A summary of India’s Overseas Direct Investment (ODI) framework, covering key definitions, eligible entities, and the distinction between automatic and approval routes under FEMA.
ITAT Chandigarh directs the Assessing Officer to verify if the assessee paid a portion of GST before the return due date to allow deduction under Section 43B.
ITAT Delhi rules that cash deposits made during demonetization from recorded cash sales are not unexplained income, deleting an addition under Section 68.
The ITAT Delhi deleted a Rs. 3.36 crore addition for bogus sundry creditors, ruling that the addition was invalid as the assessee’s purchases and sales were not disputed.
The ITAT Delhi dismissed the Revenue’s appeals against Asian Consolidated Industries, upholding the CIT(A)’s decision to allow deductions and reject the application of Section 44AD.
The Allahabad High Court ruled that appellate authorities cannot remand cases back to lower officers in GST registration cancellation appeals, as it is barred by Section 107 of the GST Act.
The Andhra Pradesh High Court ruled that a best judgment assessment is deemed withdrawn when the taxpayer files returns, and any recovery based on the withdrawn order is illegal.
The ITAT Delhi has quashed a reassessment notice against Durga Agencies Pvt. Ltd., citing a procedural error where the notice lacked proper sanction from the specified authority under Section 151(ii).
Delhi ITAT upholds a ₹305 crore tax addition against Mallard Securities Pvt. Ltd., citing the company’s failure to prove the genuineness of cash credits.
Delhi ITAT deletes additions to NM Industries’ income, ruling that receipts from trade debtors cannot be taxed again as unexplained credits.
