The ITAT Mumbai restricted a bogus purchase addition to the profit element, distinguishing the case from a prior ruling because the assessee provided a source for the payments.
The ITAT Mumbai deleted a penny stock addition, ruling that the income tax department’s reliance on suspicion and a general investigation report was insufficient to dislodge the assessee’s proof of genuine transactions.
Indian Prime Minister Narendra Modi confronts U.S. President Donald Trump’s unilateral tariff imposition. India is urged to devise a strategic response.
A comprehensive guide to accounting for joint ventures and associates under Indian standards, including the equity method, joint arrangements, and key differences between AS and Ind AS frameworks.
The ITAT Mumbai has ruled that brought-forward business losses cannot be set off against short-term capital gains from the sale of depreciated assets, upholding the disallowance.
ITAT Delhi upheld the disallowance of setting off brought-forward business losses against short-term capital gains from the sale of depreciated assets, clarifying the inapplicability of Section 41(2).
The ITAT Mumbai quashed a penalty against an assessee, ruling that the penalty order was time-barred as it was issued beyond the limitation period specified under Section 275(1)(c).
A simple guide to GST registration for small businesses in India. Understand the process, required documents, and benefits of getting a GSTIN to grow your business.
A professional analysis of provisions, contingent liabilities, and contingent assets under AS 29, AS 4, and their corresponding Ind AS standards, highlighting key concepts and differences.
The ITAT Delhi deleted a demonetisation-related cash deposit addition for a jeweller, ruling that Section 68 doesn’t apply to recorded sales and that a profit cannot be taxed twice.
