Taxation should be based on real income & not hypothetical income: ITAT Delhi

GSR Industries Vs DDIT (ITAT Delhi)

In a landmark ruling that has caught the attention of tax professionals and businesses alike, the Income Tax Appellate Tribunal (ITAT) in Delhi delivered its verdict on the case between GSR Industries and the Deputy Director of Income Tax (DDIT). This case, adjudicated on 26 December 2023, revolves around various complex issues pertaining to income tax assessment under the Income Tax Act, 1961, particularly focusing on sections 143(3), 144C(13), and 153(1), among others. This article provi

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