The ITAT confirmed an addition of Rs. 28 lakh under Section 69A, ruling that the assessee failed to substantiate the source of cash deposits made over four years. Burden of proof lies on the taxpayer to explain deposits.
ITAT dismissed appeals and upheld 271B penalties as the assessee failed to audit accounts despite turnover exceeding Rs. 1 crore. No reasonable cause was shown.
ITAT restricted unexplained cash addition from Rs.78 lakhs to Rs.7 lakhs, granting relief on demonetization deposits while maintaining that it is not a precedent-setting decision.
GSTN has released updates on return filing deadlines, import details in IMS, simplified registration, and mandatory bank account furnishing. Businesses must act promptly to avoid filing restrictions and registration suspension.
Analyze the ITAT Delhi ruling on whether Section 115BAA applies to long-term capital gains, and understand why special LTCG rates under Sections 112/112A remain intact.
Explore the methods forensic auditors use to detect financial fraud, from red flags to data analytics, and their critical role in protecting investors and companies.
Learn why GSTR-2B, 2A, and books differ, how mismatches occur, and the steps founders must take to claim ITC correctly and stay audit-ready.
Fragmented regulations like DPDP 2023 and IT Act 2000 leave Indian cloud data vulnerable; experts urge a full-fledged Cloud Computing Act to protect citizens, startups, and national security.
The proposed Bill promises shorter timelines and streamlined CIRP procedures, enabling homebuyers to recover invested amounts sooner and reduce project delays.
The appellate authority’s reliance on an overwriting-ridden postal report was rejected. The Court found no valid proof of service and restored the appeal for reconsideration. e Court held that the GST order was not proven to be served on the taxpayer, making the appeal within limitation. The ruling sets aside the dismissal and directs fresh adjudication on merits.
