ITAT Mumbai restored exemption under section 11(1)(a) despite a clerical mistake in Form 10B. The original form was timely filed, and the revised form only corrected the error, ensuring the trust’s substantive rights were protected.
ICAI achieved a Guinness World Record by guiding 6,166 students in one session, providing comprehensive career advice across multiple streams and global opportunities.
Since the 14A disallowance was already struck down on the ground that no exempt income was earned, the Tribunal held that penalty under section 270A had no legal basis. It ruled that penalty cannot survive once the underlying quantum addition ceases to exist. The key takeaway is that penalty collapses automatically when its foundation is eliminated.
The Tribunal held that the assessee failed to show sufficient cause for a long delay, noting negligence and absence of due care. late appeals require concrete justification, not assumptions or later legal advice.
ITAT held that non-receipt of statutory notices by an NRI constituted reasonable cause, restoring the reassessment and deleting penalties under sections 271(1)(b) and 271(1)(c). penalties cannot survive when non-compliance arises from legitimate ignorance.
Explains why GST is not a discount and highlights the strict conditions under Section 16 that make personal-use ITC claims illegal.
A breakdown of major SC decisions tightening due diligence, limiting judicial interference, and redefining the finality of resolution plans under the IBC.
The Tribunal held that deciding the appeal ex parte violated natural justice and remanded the FTC dispute for full reconsideration. appellate orders must not be passed without proper opportunity of hearing.
The ITAT Hyderabad ruled that unexplained partner capital contributions cannot be treated as income of the firm. Only individual partners’ contributions can be assessed, overturning a Rs. 3.26 crore addition.
Card payments are convenient but expose businesses to chargebacks. Learn why mismatched bills, missing signatures, and slow responses can freeze your funds and how to prevent these losses.
