Service Tax Liability admitted Before Cut-off Date amounts to “quantified” under Sabka Vishwas (Legacy Dispute Resolution) Scheme- Allahabad High Court In a recent judgment, the Hon’ble Allahabad High Court has held that when Service Tax Liability was communicated and admitted by the assessee before cut-off date, it was …

Voluntary ex-gratia compensation not taxable u/s 17(3)(i). Department has to confine to the grounds taken in appeal – ITAT Voluntary ex-gratia compensation not taxable u/s 17(3)(i). Department has to confine to the grounds taken in appeal and not permitted to set up altogether a new case. ABCAUS Case …

When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine – ITAT In a recent judgment, ITAT has set aside addition u/s 68 and held that When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine. …

Assessee was entitled to interest u/s 244A from 1st April of AY when return filed within extended due date – ITAT Assessee was entitled for interest on TDS refund u/s 244A from 1st April of AY when the return was filed within extended due date  In a recent …

The debit entry cannot be added under Section 68 as it speaks about “Cash Credit” and not for debits entries   In a recent judgment, ITAT has deleted addition u/s 68 on the alleged cash credit holding that when a debit entry in the books can not be …

Conversion of unsecured loan of wife against allotment of share in joint names in closely held company upheld The ITAT in a recent judgment held that AO was wrong in not accepting conversion of unsecured loan of director against allotment of share in joint names of husband and …