Day: August 29, 2025

Supreme Court punished Income Tax Officials with fine for launching prosecution u/s 276C without any order of the ITAT imposing penalty exceeding Rs. 50,000/- In a recent judgment, Hon’ble Supreme Court punished Income Tax Officials with fine for launching prosecution u/s 276C against the assessee for alleged wilful …

Assessment proceeding was vitiated by not taking cognisance of a valid revised return by which original return stood obliterated. In a recent judgment, Hon’ble Tripura High Court has held that once the assessee has a right to file a revised return, and such a revised return was filed …

SLP dismissed against 100 percent addition made by the High Court on account of bogus purchase In a recent judgment Hon’ble Supreme Court dismissed SLP filed by the assessee against 100 percent addition made by the High Court on account of bogus purchase against three percent addition made …

Application of percentage completion method of accounting of real estate business was incorrect as the project was not in the nature of construction contract In a recent judgment, ITAT Ahmedabad held that following the ICAI guidance note, application of the percentage completion method of accounting for revenue recognition …