1+ day, 12+ hour ago  (361+ words) In a recent ruling, the Income'Tax'Appellate'Tribunal (ITAT),'Nagpur'Bench, has held that only the profit margin embedded in unrecorded cash sales can be taxed under Section'69 A of the Income'Tax'Act,'1961, and dismissed the revenue's appeal. The case arose after a search…...

1+ day, 11+ hour ago  (378+ words) The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, remanded the issue relating to determination of taxable turnover after observing that the AO had proceeded primarily on the basis of receipts reflected in Form 26 AS without proper reconciliation with books of…...

1+ day, 10+ hour ago  (328+ words) The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, restored the matter to the CIT(A) after observing that the assessee had produced documents indicating that disputed immovable property transactions were subject matter of civil litigation. The assessee, Rameshbhai Rayjibhai Parmar, had…...

1+ day, 9+ hour ago  (311+ words) The Income Tax Appellate Tribunal (ITAT), Visakhapatnam SMC Bench, set aside the order passed by the CIT(A) after observing that the dispute had already been settled under the Direct Tax Vivad Se Vishwas Scheme, 2020 and that the assessee had mistakenly…...

1+ day, 9+ hour ago  (394+ words) The Income Tax Appellate Tribunal (ITAT), Patna Bench, deleted additions made towards alleged bogus purchases and bogus sales after finding that the assessee had established one-to-one correlation between corresponding purchases and sales and the Revenue had failed to establish that…...

1+ day, 12+ hour ago  (221+ words) The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, noted the distinction between "misreporting" and "under-reporting" of income and held that the penalty under Section 270 A cannot be sustained for under-reporting. The facts reveal that the assessee, Hiro Mulchand Tanwani, claimed…...

2+ day, 4+ hour ago  (150+ words) Taxscan In a recent ruling, the National Company Law Tribunal, Kolkata Bench, has held that the loan advanced to online gaming firm Omnibay'Private'Limited carried the "time value of money," thereby qualifying as a financial debt under Section'7 of the Insolvency…...

2+ day, 7+ hour ago  (577+ words) In a recent ruling, the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi held that company failed to pass on full GST input tax credit (ITC) benefit to eligible homebuyers in its real estate…...

2+ day, 10+ hour ago  (224+ words) The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, allowed an appeal as the jurisdiction applied was invalid against a non-existent/deceased person. The proceedings were initiated under Section 142 not Section 159 in which is the jurisdiction for legal representatives. The assessee,…...

2+ day, 11+ hour ago  (340+ words) The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, remanded addition made under Section 69 of the Income Tax Act after finding that the issue required verification of bank transactions and correlation of deposits and payments relating to PACS activities. The assessee,…...