ITAT Mumbai dismissed revenue’s appeal against Thirumalai Chemicals, allowing gratuity, bad debts, and other expenses while also allowing the assessee’s cross-objection.
Bombay High Court held that seventh proviso in Section 2(b) of the Maharashtra Entertainments Duty Act (MED) is constitutionally valid and entertainment duty leviable on convenience fees collected for online ticket booking.
ITAT Delhi ruled that an AO cannot reject a registered valuer’s report without DVO reference, upholding the statutory procedure for property valuation.
The ITAT Ahmedabad quashed a reassessment for AY 2012–13, ruling the property sale transaction occurred in an earlier year, invalidating the additions made.
The ITAT Ahmedabad deleted an addition of Rs. 18.51 lakh, ruling that pre-marriage gifts and substantiated contract income were not unexplained cash deposits.
The ITAT Ahmedabad quashed reassessments for AYs 2017-18 & 2018-19, ruling notices issued beyond 3 years were invalid as the escaped income was below Rs. 50 lakhs.
An audit engagement letter outlines the objective, scope, and responsibilities for a financial audit. It defines roles, fees, and the terms of the agreement.
NCLAT Delhi held that amount having not been received from the corporate debtor, there was no applicability of Section 14 of the IBC and moratorium was not applicable with regard to any payment by co-applicant. Thus, direction of adjudicating authority for reversal of amount is unsustainable.
JioFinance has launched a new ITR filing service with TaxBuddy, starting at Rs.24, aiming to make tax compliance accessible and affordable for users.
The Madras High Court has quashed GST Notification 56/2023, ruling it illegal for extending time limits without valid justification and reviving time-barred cases.
