ITAT Bangalore remanded a Section 69A addition after holding that an APMC commission agent’s entire sale proceeds could not be treated as income.
ITAT Bangalore deleted additions after holding that the return filed under the correct PAN could not be ignored due to the existence of a duplicate PAN.
ITAT Bangalore deleted the Section 69A addition after holding that member details established the source of cash deposits made during demonetisation.
Having regard to the gravity of the allegations, the ongoing investigation, the requirement of further probe into digital and financial evidence, and the possibility of influencing witnesses or obstructing the investigation, the applicant had failed to make out a case for the exercise of the Court’s discretionary jurisdiction to grant anticipatory bail. Hence, the anticipatory bail application was dismissed.
Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. Such income could not be reduced by attributing expenditure before the concessional rate of tax was applied.
The Income-tax Act does not prescribe a single definition of “relative” for all purposes. Different provisions such as Sections 13, 56(2)(x), 64, 80E, and 288 adopt different meanings depending on the legislative objective.
The article explains how income tax funds healthcare, education, infrastructure, defence, and welfare schemes that benefit society. It emphasizes that paying taxes is both a legal duty and a contribution to nation-building.
Nine years after its launch, GST has unified India’s indirect tax system, digitised compliance, and expanded the tax base. The article also examines the reforms still needed to make GST more efficient.
A supplier cannot issue a GST credit note merely because the buyer has not paid the invoice. The proper remedy is to document the default and rely on ITC reversal provisions under the CGST Act.
This guide explains the penalty and prosecution framework under the Income-tax Act for AY 2026-27. It highlights the consequences of tax defaults ranging from monetary penalties to imprisonment for serious violations.
