the Income Tax Act. Accordingly, appeal of revenue dismissed.
Learn about top-up and super top-up health insurance plans, how they work, and the key differences between them to effectively increase your health coverage.
An overview of the legal rules of marshalling and contribution in property law, explaining how they protect buyers and co-mortgagors in mortgage transactions.
ITAT Chennai rules that the buyer’s intention is irrelevant when classifying land. The court upholds the agricultural nature of land based on revenue records, not the buyer’s plans.
ITAT Ahmedabad rules on the admissibility of new claims during reassessment and appellate proceedings, distinguishing between the limited scope of Section 147 and the broader jurisdiction of appellate authorities.
Karnataka High Court dismisses a Revenue appeal, affirming that additions cannot be made under Section 153A without incriminating material found during a search.
The Delhi government’s decision to drop arbitration clauses from new contracts clashes with India’s national push for ADR, raising concerns about legal efficiency and investor confidence.
Madras High Court held that no interpretation contrary to Section 53 of the Insolvency and Bankruptcy Code, 2016 [IBC] can be attributed to the expression ‘going concern sale’ as contemplated under Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
Understand the legal concept of negligent entrustment, where an owner is liable for loaning a dangerous item to an incompetent user, and its difference from vicarious liability.
ITAT Pune remands 80G approval case, stating incorrect section code is not fatal. Directs CIT(E) to allow rectification and hear the application on merits.
