Income Tax : Practical guide to tax audit under Section 44AB for trader assessees, covering groundwork, data analysis, compliance checks, and f...
Income Tax : Summary of the judgement About the assessee The assessee is a limited liability company engaged in the business of manufacture and...
Income Tax : Deduction of TDS and Taxability of the same; An Analysis of section 198 and 145 of Income tax 1961. As per basic understanding, th...
Income Tax : Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any ta...
Income Tax : ♦ Section 145A of Income Tax Act, 1961 ‘145A. Method of accounting in certain cases.—Notwithstanding anything to the contra...
Income Tax : ITAT Kolkata held that extensive documentary evidence, audited books, supplier confirmations and banking records established the g...
Income Tax : Bangalore ITAT held that mine development expenditure incurred by a mining contractor was allowable as a revenue deduction under S...
Income Tax : The ITAT Raipur held that estimated gross profit addition on unrecorded sales cannot be sustained when the Assessing Officer has n...
Income Tax : Additions made by attributing the commission income earned by PSPL as undisclosed income of the Assessees were held unsustainable ...
Income Tax : The Tribunal emphasized that detailed quantitative reconciliation and accepted export realizations carried substantial evidentiary...
During the impugned year, noting the fact that the assessee had deposited cash during demonetization period from 8th November 2016 to 30th December 2016 of Rs.4,12,67,000/-, the case of the assessee was selected for scrutiny under Computer Assisted Scrutiny Selection (CASS).
ITAT Jaipur held that provisions of 68 as such are not applicable on the sale transactions recorded in the books of accounts because the sale transaction are already part of the income which is already credited in statement of profit & loss account.
ITAT Mumbai quashes penalty under Section 271(1)(c) for Vijay Jewellers, citing estimated additions for bogus purchases. No concealment or inaccurate details found.
Assessee-partnership firm had filed its income tax return declaring income. The case was selected for limited scrutiny, focusing on the issues such as investment in immovable property and share capital/other capital.
Read the detailed judgment of Meghalaya High Court in PCIT vs North Eastern Electric Power Corporation Limited. Analysis of income tax appeal and its implications.
Explore the detailed analysis of P. A. Jose Vs Union of India judgment by Kerala High Court regarding the valuation methodology for opening and closing stock. Understand the implications and legal aspects.
Gold Plus Toughened Glass Ltd. appeals ITAT Mumbai’s decision confirming addition of unutilized CENVAT credit to closing stock value as per IT Act.
Delhi High Court decrees no income addition without rejecting books of accounts in PCIT Vs Forum Sales Pvt. Ltd., upholding ITAT’s decision.
ITAT Bangalore held that unless the debt has been written off in the books of accounts of both the assessees, it cannot be said that that cease to exist.
CESTAT Delhi held that illegal actions of the importer firms subsequent to the clearance of the cargo from the Customs Station do not attract the violation on the part of the Customs Broker. Accordingly, order upholding revocation of customs broker license set aside.
