The Income Tax Appellate Tribunal (ITAT) recently issued a landmark ruling, determining that a tax audit report containing erroneous figures cannot serve as the sole legal basis for invoking disallowances…
The Pune bench of the Income Tax Appellate Tribunal (ITAT) delivered a landmark ruling this week, declaring that an 18% net profit estimation on contract receipts is excessive without concrete…
Clarifying Tax Treatment for Business Cash DepositsIn a significant ruling for small-scale retailers, the Income Tax Appellate Tribunal (ITAT) has clarified that cash deposits made into a medical store's bank…