Entire purchase amount of such bogus purchases cannot be added at best, the addition limited to the extent of G. P. Rate

Bombay HC quashes reassessment proceedings on account of mere change of opinion

Assessment Order based on an uncertain issue of treaty benefit is not a fit case for revision U/S 263

“Corporate Compliance Calendar for the m/o March, 2023”.

Bogus Purchase: Compilation of few cases wherein addition is restricted to the GP Ratio

Whether income from sale of milk of cows is an agricultural income exempt from tax?

No purchases can be rejected without disturbing the sales in case of a trader

Reassessment notice send ‘only’ to ‘secondary email id’ of taxpayer is held invalid by Bombay High Court

No more exemption to Life Insurance Policies above Rs. 5 Lakh

Notice U/S 148 cannot be issued to non existing entities: HC

If a person has only agricultural income and no other income, then no addition can be made to the total income unless and until the AO proves that the assessee has any other source of income which is taxable under the Income-tax Act: ITAT

Bogus Purchase: Additions have to be limited to the extent of bringing the G.P. rate on purchases at the same rate of other genuine purchases.

Punjab State Budget at a Glance

What if PAN is not linked with Aadhar by 31st Mar:

Crypto & NFT businesses are now ‘reporting entities’ under the Prevention of Money-Laundering Act (PMLA).

Bombay High Court has again directed Revenue to take requisite steps to curb litigation in the absence of the Goods and Services Tax (GST) Appellate Tribunal

Transfer of Virtual Digital Assets to be governed under the Prevention of Money Laundering Act of 2002

New Tab “Comply to Notice” is introduced at the Income Tax E – Portal