No addition towards Bogus Purchase if assessee has opted for presumptive taxation scheme under Section 44AD
No addition towards Bogus Purchase if assessee has opted for presumptive taxation scheme under Section 44AD Recently, Bangalore ITAT…
Month: July 2025
Jewellers Under I-T Scanner for Inventory Valuation Trick: The LIFO Loophole
Jewellers Under I-T Scanner for Inventory Valuation Trick: The LIFO Loophole Introduction As gold prices soar, so does the…
ITAT Mumbai Quashes Addition in Penny Stock Case: No Evidence, No Tax!
ITAT Mumbai Quashes Addition in Penny Stock Case: No Evidence, No Tax! In a significant victory for honest investors,…
Mumbai ITAT Upholds Taxation of Covid Donation Funds Used for Personal Expenses by Assessee:
Mumbai ITAT Upholds Taxation of Covid Donation Funds Used for Personal Expenses by Assessee: Rana Ayyub Shaikh (ITAT 2281,…
A simple checklist for Clause 34 of Tax Audit Report to be Considered by Auditors:
A simple checklist for Clause 34 of Tax Audit Report to be Considered by Auditors: Clause 34 of Form…
Madras High Court Rules: No Clubbing of GST Show Cause Notices for Multiple Financial Years
Madras High Court Rules: No Clubbing of GST Show Cause Notices for Multiple Financial Years In a landmark decision…
Relaxation of time limit for processing of returns of income filed electronically which were incorrectly invalidated by CPC
Relaxation of time limit for processing of returns of income filed electronically which were incorrectly invalidated by CPC It…
UPI Under GST Lens: Traders Must Be Cautious, Not Fearful
UPI Under GST Lens: Traders Must Be Cautious, Not Fearful Digital Convenience Doesn’t Mean Tax Immunity – Here’s What…
Section 43CA Additions Quashed by ITAT Pune: A Victory Against Mechanical Reopening and Misapplication of Law
Section 43CA Additions Quashed by ITAT Pune: A Victory Against Mechanical Reopening and Misapplication of Law In a significant…
Foreign Mutual Funds Must Be Reported in ITR — Avoid ₹10 Lakh Penalty
Foreign Mutual Funds Must Be Reported in ITR — Avoid ₹10 Lakh Penalty As more Indian taxpayers explore global investment…
Supreme Court Upholds Taxpayer’s Right to Reasoned Order in GST Detention Cases: A Landmark Ruling for Procedural Safeguards
Supreme Court Upholds Taxpayer’s Right to Reasoned Order in GST Detention Cases: A Landmark Ruling for Procedural Safeguards Introduction:…
Assessing Officer cannot rely solely on borrowed information without independent verification or a rational connection to income escapement.
Assessing Officer cannot rely solely on borrowed information without independent verification or a rational connection to income escapement. Tax…
Reassessment against dissolved Firm is void – ITAT Delhi Quashes ₹17 Crore Addition
Reassessment against dissolved Firm is void – ITAT Delhi Quashes ₹17 Crore Addition The Delhi ITAT quashed reassessment orders passed…
Tax Refund Mafia: The AI That Never Sleeps [Part II]
Tax Refund Mafia: The AI That Never Sleeps [Part II] Last week, we explored how AI busted a capital gains…
Cash Deposits cannot be Doubted if Return Filed U/s 44AD
Cash Deposits cannot be Doubted if Return Filed U/s 44AD In a recent case, AO found large cash deposits…
Strategic Overseas Ties and Corporate Structuring Fail to Shield Global Income: ITAT Declares assessee a Resident
Strategic Overseas Ties and Corporate Structuring Fail to Shield Global Income: ITAT Declares assessee a Resident Mahadevan (ITA Nos.…
Operational control and not formal ownership or exclusivity is relevant for determining if appellant has a PE in India: SC
Operational control and not formal ownership or exclusivity is relevant for determining if appellant has a PE in India: SC…
Re-assessment proceedings under Section 147 rather than following the special procedure envisaged under Section 153C is bad in law
Re-assessment proceedings under Section 147 rather than following the special procedure envisaged under Section 153C is bad in law …
