Learn how the PCIT correctly invoked Section 263 of the Income Tax Act due to the AO’s misapplication of law in taxing Stamp Duty Valuation and Unexplained Investment. Explore detailed analysis of Section 56(2)(x), Section 69, and key judicial precedents.
In the matter abovementioned ITAT Banglore held that interest earned by the assessee from the co-operative banks/commercial bank is considered under the head income from other sources, relief to be granted to the assessee u/s 57 in accordance with law.
Assessee clarified that Form ST-3 was incorrect as some of the invoices inadvertently remained unaccounted for the said period and the correct amount of credit was carried forward in Form TRAN-1.
Ammanamanchi Teja Swaroop withdrew its GST advance ruling application. The request was accepted without discussing the merits of the case.
MVR Constructions withdrew its GST advance ruling application under CGST & TGST Acts. The application was disposed of without addressing merits.
GMK Constructions withdrew its GST advance ruling application as related issues are pending before the High Court and appellate authorities.
Tulasi Industries withdrew its GST advance ruling request on ITC refunds under the inverted duty structure. The application was disposed of without a decision.
ITAT Pune cancels penalty imposed on Balbir Kaur Birdie for non-compliance with tax notices, citing reasonable cause due to COVID-19 and technical issues.
Orissa High Court quashes order under Section 74 of CGST Act citing jurisdictional error. Show-cause notice lacked allegations of misstatement.
ITAT Ahmedabad upholds ₹4.64 crore addition under Section 69A due to unexplained bank transactions and lack of cooperation from the assessee in tax proceedings.
