The Tribunal found that an off-market transaction, by itself, does not establish bogus capital gains when supporting records are intact and no direct involvement in price manipulation is shown. The exemption under Section 10(38) was therefore allowed, rejecting additions under Sections 68 and 69C.
The Delhi government allows registered taxpayers to rectify GST orders where previously denied ITC is now eligible under section 16(5) or 16(6). The process ensures claims are submitted electronically with proper verification.
Tribunal ruled that a single approval letter covering several assessment years violated statutory requirements. Key takeaway: Section 153D requires separate, reasoned approvals for each year.
Rakesh Arora Vs ITO (ITAT Delhi) When the Reason Falls, the Case Falls: Rs. 3.14 Cr Trigger Proves False — ITAT Delhi Quashes Whole 147 The reassessment for AY 2012–13 was triggered solely on the allegation that the assessee had received accommodation entries of ₹3,14,16,000 from M/s Shreyas International. However, at the time of completing […]
Learn how Section 67 of the CGST Act empowers authorities to inspect and seize goods or documents, and how taxpayers’ rights are protected.
Discover AI applications that streamline compliance, tax filings, and audits, helping CA firms save hours daily while improving accuracy.
Gross GST collections grew 0.7% in November 2025, driven mainly by a 10.2% rise in import IGST, even as domestic revenues dipped. The report highlights uneven state-wise trends and moderate overall tax buoyancy.
The circular introduces Life Cycle 75 and Aggressive options, expanding NPS investment choices to six. The update allows higher equity exposure with structured age-based tapering.
The amendment allows extensions of up to five years post-production and a one-year extension to the initial validity period, improving clarity for EOU and related units.
Explains why denial of an SPL-02 waiver under Para 4(4) is incorrect when interest and penalty stem from a Section 73 adjudication. Clarifies that such cases rightly qualify for Section 128A relief.
