HC quashed an appellate order rejecting a GST appeal as time-barred, holding appeal was filed within limitation because order was communicated late due to a portal glitch.
The tribunal ruled that Section 54 benefits apply to property purchased abroad before AY 2015-16, reversing the prior disallowance. Cash deposits in bank accounts without business entries cannot be treated as unexplained credit.
Explains the revised rule limiting Table 8C to FCM invoices and blocked credits, clarifying how incorrect reporting may lead to negative Table 8D and potential disputes.
ITAT Delhi held that an addition under Section 69C is invalid if it is not based on the allegations in the show-cause notice. The AO cannot exceed the notice, and procedural fairness is mandatory.
ITAT Delhi ruled that sales already recorded in books and accepted under GST cannot be treated as unexplained income under Section 68 without independent verification. No addition can be made solely on untested statements.
Tribunal upholds disallowance of ₹76 lakh paid for regularizing building deviations, ruling such compounding fees are penalties under Section 37(1) and not deductible.
Summary of income-tax rules on cash limits, including disallowance of cash expenditure, restrictions on loans, deposits, receipts, repayment rules, electronic payment requirements, and penalties for non-compliance under Sections 40A(3), 269SS, 269ST, 269SU and 269T.
Overview of income taxed under other sources, including dividends, winnings, interest, deemed income, forfeited advances, family pension, and limits on allowable deductions under the Income-tax Act.
Overview of how ESOPs are taxed at exercise as perquisites and at sale as capital gains, including valuation rules, holding period, and the deferred TDS mechanism available to employees of eligible start-ups under the Income-tax Act.
Overview of updated returns: 48-month filing window, eligibility, exclusions, DSC/EVC filing, required schedules, computation of tax, interest and additional tax slabs (25%–70%), and obligations for subsequent-year corrections.
