SC rules Sub-Registrars cannot verify vendor’s title during registration; Rule 55A(i) of Tamil Nadu Registration Rules declared inconsistent with Registration Act.
ITAT Bangalore deletes additions under Section 69 citing presumptive taxation under Section 44AD and lack of supporting evidence by the AO.
8% deemed profit rate as specified u/s 44AD is not a fixed standard & may vary depending on nature of business – Reduces profit margin on milk sales from 8% to 3%
Home of Love Vs ITO (ITAT Cochin) Assessee is a charitable institution who filed its return of income which was processed u/s 143 granting exemption u/s 11. Thereafter, CPC issued a notice u/s 154 denying the said exemption by stating that Form 10B was not filed within prescribed time, without giving assessee an opportunity of […]
ITAT Cochin rules that cash deposits made during demonetization from prior withdrawals cannot be added as unexplained money in the absence of contrary evidence.
Gujarat High Court quashes Punjab National Bank’s tax assessment, citing non-application of mind and imposes an exemplary cost of ₹1 Crore on the tax authorities.
ITAT Mumbai rules on gift tax for step-siblings. Case examines relative definition under Section 56. Legal analysis of tax implications.
ITAT Pune ruled that Section 68 applies only to amounts credited in the relevant year. Addition of ₹10L as unexplained cash credit for AY 2016-17 was deleted.
Asha Viren Raj Vs ITO (ITAT Mumbai) The Asha Viren Raj Vs ITO (ITAT Mumbai) case revolves around the contentious issue of reassessment under Section 147 of the Income Tax Act, 1961, and the taxation of commodity transaction income. The original assessment for Assessment Year (AY) 2012-13 was completed under Section 143(3). However, the Income […]
ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting property valuation disputes.
