The Madhya Pradesh High Court denies anticipatory bail to Mohit Jain, the proprietor implicated in a large-scale GST fraud scandal involving the formation of 25 bogus firms. The court notes the severity of the economic offense and its grave implications on the national economy.
CESTAT Hyderabad in case of Regency Ceramics Ltd Vs Commissioner of Central Tax Puducherry examines applicability of Rule 21 of Central Excise Rules, 2002, and benefit of remission for goods lost due to fire or arson.
ITAT Visakhapatnam in case of Vishnu Srinivasa Rao Kakarla Vs ITO clarifies that AO cannot travel beyond his jurisdiction to verify cash withdrawals when limited scrutiny was for verifying cash deposits.
The recent ITAT Delhi ruling in the Shantiniketan Properties Pvt. Ltd. vs. ACIT case allows high-interest payments under commercial expedience, refuting disallowance under Section 40A(2) of the Income Tax Act.
The Ahmedabad ITAT overturned a decision by the CIT(A), ruling in favour of Ketan M. Chalishazar HUF on an error made by his broker during a share transaction. The tribunal highlights the importance of accurate code modifications.
In the case of Rammohan Kordale vs ACIT, ITAT Bangalore held that money transferred between assessee’s joint bank accounts cannot be classified as unexplained money under Section 69A of Income Tax Act.
The ITAT Guwahati upholds the disallowance concerning the delay in depositing the Employees’ Contribution Fund in the case of Poddar Car World Pvt Ltd vs ACIT.
Draft SQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements deals with a firm’s responsibilities to design, implement and operate a system of quality management for audits or reviews of financial statements, or other assurance or related services engagements.
Read the analysis of the case between K. S. Anbuselvan and ITO at ITAT Chennai. The court allows the appeals for re-adjudication of capital gains and deductions related to the sale of a property, following a reference to the District Valuation Officer (DVO) for valuation
Explore the recent case ruling by ITAT Chennai where the verdict was overturned due to a pending delay condonation application, highlighting the importance of due process in tax disputes.
