The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers “any land or building or both.” The Tribunal ruled that purchases below stamp duty valuation may attract tax on the differential amount.
Mumbai ITAT held that granting only seven days for compliance before dismissing an appeal violates principles of natural justice. The Tribunal restored the Section 69C addition matter for fresh adjudication after finding inadequate hearing opportunity.
Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisions. The article examines how MSMEs are gradually shifting toward automated compliance systems.
Correct configuration of GSTINs, ledgers, HSN codes, and vouchers in Tally allows businesses to generate portal-ready returns directly from accounting data. The article explains how this reduces repetitive Excel-based compliance work.
Mumbai ITAT held that the 10% tolerance band introduced under Section 56(2)(x)(b)(B) is curative and retrospective in nature. The Tribunal deleted addition arising from stamp duty valuation difference as the variation was only 7.44%.
The article breaks down penalty provisions under Section 74A for fraud and non-fraud GST cases. It explains how penalties change depending on whether payment is made before intimation, after SCN, or after the demand order.
The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The court emphasized that transfer pricing rules focus on pricing, not profitability.
Mumbai ITAT held that Section 69A cannot be invoked where loan transactions are fully routed through banking channels and recorded in regular books of account. The Tribunal deleted the addition despite Revenue alleging the transactions were accommodation entries based on third-party search material.
Stock audits are fundamentally different from statutory audits and must be treated as special purpose assignments. The article explains how this classification impacts scope, reporting, ethics, and auditor liability.
SEBI is increasingly focusing on AI-powered investment advisory and research platforms in India. The article explains why fintech firms and registered advisers remain legally responsible for AI-generated financial recommendations.
