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Judiciary

LTCG from Penny Stock: ITAT upholds addition as Income from other Source

June 4, 2024 498 Views 0 comment Print

ITAT Chennai upholds addition on LTCG arising from purchase and sale of shares due to failure to produce documents. Read the full analysis of the case.

ITAT Deletes Section 69C Addition for Capital Introduced by Partner

June 4, 2024 489 Views 0 comment Print

Detailed analysis of ITAT’s decision to delete the Section 69C addition for capital introduced by a partner in the Shivam Developers vs DCIT case at Ahmedabad.

Classification & Exemption notification applicability on Telematics Control Unit

June 4, 2024 297 Views 0 comment Print

In re Denso Haryana Private Limited: CAAR Delhis decision on the classification and duty of imported Telematics Control Units under Customs Tariff.

Erroneous Classification Not Misdeclaration: CESTAT Deletes Section 114AA Penalty

June 4, 2024 267 Views 0 comment Print

Analysis of Raj Metals & Alloys Vs. Commissioner of Customs case by CESTAT Delhi. Detailed examination of erroneous classification and penalties under Customs Act.

Small Quantity Differences not Justify Mis-Declaration Allegations: CESTAT

June 4, 2024 162 Views 0 comment Print

Detailed analysis of the CESTAT Chennai order regarding mis-declaration of goods, penalty under Customs Act 1962, and setting aside of penalties and fines.

Section 41(1) addition for difference in sundry creditors without reasoning: ITAT remands issue back to AO

June 4, 2024 264 Views 0 comment Print

ITAT Hyderabad remands Jonna Iron Mart Vs ACIT case regarding Section 41(1) addition due to lack of discussion on Sundry Creditors difference by Income Tax Authorities.

ITAT allows deduction of CENVAT Credit written off

June 4, 2024 234 Views 0 comment Print

Delhi ITAT ruling favors G-Tekt India Pvt. Ltd., allowing deduction for CENVAT Credit written off. Detailed analysis of the case and implications.

Section 249(4) not apply if no advance tax liability in reassessment

June 4, 2024 240 Views 0 comment Print

Explore the ITAT Mumbai’s ruling on Section 249(4)(b) in Income Tax Reassessment Proceedings. Detailed analysis of Nine Globe Industries Pvt. Ltd Vs ACIT case.

Section 80P(2)(d) deduction eligible to co-op society on interest from investments with co-op banks

June 4, 2024 1251 Views 0 comment Print

Chandigarh ITAT rules that mere difference of opinion with AO is insufficient for exercising revisionary power under Section 263, confirming Sec 80P deduction.

No Disallowance on Debatable Environmental Compensation in section 143(1) proceeding

June 4, 2024 159 Views 0 comment Print

Learn about the Kolkata ITAT ruling on compensatory vs. penal nature of environmental compensation payments in Majhaulia Sugar Industries Pvt. Ltd. vs. ITO case.

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