Stamp duty valuation or classification for fiscal purposes does not determine the character of the property under the Income-tax Act – ITAT In a recent judgment, ITAT Ahmedabad has quashed addition holding that held that stamp duty valuation or classification for fiscal purposes does not determine the character …

Difference of cash deposit between two Assessment Years cannot be added on illogical rationale that there cannot be any increase in cash deposit between two years – ITAT In a recent judgment, ITAT Chennai has held that difference of cash deposit between two Assessment Years cannot be added. …

Reassessment order quashed as reasons to believe stated that return was processed only u/s 143(1) whereas return was actually processed under Section 143(3) In a recent judgment, ITAT Ahmedabad has upheld quashing of reassessment order on account of non application of mind as reasons recorded stated that return …

SLP dismissed against bogus liability styled as “book overdraft” reflected as payable to banks for cheques issued not presented to the banks In a recent judgment, Hon’ble Supreme Court dismissed the SLP against the decision of the Delhi High Court upholding the addition towards bogus liability styled as …

NALCO invites RFP for empanelment of chartered accountant/cost accountant firms for conducting internal audit. National Aluminium Company Limited (NALCO) invites Request for Proposal (RFP) for empanelment/ appointment of chartered accountant/ cost accountant firms for conducting internal audit. National Aluminium Company Limited (NALCO) is a Navratna CPSE under administrative …

ITAT quashed reassessment as notice u/s 148 was issued even prior to the due communication of approval u/s 151 to the Assessing Officer. In a recent judgment, ITAT Kolkata has quashed reopening of assessment as nullity and invalid in the eyes of law when the notice issued u/s …