The ITAT held that reimbursement of travel and conveyance expenses to foreign associated enterprises was not liable for disallowance under Section 40(a)(ia). It followed its earlier ruling in the assessee’s own case and dismissed the Revenue’s appeal.
The ITAT held that the entire value of purchases from an alleged accommodation entry provider cannot be added as income. It directed the Assessing Officer to tax only the profit element by applying a 5% higher net profit rate.
The ITAT upheld deletion of a ₹6.25 crore addition after finding that the loans were received and repaid through banking channels and supported by documentary evidence. It held that the assessee had established the identity, genuineness, and creditworthiness of the lenders.
The High Court set aside the assessment order, demand notice, and bank attachment after finding that the proceedings were completed without the petitioner’s participation. The matter was restored to the stage of the Section 148A(b) notice for a fresh response.
The Karnataka High Court held that interest under Section 50 of the CGST Act is mandatory and cannot be waived without statutory authority. It set aside the Single Judge’s directions permitting waiver of interest, penalty, and limitation.
The Calcutta High Court permitted the petitioner to be represented before the ED by an authorised representative after considering his age and medical condition. The Court directed that personal appearance could be required later with at least 15 days’ notice.
Learn the important FAQs for filing Income-tax Returns for AY 2026-27, including disclosures relating to foreign assets, capital gains, directors, and unlisted shares. The guidance clarifies mandatory reporting requirements to ensure accurate and compliant ITR filing.
This comprehensive FAQ guide explains the basics of income tax, including taxable income, previous year, assessment year, tax payment methods, and return filing obligations. It also covers practical compliance requirements and taxpayer responsibilities under the Income-tax Act.
NCLT Chandigarh held that failure to hand over possession of plots or refund the amounts received from allottees constituted default under the IBC. It admitted the developer into CIRP after finding financial debt and default.
The NCLT approved the merger after finding that the Scheme complied with Sections 230 to 232 of the Companies Act and satisfied all statutory requirements. It also accepted undertakings addressing observations of the regulatory authorities.
