The Tribunal admitted additional evidence such as partnership deeds, royalty ledgers, and source-wise cash deposit mapping. Since AO never verified these materials, the addition under Section 69A could not be sustained. The issue was restored for proper factual examination.
Delhi High Court ruled that prosecution under Income Tax Act Sections 276C and 278E can proceed when evaded tax exceeds Rs.25 crores, even if appeals are pending, confirming proper authority delegation.
The Tribunal ruled that when no new loans are borrowed or granted, taxpayers need not re-prove nexus annually. Interest paid deduction under section 57(iii) was restored.
The ITAT ruled that property sold by a discontinued partnership must be taxed in the firm’s hands, not its former partners, emphasizing correct ownership for capital gains assessment.
Learn how circular fund flows can attract regulatory scrutiny and what measures businesses should take to ensure compliance under RBI guidelines.
Learn how to calculate and file refunds for unutilized ITC when input tax rates exceed output tax rates, ensuring compliance and faster processing.
Delayed forensic audits in insolvency cases reduce resolution value, discourage bidders, and increase liquidation risk, highlighting the need for timely, compliant investigations.
Even with relaxed compliance thresholds, retaining an ISIN ensures corporate credibility, simplifies future fundraising, and avoids costly re-issuance hurdles.
ITAT Raipur ruled that cash deposits made by an advocate on behalf of clients cannot be treated as unexplained money under Section 69A. The AO and CIT(A)/NFAC conducted no inquiry and ignored over 100 supporting challans. This reinforces the principle that evidence and factual verification are essential before making additions.
Explains the step-by-step method to verify GST challan payments on the portal and avoid delays in return filing.
