Cash deposits in bank account of one Person after withdrowing it from the account of other Person
Cash deposits in bank account of one Person after withdrowing it from the account of other Person
Entries in the bank statement of the ...
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The Blogs
Indexation benefit is available to an inherited property from the date of acquisition by first owner: ITAT Mumbai
Indexation benefit is available to an inherited property from the date of acquisition by first owner: ITAT Mumbai
ITO v. Sohrab Fali Mehta [TS-117-ITAT-2023(Mum)]
Facts:
The Assessee, a US resident, earned income from long-term capital gains from the sale of shares ...
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Petitioner cannot be denied GST Refund because of allegations of any fake credit availed by its supplier: High Court
Petitioner cannot be denied GST Refund because of allegations of any fake credit availed by its supplier: High Court
The high court held that the allegations of any fake credit by the supplier cannot be the ground for rejecting the ...
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Explanation 2 to section 263 inserted w.e.f. 01.06.2015 is prospective and applicable with effect from 1st June, 2015.
Explanation 2 to section 263 inserted w.e.f. 01.06.2015 is prospective and applicable with effect from 1st June, 2015.
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AO cannot change the valuation method from DCF to NAV: ITAT Chennai.
AO cannot change the valuation method from DCF to NAV: ITAT Chennai.
M/s. Brio Bliss Life Science P Ltd. (ITA. No: 3067/Chny/2019 Ltd)
Facts:
AO noticed that during the year under consideration the assessee company has received share premium of Rs. ...
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Karnataka HC directs Dept. to follow procedure prescribed in Circular to allow ITC for bonafide mistakes in returns for FY 19-20 as well
Karnataka HC directs Dept. to follow procedure prescribed in Circular to allow ITC for bonafide mistakes in returns for FY 19-20 as well
Wipro Ltd. v. Assistant Commissioner of Central Taxes
The petitioner committed error in showing the wrong GSTIN number ...
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Reassessment proceedings under section 148 of Income-tax Act, 1961 cannot be initiated merely for verification of the information reflected on the Insight Portal.
Reassessment proceedings under section 148 of Income-tax Act, 1961 cannot be initiated merely for verification of the information reflected on the Insight Portal.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION NO. 1798 OF 2022
Digi1 Electronics ...
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Entire purchase amount of such bogus purchases cannot be added at best, the addition limited to the extent of G. P. Rate
Entire purchase amount of such bogus purchases cannot be added at best, the addition limited to the extent of G. P. Rate
IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR
(Through Virtual Court)
BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND
SHRI RATHOD ...
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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
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 ...
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SCN must clearly mention specific reason for which the action is being taken
SCN must clearly mention specific reason for which the action is being taken
Santosh Kumar Roy v. State of Jharkhand W.P.(T) No.4782 of 2022
SCN issued under Section 73(1) of the CGST Act is not mere a formality and the SCN ...
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Compensation received from developer pursuant to consumer court order is a capital receipt – Not liable for taxation
Compensation received from developer pursuant to consumer court order is a capital receipt - Not liable for taxation
IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH
Before: Shri Waseem Ahmed, Accountant Member
And
Shri T.R. Senthil Kumar, Judicial Member
ITA No. ...
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For AY 2006-07 there was no need to file ITR for claiming exemption U/S 54B: ITAT Bangalore
For AY 2006-07 there was no need to file ITR for claiming exemption U/S 54B: ITAT Bangalore
Sri Thimmegowada Shekar (ITA No.1080/Bang/2022)
Facts:
The assessee did not disclose any capital gains arising on the transfer of agricultural land to a developer. ...
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Section 50C is not Applicable in case of compulsory acquisition of Land by the Govt where payment of stamp duty is not applicable.
Section 50C is not Applicable in case of compulsory acquisition of Land by the Govt where payment of stamp duty is not applicable.
In the case of PCIT , Asansol Vs Durgapur Projects Limited, it has been hele that the ...
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Seconded employees do not come under ‘FTS’ OR ‘FIS’: ITAT
Seconded employees do not come under ‘FTS’ OR ‘FIS’: ITAT
M/s. Google LLC (IT(IT)A No. 167 & 688/Bang/2021/22)
Facts:
AO classified salary reimbursements for employees of the assessee provided to Google India Pvt Ltd on a secondment basis of Rs 20.6 ...
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No additions based on statements of ex-employees & dealers without allowing assessee to crossing examine them: ITAT
No additions based on statements of ex-employees & dealers without allowing assessee to crossing examine them: ITAT
ITAT Chandigarh has recently held that no additions based on statements of ex-employees & dealers without allowing assessee to cross examine them.
The case ...
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LTCG can’t be termed as genuine if shares purchased in cash were kept in broker’s pool a/c till actual sale: ITAT
LTCG can’t be termed as genuine if shares purchased in cash were kept in broker’s pool a/c till actual sale: ITAT
Abhishek Gupta v. ITO - [2023] 147 taxmann.com 21 (Indore - Trib.)
The assessee was an individual who filed return of income ...
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No addition can be be made on hypothetical basis: ITAT Delhi
No addition can be be made on hypothetical basis: ITAT Delhi
There are various cases wherein addition has been carried out by the assessing officer on the basis of unsigned agreement to sale or on the basis of documents which ...
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Karnataka High Court allowed changes in GSTR 3-B returns for the months of July 2017 and March 2018
Karnataka High Court allowed changes in GSTR 3-B returns for the months of July 2017 and March 2018
There is a landmark ruling of Karnataka High Court in the case of Orient Traders-2023 (1) TMI 838 wherein the petitioner is ...
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