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Addition at 8% of Gross Profit without hearing: ITAT directs readjudication

January 25, 2025 579 Views 0 comment Print

ITAT Ahmedabad remands Vinodchandra Dahyabhai Darji’s tax case for fresh adjudication after finding denial of a hearing in a faceless appeal process.

Credit Card Misuse: No Section 271(1)(b) Penalty if reasonable explanation given

January 25, 2025 4191 Views 0 comment Print

ITAT Ahmedabad ruled in favor of the assessee, deleting penalties under Section 271(1)(b) for A.Ys. 2012-13 & 2013-14, citing lack of non-compliance evidence.

ITAT Quashes Section 271(1)(c) Penalty for Non-Strike of Limb in Notice & Admission of Substantial Question of Law

January 24, 2025 1497 Views 0 comment Print

ITAT Mumbai quashes penalties under Section 271(1)(c) for three assessees due to defective notices and debatable issues in light of Bombay High Court precedents.

Revenue Cannot compel Assessee to Spread Fees for NCDs; Section 14A disallowance Limited to Exempt Income

January 24, 2025 1053 Views 0 comment Print

Revenue cannot compel Assessee to spread upfront fees and brokerage fees for issuing non-convertible debentures over two years for which non-convertible debentures were issued

Coordinated Investigation: Bombay HC Upholds Transfer of Group Cases from Mumbai to Delhi

January 24, 2025 1020 Views 0 comment Print

Bombay High Court dismisses petition challenging case transfer of Laxminath Investment to Delhi under Section 127(2), citing valid reasons and procedural compliance.

Calcutta HC set aside cancellation order, allows petitioners to file outstanding GST returns & pay dues

January 24, 2025 519 Views 0 comment Print

Calcutta High Court quashes GST registration cancellation, allowing restoration upon compliance. Review key judgments and implications in the C.P. George case.

Section 54F Exemption Allowed Despite Wife’s Name on Property Title; ITAT Deletes Addition of ₹168.55 crore unexplained cash credit

January 24, 2025 8406 Views 0 comment Print

ITAT Mumbai upholds CIT(A)’s decision favoring Jay Bharat Mehta, rejecting unexplained cash credit addition and affirming Section 54F deduction eligibility.

Business continuity crucial for tax recovery: HC quashed GST Registration cancellation order

January 24, 2025 537 Views 0 comment Print

Calcutta High Court overturns GST cancellation for non-filing, allowing restoration upon compliance. Key directives and implications in Bengal Co-operative case.

Furnishing Reasons at Fag End & Hasty Reassessment Proceedings Unconstitutional: Bombay HC

January 24, 2025 1578 Views 0 comment Print

Bombay High Court invalidates reopening notice and assessment order against Jayant Avinash Dave, citing procedural lapses and unreasonable decision-making.

Reassessment on issues not considered in Original Assessment is valid: Bombay HC

January 23, 2025 1368 Views 0 comment Print

Bombay High Court upholds reassessment in a tax case, citing new evidence of undisclosed income and unverified transactions, allowing further challenges in appeal.

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