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Penalty Imposed Solely on Estimated Profit Addition is not justified

September 19, 2023 657 Views 0 comment Print

ITAT Mumbai’s ruling on penalty for concealed income based on estimated additions. Analysis of case, legal arguments, and conclusion.

Undisclosed Income Taxed in Flagship Company Not Taxable in Assessee Companies

September 19, 2023 870 Views 0 comment Print

Discover the Delhi High Court’s ruling in the case of PCIT vs. Surya Agrotech Infrastructure Limited regarding undisclosed income taxation and double taxation.

CESTAT Orders Refund of Security Deposit Due to Commissioner’s Penalty & Confiscation Reversal

September 19, 2023 435 Views 0 comment Print

In the case of Ishwar Chand Gupta vs. Commissioner of Customs (CESTAT Kolkata), learn how CESTAT directed the refund of a security deposit after confiscating a truck transporting Red Sander Wood.

ITC reversal rules for destroyed raw materials and finished goods

September 17, 2023 30510 Views 1 comment Print

Read GST AAR Telangana’s ruling on input tax credit (ITC) reversal rules for destroyed raw materials and finished goods. Understand ITC eligibility in such cases.

GST HSN Code Ruling for Electric Vehicles & Spare Parts

September 17, 2023 12705 Views 0 comment Print

Read GST AAR Telangana’s ruling on HSN codes for electric vehicles and electrical & mechanical spare parts. Clear classification guidelines provided.

SC issues notice on discontinuation of video conferencing in High Court & Tribunals

September 17, 2023 1809 Views 0 comment Print

Supreme Court of India issues notices on the discontinuation of video conferencing in High Courts and various Tribunals, seeking information on hybrid hearings. Next hearing on 6th October, 2023.

CESTAT quashes penalty on CISF due to lack of clarity on service tax liability

September 16, 2023 582 Views 0 comment Print

CESTAT Ahmedabad quashes penalty on Central Industrial Security Force (CISF) due to lack of clarity on service tax liability. Learn more in this article.

CCI Closes Case Against DEN Networks Ltd. – Cable TV Market

September 15, 2023 1047 Views 0 comment Print

CCI closes case filed by Sobhagaya Media Pvt. Ltd. against DEN Networks Ltd., citing a lack of evidence for excessive carriage fees in cable TV market.

Taxing Agricultural Income Under Section 153C: Role of Incriminating Material

September 14, 2023 438 Views 0 comment Print

Exploring the key takeaways from the ITAT Chennai ruling in Duraisamy Parameswaran Vs ACIT, focusing on how agricultural income is treated under Section 68 of the Income Tax Act.

ITAT Quashes Reassessment on grounds of being based on vague & non-descript reasons

September 14, 2023 681 Views 0 comment Print

An in-depth analysis of ITAT Delhi’s verdict in the case of Captive Commerce Pvt. Ltd. Vs ACIT. The tribunal quashes the reassessment order under Section 148 of Income Tax Act for vague reasons.

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