Deduction u/s 80P denied as assessee did not file return u/s 139(1) but beyond the due date only in response to notice u/s 148 In a recent judgment, Hon’ble Karnataka High Court has upheld denial of deduction under section 80P as by no stretch of imagination a return …

High Court denied pre-arrest bail to accused of fake ITC utilisation on possibility of misusing the concession of pre arrest bail In a recent judgment, High Court of Punjab & Haryana denied pre-arrest bail to accused of fake ITC utilisation observing that there was possibility of petitioner’s misusing …

Return could not be said to be non est for non e-verification when AO had been taken due cognizance of the returned income in the Assessment order. In a recent judgment, Allahabad High Court has held that return could not be held to be non est for non …

Section 43CB read with ICDS-III is applicable to contractors and not real estate developers – ITAT In a recent judgment, ITAT Chennai has held that provisions of Section 43CB read with ICDS-III were applicable to contractors and not real estate developers and therefore the assessee being a developer …

Expenses incurred on ESOP are allowable as revenue expenditure u/s 37(1) of Income Tax Act – ITAT Delhi In a recent judgment, ITAT Delhi has held that expenses of ESOP is considered as allowable u/s 37(1) of the Act and mere admission of SLP before Supreme Court would …

Compliance history of supplier could not be used to invalidate the genuine business transactions of the buyer especially when the same was supported by documentary evidences – ITAT In a recent judgment, ITAT Chandigarh has held that compliance history of the supplier could not be used to invalidate …