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Merely because assessee did not explain purpose of cash withdrawal from bank, it can not be taxed u/s 69C as unexplained expenditure In a recent judgment, ITAT has deleted addition u/s 69C holding that an amount withdrawn from the bank account of the assessee, the source of which …
In GST Notice u/s 74, allegations should emanate from itself, a bland statement of ‘fraud or concealment of facts” not sufficient – SC In a recent judgment, Hon’ble Supreme Court has held in a SCN u/s 74 of GST Act 2017, allegations should emanate from the notice itself. …
For claiming deduction u/s 57(iii) a reasonable and intelligible nexus should be established between the expenditure incurred and the income sought to be earned. In a recent judgment, ITAT has held that for claiming deduction u/s 57(iii) a reasonable and intelligible nexus should be established between the expenditure …
Where medical certificate not held to be forged and fictitious, rejecting appeal on ground of delay unjustified In a recent judgment, Hon’ble High Court has held that when the medical certificate was not held to be forged and fictitious, Appellate Court was unjustified in rejecting the condonation of …
FTP 2023 amended to allow One Star Export House status to applicants (other than for Gems & Jewelry Sector) based on export performance in any two out of the three preceding financial years The Foreign Trade Policy, 2023 provides for grant of Status Holder Certificate in order to …
Agricultural land is outside the definition of capital asset, therefore, the deeming provision u/s 56(2)(x) cannot be invoked – ITAT In a recent judgment, ITAT has held that where the assessee has purchased agricultural land the same is outside the definition of capital asset, therefore, the deeming provision …
NSDL latest e-TDS TCS RPU version 1.2 for Tax Year 2026-27 NSDL has revised the e-TDS TCS RPU utility for preparing of TDS/TCS returns for Tax Year 2026-27 TDS/TCS RPU version 1.2 for Tax Year 2026-27 RPU latest version 1.2 applicable for filing e-TDS/TCS returns for Tax Year …
Assessee entitled to claim deprecation u/s 11(6) if corresponding capital expenditure was not claimed as application of income – ITAT In a recent judgment ITAT has held that assessee society was entitled to claim deprecation u/s 11(6) towards application of income in view of the fact that corresponding …
Chartered Accountants issuing certificates in Form 15CB/Form146 are expected to exercise due care, diligence and professional judgment – CBDT CBDT has cautioned CAs on exercising due care, diligence and professional judgment while issuing certificates in Form 15CB/Form146 regarding foreign remittances. In its press release, CBDT has stated that …
Section 292C of the Income Tax Act 1961 indeed carries presumption of correctness of such seized documents contents but only against the searched than any third party In a recent judgment, ITAT has held that section 292C of the Income Tax Act 1961 indeed carries presumption of correctness …
