ITAT Delhi ruled that sales already recorded in books and accepted under GST cannot be treated as unexplained income under Section 68 without independent verification. No addition can be made solely on untested statements.
ITAT Delhi held that Section 14A cannot be applied when no exempt income is earned, deleting a ₹1.24 crore disallowance. The Tribunal also condoned a 99-day filing delay due to reasonable cause.
Article explains how Rainbow Papers briefly elevated government dues to secured status and how IBC Amendment Bill, 2025, restores original waterfall priority. The key takeaway is that statutory dues will no longer gain secured status automatically.
ITAT Delhi ruled that validly filed Form 10-IC ensures eligibility for Section 115BAA concessional tax rate. Key takeaway: timely filing secures lower corporate tax in subsequent years.
Tribunal upholds disallowance of ₹76 lakh paid for regularizing building deviations, ruling such compounding fees are penalties under Section 37(1) and not deductible.
Tribunal ruled that amendments to Section 11(3) of Income Tax Act are prospective. Accumulated charitable funds utilized within permitted 5+1 years cannot be taxed, overturning prior additions.
The Tribunal dismissed Revenue appeals for AYs 2006-07 and 2007-08 as the corporate debtor is under CIRP. Section 14(1) moratorium bars all proceedings, ensuring compliance with the Insolvency and Bankruptcy Code.
The Institute of Company Secretaries of India (ICSI) has come up with a new structure of the Company Secretary Executive Entrance Test (CSEET) which shall be effective from June 2026. This article will help you understand all the important changes made in the new structure.
