Top Stories Loans from IPO Proceeds, Not Borrowed Funds: ITAT directs AO to recompute Interest Disallowance [Read Order] Considering the absence of a direct nexus between borrowed funds and loans…
Top Stories Insufficient Evidence to Prove Loan Creditworthiness: ITAT remands Unexplained Cash Deposits matter for Reconsideration [Read Order] Considering the lack of sufficient evidence to establish the creditworthiness of certain…
Top Stories AO Adds based on Mobile Phone Image Indicating Higher Sale Consideration: ITAT Deletes due to Absence of Corroborative Evidence [Read Order] Considering AO's reliance solely on a mobile…
In a recent decision, the Income Tax Appellate Tribunal ( ITAT ) has allowed the appeal of an assessee, directing the Assessing Officer ( AO ) to verify the documents…
The Supreme Court of India recently directed a Special Court to grant bail to a woman charged for non-bailable and cognizable offence, observing that the rigours of Section 45(1)(ii) of…
Top Stories Delhi HC: Section 129 of GST Act cannot Override Procedural Safeguards for Minor Breaches [Read Order] The Delhi High Court has ruled that Section 129 of the CGST…
Top Stories Bombay High Court sets aside GST Order due to Improper Service of Notice u/s 37C (1) of CGST Act [Read Order] The Bombay High Court held that the…
Top Stories Commission Paid to Non-Residents for Services Rendered Outside India Not Taxable Without PE: ITAT [Read Order] Considering the absence of a Permanent Establishment (PE) in India, the ITAT…
The Kolkata Bench of Income Tax Appellate Tribunal(ITAT)allowed the deduction of Rs. 4,81,477 as sales promotion expenses under section 37(1) of Income Tax Act,1961 after the assessee provided additional evidence,…
The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) granted an exemption under section 10(10B) for Voluntary Retirement Scheme (VRS) compensation citing that the Central-Government approved schemes that benefited Employees.…