The Mumbai ITAT held that Section 263 revision was valid where the Assessing Officer failed to conduct necessary enquiries into suspected bogus purchases. The ruling emphasizes that inadequate verification can render an assessment order erroneous and prejudicial to Revenue.
The Tribunal held that income could not be assessed in the hands of a firm that had ceased to exist years earlier. Since the deposits belonged to the successor proprietorship concern, the addition was deleted.
ITAT Ahmedabad held that opening balances and share application money converted into loans from earlier years fall outside the scope of Section 68 for the relevant assessment year. The Tribunal deleted the entire addition after finding factual and legal infirmities in the assessment.
This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section 115BBE. It highlights the conditions for invoking these provisions and the consequences of failing to satisfactorily explain the nature and source of funds.
The Madras High Court remanded an ex parte assessment arising from a GSTR-3B and GSTR-2A mismatch after finding that the assessee should be allowed to present its case. Relief was granted subject to deposit of 25% of the disputed tax amount.
The Delhi ITAT held that reassessment under Section 147 was invalid where the disputed amounts represented sale proceeds already disclosed and offered to tax. The Tribunal ruled that no income had escaped assessment in such circumstances.
ITAT Pune held that Foreign Tax Credit cannot be denied merely because Form 67 was filed after the prescribed due date. The Tribunal ruled that filing Form 67 is a procedural requirement and cannot override the substantive right to FTC under the DTAA.
ROC held that starting business operations before filing the mandatory declaration under Section 10A violated the Companies Act. The company and its directors were penalized for the 179-day delay in compliance.
The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax despite claiming deductions and exemptions. It explains the applicability, computation methods, credit mechanisms, exceptions, and compliance requirements governing these alternative tax provisions under the Income-tax Act.
The document outlines the categories of income exempt from taxation under Section 10 of the Income-tax Act and the conditions attached to such exemptions. It highlights that tax-free treatment extends to specified personal receipts, retirement benefits, allowances, investment incomes, and eligible institutions only when statutory requirements are satisfied.
