A well elaborated order by Kolkata ITAT – Loss on share trading couldn’t be disallowed alleging it as bogus if all transactions were carried on stock exchange
Cancellation of registration of charitable trust – Order passed by CIT(E) based on mere surmises and conjectures need to be set aside.
Selling of own land after plotting it out in order to secure better price is not an adventure in the nature of trade or business
Isolated activity could not come within the purview of adventure in the nature of trade and business.
Input Tax credit (GST) cannot be denied to recipient for default on part of the supplier- Delhi High Court issued notice to UNION OF INDIA
Section 276CC deals with failure to comply with the obligation under sections 139(1) or 142(1) or 148 of Income Tax Act. Disobedience of each said provision of law itself constitutes a distinct offence
GSTN to consider error committed by assessee in filing Tran-1 after HC’s decision on identical issues
Penalty under section 271AAB on Filing of return declaring undisclosed income if there is a Delay in filing return income
Validity of Redemption fine and confiscation under section 130 without initiating any proceedings under section 129
Similar types of errors is being committed by the Assessing Officers either by deliberately or due to ‘Induced ignorance’. Jharkhand HC advised CITs to conduct orientation courses for AOs.
