AO cannot use reverse computation of gross payment using TDS amount to determine the amount disallowable u/s 40(a)(ia) – ITAT In a recent judgment, ITAT Delhi has held that the AO cannot resort to reverse mechanism using TDS amount to determine the gross amount of payment to workout …

Once loans were repaid in subsequent assessment years with cogent evidences then the addition u/s 68 of the Income Tax Act cannot be made – ITAT Guwahati In a recent judgment, ITAT Guwahati has held that once the assessee has established that loans were repaid in the subsequent …

Viksit Bharat Guarantee for Rozgar & Ajeevika Mission (Gramin), In short VB-GRAM-G notified Government has notified Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin), In short VB-GRAM-G The VB-GRAM-G which replaces popular Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) 2005. It is notable that the said …

Once PCIT restores assessment to AO for denovo consideration, AO is obliged to independently apply mind without influenced by the remarks of PCIT – ITAT In a recent judgment, ITAT Jabalpur has observed that once PCIT restores matter back to the file of the AO for denovo consideration, …

When value of items traded differs it cannot be taken as basis for computing the stock position specially when quantitative details available – ITAT  In a recent judgment, ITAT Delhi deleted GP rate addition holding that the value of each item traded may differ and cannot be taken …

Revision of the area of jurisdiction of the Debts Recovery Appellate Tribunals (DRATs) Kolkata In exercise of the powers conferred by section 3 of the Recovery of Debts and Bankruptcy Act 1993, the Central Government has amended the area of jurisdiction of the Debts Recovery Appellate Tribunals The …