Cash Deposits from Business Income during Demonetization cannot be treated as Unexplained Entirely: ITAT upholds 20% of Additions due to Unknown Source

The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) held that the cash deposits made during demonetization out of business income cannot be treated as unexplained cash deposits…

Continue ReadingCash Deposits from Business Income during Demonetization cannot be treated as Unexplained Entirely: ITAT upholds 20% of Additions due to Unknown Source

Unexplained Cash Deposits during Demonetization: ITAT Limits Addition to ₹10 Lakhs Considering Possible Cash Sales [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) limits the addition of unexplained cash deposits during demonetization to ₹10 lakhs, considering the possibility of cash sales. Gaurangi…

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NRI’s Investment in Mutual Funds Held as Legitimate, ITAT Dismisses Revenue’s Appeal [Read Order]

Top Stories NRI’s Investment in Mutual Funds Held as Legitimate, ITAT Dismisses Revenue’s Appeal [Read Order] The Tribunal’s order is expected to provide clarity on procedural issues related to documentary…

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Non-compliance due to notice issue only via email: ITAT Remands Cash deposits during Demonetization Matter [Read Order]

The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the matter concerning cash deposits made by the assessee during demonetization for fresh assessment considering the notice was…

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Finance Ministry Launches ICEGATE e-Payment Platform for Electronic Collection of Voluntary/Self-Initiated Payments [Read Circular]

Top Stories Finance Ministry Launches ICEGATE e-Payment Platform for Electronic Collection of Voluntary/Self-Initiated Payments [Read Circular] Finance Ministry launches ICEGATE e-Payment Platform to enable paperless voluntary payments for customs-related transactions…

Continue ReadingFinance Ministry Launches ICEGATE e-Payment Platform for Electronic Collection of Voluntary/Self-Initiated Payments [Read Circular]

GST Invoices under Rs. 1L exempted from E-way Bill Generation: Madras HC directs to Produce Invoices [Read Order]

The Madurai bench of Madras High court has ruled that the Goods and Services Tax ( GST ) invoices under Rs. 1 lakh are exempted from E-way bill generation. The…

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Legislative Drafting Error in GST Act: Impact of ‘or’ Instead of ‘and’ in Section 17(5)(d) and the SC’s Decision in Safari Retreats

Top Stories Legislative Drafting Error in GST Act: Impact of ‘or’ Instead of ‘and’ in Section 17(5)(d) and the SC’s Decision in Safari Retreats This issue gained prominence in the…

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Taxable Suppliers Discrepancy in GSTR-3B and Form 26AS u/s 203AA of Income Tax: Madras HC order hearing on 25% Pre-deposit [Read Order]

Top Stories Taxable Suppliers Discrepancy in GSTR-3B and Form 26AS u/s 203AA of Income Tax: Madras HC order hearing on 25% Pre-deposit [Read Order] On compliance with the pre-deposit, the…

Continue ReadingTaxable Suppliers Discrepancy in GSTR-3B and Form 26AS u/s 203AA of Income Tax: Madras HC order hearing on 25% Pre-deposit [Read Order]