AO not bound to bring on record an acknowledgment of service of the notice which is issued by registered post / speed post to the correct address. In a recent judgment, Hon’ble Supreme Court has dismissed Special Leave Petition (SLP) against the judgment of the Delhi High Court …

Addition u/s 68 deleted as time gap between cash withdrawal and cash deposit into bank account was similar to the preceding year, establishing it was a normal feature of the assessee’s business. In a recent judgment, Hon’ble Delhi High Court upheld deletion of addition u/s 68 towards cash …

When amalgamation is done in larger interest of business, depreciation on goodwill generated in the course of amalgamation allowable – ITAT In a recent judgment, ITAT Rajkot has held that when the amalgamation was done in the larger interest of business, depreciation should be allowable on the goodwill …

ITAT upheld deletion of disallowance u/s 40A(3) where the nature of business remained the same and the patterns of cash withdrawals were also similar all through the years. In a recent judgment, ITAT Guwahati affirms deletion of disallowance u/s 40A(3) in respect of cash purchase where the nature …

High Court allowed deduction u/s 80IA allowed on interest income from fixed deposits and on interest on TDS refund In a recent judgment, Hon’ble Bombay High Court directed the Assessing Officer to grant deduction under Section 80IA of the Income Tax Act, 1961 (the Act) to the assessee …

Seizure of jewellery held valid in view of assessee’s failure to substantiate the legitimacy of jewellery, discrepancies in documentation and weight In a recent judgment, Hon’ble Calcutta High Court held that the seizure of the jewellery was valid in view of the assessee’s failure to substantiate the legitimacy …