Merely because interest liability was recognised by journal entries at the close of the year, it does not make expenditure fictitious or non-genuine. In a recent judgment, ITAT has held that merely because the interest liability has been recognised through journal entries at the close of the accounting …

Addition for cash deposits in bank account which were immediately transferred to other accounts deleted in absence any enquiry by AO In a recent judgment, ITAT deleted the addition towards cash deposits in bank account of the assessee during demonetisation window which were immediately transferred to other accounts …

ITAT disallows 6% for alleged bogus purchases as purchases from unregistered dealers could not be ruled out. In a recent judgment, ITAT has held that a disallowance of 6% for alleged bogus purchases was appropriate as purchases from unregistered dealers per se could not be altogether ruled out …

CBDT Circular can’t restrict powers of Income Tax Authority u/s 119(2)(b) to condone delay beyond six years In a recent judgment, Hon’ble High Court has held CBDT Circular can not restrict powers of Income Tax Authority u/s 119(2)(b) to condone delay beyond six years for granting refund ABCAUS …

Benefit of the cash bought at the time of migration from Pakistan allowed as assessee fulfilled conditions of CBDT Circular In a recent judgment, ITAT has allowed the benefit of the cash and jewellery bought by the assessee at the time of migration from Pakistan to India. ABCAUS …

Ambiguous notices without striking off the irrelevant limb cannot be the foundation of imposition of any penalty – Supreme Court dismisses SLP of Revenue In a recent judgment, Hon’ble Supreme Court has dismissed the SLP of the Income Tax Department rejecting the contention that in the notice the …