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Tax Tribunal Upholds Sales-Purchase Link, Deletes Bogus Purchase Addition
Discover how the Tax Tribunal ruled that accepted sales validate linked purchases, preventing 'bogus' additions and stressing documentary evidence.
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Notional Interest on Business Advances Not Taxable Without Real Accrual, Rules ITAT Delhi
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has ruled that notional interest on business advances cannot be taxed if no real income has actually accrued or been received by…
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Legal Labyrinth: Insurance Firm Blames Advocate’s Error for 475-Day Delay in Filing Appeal
An insurance firm blames its advocate's error for a 475-day delay in filing an appeal, sparking a legal battle over the misplaced court order.
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Calcutta High Court Grants New Hearing in GST Refund Case Over Illegible Shipping Document
The Calcutta High Court recently allowed a petitioner to present a clearer bill of lading, a crucial shipping document, in support of their Integrated Goods and Services Tax (IGST) refund…
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Income Tax Appellate Tribunal Clarifies Deemed Dividend Rules in Proprietary Concern Cases
ITAT clarifies deemed dividend rules, requiring clear shareholder withdrawal evidence, not just cash shortage, for proprietary concerns.
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ITAT Mumbai Rules Reassessment Notices Served Late Are Invalid, Quashes Proceedings
ITAT Mumbai ruled that late-served reassessment notices are invalid, quashing proceedings and impacting tax authority procedures.
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Orissa High Court Orders Withdrawal of GST Bank Attachments Following Installment Payment Agreement
Orissa High Court orders GST bank attachment withdrawal after a taxpayer commits to an installment payment plan, offering relief for businesses.
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India’s TDS on Goods Purchases: Navigating Section 194Q’s Impact on Businesses
Understand India's Section 194Q TDS on goods purchases, its thresholds, and how it impacts your business operations and compliance.
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Calcutta High Court Upholds Low Tax Effect Threshold, Dismissing Revenue Appeals
Calcutta High Court reinforces the low tax effect principle, dismissing revenue appeals and streamlining tax litigation.
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Navigating the Tax Maze: India’s New vs. Old Regimes
Navigate India's new and old tax regimes to find your best financial path for 2023-24, weighing lower rates against valuable deductions.