ITAT Delhi held that addition towards unsecured loan under section 68 of the Income Tax Act sustained as assessee failed to discharge the primary onus and burden of proof of providing genuineness, creditworthiness and identity of creditors to the satisfaction of the A.O.
ITAT Mumbai held that addition u/s 68 of the Income Tax Act towards share application money unsustainable since they are not based on any incriminating material found during the course of search.
In a recent Supreme Court ruling, IBC has been found to give higher priority to dues owed to secured creditors than to electricity dues. This analysis examines the court’s interpretation of IBC and its implications for creditors and power sector.
Key takeaways from the Pawanveer Singh vs ITO case: ITAT Delhi calls for fresh adjudication concerning the income tax on a settlement sum received from a mother-in-law.
Andhra Pradesh High Court held that suspension of Customs Broker Licence is against the principles of natural justice as Managing Director being in the judicial custody couldn’t have any opportunity to submit his explanation.
CESTAT Ahmedabad held that there is no requirement of the actual use of inputs and quantities of imported goods for claiming DFIA i.e. Duty-Free Import Authorization benefit.
The ITAT Delhi nullifies the penalty imposed under Section 271(1)(c) of the Income Tax Act on Meena Singhal, as the notice issued did not specify the particular charge.
ITAT Delhi has quashed the revision order in the C. M. Buildcon Pvt. Ltd. vs PCIT case, emphasizing the legitimacy of transactions through proper banking channels. Get insights from the case analysis
ITAT Delhi held that addition towards unexplained credits under section 68 of the Income Tax Act unsustainable as genuineness, identity and creditworthiness of the creditors proved.
ITAT Mumbai held that the issue of allowance of sales promotion expenses (including freebies) in the hands of Appellant was debatable and it cannot be said that allowance of deduction of sales promotion expenses by AO resulting in a mistake apparent on record. Thus, in absence of mistake apparent on record, order passed u/s 154 liable to be quashed.
