The ITAT ruled that the Assessing Officer wrongly adopted the stamp duty valuation despite contrary valuation material on record. The Tribunal directed fresh capital gain computation using the lower departmental valuation.
The ITAT held that stamp duty valuation could not be blindly adopted where the property was affected by BBMP demolition proceedings for unauthorized construction. The Tribunal accepted the actual purchase price as fair market value and deleted the addition.
The Tribunal ruled that a flat 15% profit estimation was excessive where all contract receipts were received through banking channels with TDS deductions. It directed recomputation of income at 7% of turnover.
The ITAT held that reassessment following a search was valid because statements recorded during search constituted fresh tangible material. The ruling distinguished reassessment from a mere “change of opinion.”
Negative net worth creates major interpretational challenges under Regulation 16 of SEBI LODR Regulations. This article explains the legal and mathematical issues involved in determining material subsidiaries.
The Companies Law Amendment Bill, 2026 proposes major reforms in corporate governance, compliance, and digital regulation. This article explains how the Bill aims to modernize India’s company law framework.
Differences between audited balance sheets and stock statements can significantly impact drawing power calculations. This article explains the major reconciliation issues every stock auditor must examine.
Small businesses and home-based sellers often wonder whether GST registration is compulsory for online sales. This guide explains the latest GST rules for websites, Instagram, WhatsApp, and e-commerce marketplaces.
MSMEs in Jammu and Kashmir continue to face auctions and asset seizures despite mandatory RBI restructuring safeguards. The article examines how recovery-driven banking practices are pushing small businesses toward collapse.
Filing Income Tax Return is not always linked to tax liability. This guide explains the transaction-based conditions under Section 139(1) that make ITR filing compulsory even for low-income taxpayers.
