The ITAT Bangalore ruled that a partner’s sworn statement alone is not enough to make tax additions. Corroborating evidence is required for unexplained cash and loans.
Supreme Court ruled that documents like a GPA and an unproven Will cannot transfer property title. The case reinforces principle that a registered sale deed is mandatory.
Even if a house property is vacant for the whole of the current year, but it is let out in earlier years, then benefit of vacancy allowance u/s 23(1)(c) must be allowed and no addition towards notional rent can be made by applying section 23(1)(a) of the Income Tax Act 1961. Vivek Jain v ACIT [337 ITR 74 (AP)] distinguished.
ITAT Pune rules penalty cannot be levied under Section 270A if assessee, unaware of consultant’s fraud, paid tax before Section 148 notice, demonstrating good faith.
ITAT Bangalore upholds the deletion of a Section 56 addition. The sale of jewellery inherited through a will constitutes a long-term capital gain, allowing the assessee to claim a Section 54F deduction.
Key summaries of recent regulatory changes in India across Income Tax, GST, Customs, and other bodies, including tax exemptions, GST rulings, and SEBI compliance extensions.
The Delhi High Court has set aside a CIC order to disclose PM Modi’s BA degree details, ruling the information is personal and not subject to public interest disclosure.
Learn how GST Rule 86B affects businesses with a monthly turnover over Rs.50 lakh. Understand the mandatory 1% cash payment and the risks of non-compliance.
Chhattisgarh High Court rules cash-in-hand from a preceding year’s balance sheet cannot be taxed as unexplained money under Section 69A in a subsequent year.
Understand the process of GST intimation in Form DRC-01A, issued for tax discrepancies. Learn about the parts of DRC-01A, applicable sections, and the response procedure.
