There is no reason to doubt that conditions of Explanations to section 43(5) fulfilled when statement of account from brokers certifying derivative trades submitted In a recent judgment, ITAT Allahabad has held that ideally, the assessee should submit the time stamped contract notes but considering that the time …

Training workshop for performance management, and career management for employees are general training programs that cannot be considered as technical services – HC In a recent judgment, Hon’ble Karnataka High Court has held that training workshop for performance management, and career management for employees are general training programs …

High Court directed closure of Capital Gain Deposit Scheme (CGDS) Account opened mistakenly by the assessee on wrong advice by tax consultant. In a recent judgment, Hon’ble High Court of Meghalaya has directed Income Tax Authorities to expeditiously close the Capital Gain Deposit Scheme (CGDS) Account of the …

Non application of correct section is a classic example of non-application of mind by Quasi-judicial authority – ITAT deleted addition u/s 69 In a recent judgment ITAT Raipur deleted addition made under section 69 instead of correct section 68 of the Income Tax Act, 1961 (the Act) holding …

Applicability of limitation for completion of assessment u/s 153 to a DRP proceeding under Section 144C – matter to be referred to larger bench In a recent judgment, Supreme Courts gave split judgment on the interpretation of applicability of limitation for completion of assessment u/s 153 to a …

It is well-settled that once the source of cash is explained to be business receipts already accounted for and taxed, addition u/s 68 is unwarranted – ITAT In a recent judgment, ITAT Surat has deleted addition u/s 68 of the Income Tax Act, 1961 (the Act) holding that …