The Tribunal held that unexplained cash credits must be taxed in the year they are recorded in the books, not when allegedly received. Since the ₹80 lakh was credited in AY 1997–98, the addition under Section 68 was upheld despite claims of earlier receipt.
Many tax-saving investments carry hidden costs like STT, expense ratios, and exit loads. The analysis highlights that these charges significantly reduce effective returns despite tax benefits.
Court fees for GSTAT appeals must be calculated separately for each Act involved, ensuring distinct treatment for CGST, SGST, and IGST demands.
ITAT held that where interest-free funds exceed advances, a presumption arises that such advances are made from own funds. Disallowance under section 36(1)(iii) was deleted as no nexus with borrowed funds was proven.
The Tribunal ruled that section 44ADA applies only to specified professions and cannot be invoked for business income covered under section 44AD. Arbitrary substitution of a higher rate by the AO was held unsustainable.
Businesses often face loan rejections due to poor credit profiles despite strong operations. The article explains how credit repair enhances creditworthiness, enabling better funding access and improved financial outcomes.
An acquittal based on the benefit of doubt did not confer upon a candidate an automatic right to appointment in public service. Mere involvement of a person in an alleged offence or in the act of moral turpitude may become sufficient enough to apply it as debilitating factor for such candidate to be offered employment.
The proposal to remove statutory audits for small companies risks eliminating independent financial scrutiny, potentially weakening transparency and accountability across the corporate ecosystem.
SC held that the Air Force insurance society qualifies as “State” under Article 12 because its administration, control, and functioning are closely linked with government authorities.
High Court held that consideration received for assignment of self-generated trademarks prior to 2002 amendment could not be taxed as capital gains because no cost of acquisition could be determined.
