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Foreign Salary Remitted to NRE Account Can’t Be Treated as Unexplained Investment Merely on SFT Data: CIT(A) Deletes ₹1.33 Crore Addition

The Commissioner of Income Tax (Appeals), Delhi, has deleted an addition of ₹1.33 crore...
Direct Tax

Export Commission Paid to Foreign Agents for Services Outside India Not Liable to TDS: ITAT

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that commission...
Direct Tax

Belated Filing of Form 10B Is a Curable Procedural Irregularity; S. 11 Exemption Can’t Be Denied: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that a...
Direct Tax

Tax Audit Not Mandatory Where Turnover Is Below Rs. 10 Crore and Cash Transactions Do Not Exceed 5%: ITAT 

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has ruled that a taxpayer whose...
Direct Tax

Ignorance of Law Can’t Explain 689-Day Delay in Challenging S. 263 Revision Order: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has refused to condone...
Direct Tax

S. 263 Revision Can’t Sustain Penalty After Underlying S. 69 Addition Is Deleted: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has quashed a revisional...
Direct Tax

Contract Notes Are Primary Evidence in Penny Stock Transactions: ITAT Restores ₹1.94 Crore Bogus LTCG Addition for Fresh Examination

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has restored a ₹1.94...
Direct Tax

CIT(A) Must Reconsider 1,292-Day Delay After Accounting for Supreme Court’s COVID Limitation Relief: ITAT

The Income Tax Appellate Tribunal (ITAT), Mumbai, has restored an income tax appeal involving...
Direct Tax

Separate Additions for Cash Deposits and Business Expenses Unjustified When Income Taxed U/s 44AD: ITAT

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has held that cash deposits forming...
Direct Tax

Interest on Enhanced Compensation for Compulsory Acquisition of Agricultural Land Not Taxable as ‘Other Sources’: ITAT Mumbai

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that interest...
Direct Tax

Unauthenticated WhatsApp Chats and Third-Party Statement Can’t Prove Cash Payment for Property: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the deletion...
Direct Tax

Waiting for Favourable Ruling Is Not ‘Sufficient Cause’: ITAT Refuses to Condone 11 Years Delay To Former Cricketer

The Income Tax Appellate Tribunal (ITAT), Mumbai, has refused to condone a delay of...
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Indirect Taxes

DRI Busts International Gold-Smuggling Syndicate Operated By Chinese National

The Directorate of Revenue Intelligence (DRI), Mumbai Zonal Unit, has busted an international gold-smuggling...
Notification

ICAI Examines Private Equity Funding for Consultancy and Accounting Businesses, Audit Practices to Remain Ring-Fenced

The Institute of Chartered Accountants of India (ICAI) is examining whether private equity investment...
Direct Tax

Foreign Salary Remitted to NRE Account Can’t Be Treated as Unexplained Investment Merely on SFT Data: CIT(A) Deletes ₹1.33 Crore Addition

The Commissioner of Income Tax (Appeals), Delhi, has deleted an addition of ₹1.33 crore...
Direct Tax

Export Commission Paid to Foreign Agents for Services Outside India Not Liable to TDS: ITAT

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that commission...