Merely because of no response to notice u/s 133(6) in the manner the AO expected not a basis for making additions – ITAT In a recent judgment, ITAT Delhi held that merely because bank not responded to notice issued u/s 133(6) in the manner the AO expected cannot …

Interest paid on delayed payment of GST/VAT is compensatory and not penal in nature for allowability under section 37. In a recent judgment, ITAT Delhi has held that interest paid on delayed remittance of GST / VAT is compensatory and not penal in nature for the purpose of …

Once appeal of assessee is set aside by ITAT with certain directions, then the consequential proceedings are fresh proceedings – ITAT In a recent judgment, ITAT Delhi has held that once the appeal of the assessee is set aside by Tribunal with certain directions for reconsideration of the …

New facts surfaced during investigation and would not have become known but for investigation amounts to wilful suppression to evade tax – High Court In a recent judgment, Patna High Court has held that where facts surfaced during investigation were not earlier known to them and they would …

CBDT Circular fixing a time limit for making condonation application u/s 119(2)(b) of the Income Tax Act, 1961 (the Act) is illegal – Madras High Court In a recent judgment, Madras High Court condoned the delay in filing audit report Form 10-B observing that CBDT Circular fixing a …

Interest income to be excluded from gross receipts while computing percentage of Govt. finance for determining the exemption u/s 10(23C)(iiiab). In a recent judgment, ITAT Ranchi has held that interest income is not to be included in gross receipts of the society while computing 50% of Govt. financing …