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Interest received u/s 28 of Land Acquisition Act on enhanced compensation exempt from tax – ITAT In a recent judgment, ITAT has held that AO was correct in holding that interest received u/s 28 of Land Acquisition Act on enhanced compensation exempt from tax following decision of the …
Seizure of goods for want of e-way bill when due to break down, goods loaded on another vehicle. Burden of proof falls squarely on tax authorities to demonstrate genuine intent to evade tax before penalizing- High Court quashes penalty imposed ABCAUS Case Law Citation:ABCAUS 3849 (2024) (01) HC …
Turnover in respect of speculation business is only net difference of independent transactions In a recent judgment, ITAT has held that turnover in respect of derivative trading is to be reckoned as only which may be positive or negative difference for independent transactions. ABCAUS Case Law Citation:ABCAUS 3847 …
Return filed without balance sheet & profit and loss account may be defective but not invalid – Supreme Court quashes assessment made on the basis of balance sheet submitted to bank. ABCAUS Case Law Citation:ABCAUS 3846 (2024) (01) SC Important Case Laws relied upon by parties:M/s Phool Chand …
CBDT issues circular explaining the provisions of the finance act, 2023 CBDT has issued Circular No. 1/2024 dated 23rd January 2024 giving explanatory Notes to the Provisions of the Finance Act, 2023. The Finance Act, 2023 was passed by the Parliament, received the assent of the President on …
Advisory for furnishing bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Rules, 2017 Mandatory Bank Account Details Submission as per law: All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules framed thereunder to …
No penalty u/s 271G if no adjustment made in Arm’s Length Price – ITAT In a recent judgment, the ITAT has upheld that no penalty under section 271G can be levied if no adjustment made in Arm’s Length Price ABCAUS Case Law Citation:ABCAUS 3845 (2024) (01) ITAT Important …
CIC has no power to direct disclosure of PM CARES Fund information covered under Income Tax Act as ITD treats it a third party not authority. In a recent judgment, the High Court has held that PM CARES Fund is a third party not an authority in the …
Once a method of recognizing revenue accepted by revenue in earlier and later years, same cannot be disturbed for the intervening year- ITAT In a recent judgment, ITAT has quashed a revisionary order holding that Once a method of recognizing revenue accepted by revenue in earlier and later …
Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT In a recent judgment, Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT following law laid by Hon’ble Apex Court ABCAUS Case Law Citation:ABCAUS 3842 …
