AO without bringing any material or reasons before making any addition, simply added back the opening balances of the trade payables without making any verification from the parties and he had failed to discharge the preliminary onus and had made the addition in summary manners, therefore, CIT(A) had committed no error in deleting the addition made u/s 41.
Delhi High Court held that as discrepancies in sales figures as well as physical stock not explained, the assessing authority took a fair view in enhancing sales by 10% of net GTO after deducting the stock transfer figure of GTO. Accordingly, levy of tax with interest confirmed.
Madras High Court held that the arriving at taxable turnover arbitrarily without giving particulars of the value of the goods and value of the services untenable under Tamil Nadu Value Added Tax Act (TNVAT Act).
Jharkhand High Court held that interest under Section 234B of the Income Tax Act has to be charged on the assessed income and not on the returned income of an Assessee.
Explore the Calcutta High Court’s judgment on a GST liability case involving government contracts. Understand the impact and implications of the ruling.
In a recent case, ITAT Bangalore deleted a Section 69B addition concerning gold jewelry, as holdings were in line with declarations and purchases.
A recent ITAT Mumbai ruling in Mehboob Amirali Kamdar vs. ITO demonstrates that the absence of actual money receipt and an accounting mistake can prevent a Section 68 addition.
ITAT Pune case: Delayed possession and unresolved disputes led to non-applicability of Section 2(47), sparing the taxpayer from capital gains tax. Learn more.
ITAT Hyderabad directed CIT (A) NFAC to grant the assessee one last opportunity to substantiate its case with a cost of Rs. 3,000 imposed for ignoring notices.
ITAT Delhi’s ruling in Amtech Engineers vs. ITO clarifies that TDS is not applicable under section 194C for casual labor expenses in road construction and crane hiring.
