The Tribunal held that protective additions cannot be sustained without establishing the assessee as the actual beneficiary of cash credits. It upheld deletion where ownership was not proven.
The Court held that cancellation for non-filing of returns can be reconsidered if the taxpayer files pending returns and clears dues. Authorities must examine such applications under Rule 22.
This guide explains why income is deemed to accrue in India under Sections 5 and 9 of the Income-tax Act, focusing on residential status, business connection, and indirect transfers.
The case explains how agricultural income remains tax-free under Section 10(1) but affects tax rates on other income. Key takeaway: partial integration applies when thresholds are exceeded.
The article highlights that trademark conflicts remain a major reason for rejection even when MCA auto-check shows no issue. It emphasizes the need for independent verification and proper NOC documentation.
The new law replaces the 1961 Act to address excessive complexity and scattered provisions built over decades. It simplifies language, removes redundancies, and improves structure while keeping tax rates unchanged.
ITAT Mumbai held that no TDS is liable to be deducted when payment is made for serving food in a restaurant in the normal course of running of the restaurant/café. Accordingly, appeal allowed to that extent.
The Court held that blocking ITC without available credit in the ledger is beyond statutory powers. It ruled that negative blocking is impermissible and directed restoration of the credit.
The Supreme Court held that ambiguity in exemption notifications cannot benefit taxpayers. It ruled that such ambiguity must be resolved in favour of the Revenue, reinforcing strict interpretation principles.
The issue involved auditor independence concerns arising from network relationships and control weaknesses. The report highlights the need for strict compliance with independence provisions and stronger internal controls.
