ITAT Delhi held that cash deposited during demonetization period cannot be added as unexplained cash deposit under section 68 of the Income Tax Act since sufficient explanation of source of cash deposit provided by the assessee. Accordingly, addition deleted and appeal allowed.
An overview of how to set up a Liaison Office in India. Learn about the eligibility criteria, RBI approval process, and ongoing compliance requirements for foreign companies.
A guide to setting up a Project Office in India. Learn about the eligibility criteria, the RBI approval process, and ongoing compliance requirements for foreign companies.
NCLT Mumbai held that application for initiation of Corporate Insolvency Resolution Process [CIRP] admissible since default of debt due and payable is established and default is in excess of minimum amount stipulated under IBC.
ITAT Kolkata held that addition towards unexplained money under section 69A of the Income Tax Act cannot be sustained since the cash deposit is already added while filing the return of income under the head other sources. Accordingly, addition set aside and appeal allowed.
The Supreme Court of India rules that financial hardship is not a valid ground to waive or reduce the mandatory pre-deposit for filing an appeal.
ITAT Ahmedabad held that addition under section 69A towards unexplained cash deposit cannot be sustained since it is reasonably explained that deposit is out of its business proceeds. Accordingly, order of CIT(A) set aside and appeal of assessee allowed.
A guide to India’s block assessment tax provisions from the Finance Act 2024. Understand pending assessments, undisclosed income, penalties, and deadlines.
A detailed comparison of AS 9 and Ind AS 115 revenue recognition standards in India, with case studies from IT, real estate, telecom, and more.
Learn how to calculate income tax for individuals in India for AY 2025-26. This guide covers salary, capital gains, and business income under the new Finance Act 2024 rules.
