Bogus Purchase: Addition sustained at reduced rate not under Section 69C, but as a trading addition by ITAT Delhi
Bogus Purchase: Addition sustained at reduced rate not under Section 69C, but as a trading addition by ITAT Delhi ITAT Delhi has rendered a landmark decision in the case of DCIT, Circle Hisar vs. Tirupati Matsup Pvt. Ltd. (ITA No. 3326/Del/2023, CO No. 4/Del/2024), dated May 16, 2025 on the issue of unverifiable purchases… […]
ITAT Jaipur Estimated Profit at 1.52% on Turnover of Rs. 7.96 Crores amid Audit Lapses and Cash Irregularities”
ITAT Jaipur Estimated Profit at 1.52% on Turnover of Rs. 7.96 Crores amid Audit Lapses and Cash Irregularities” The ITAT Jaipur noted that the assessee failed to file a tax audit report despite having substantial turnover and declared a meagre NP of 0.187%. The AO invoked Section 145(3) and applied a 10% disallowance on… […]
Non-Compliance with CBDT’s 143(2) Notice Format Renders Assessment Invalid: Kolkata ITATA
Non-Compliance with CBDT’s 143(2) Notice Format Renders Assessment Invalid: Kolkata ITATA In tax jurisprudence, procedure is not a mere technicality-it is a matter of jurisdiction. The Income Tax Appellate Tribunal (Kolkata Bench) has recently reaffirmed that any notice issued under Section 143(2) which does not comply with the format prescribed by CBDT is invalid, and… […]
GST Registration Not a Precondition for Expense Deduction: Delhi ITAT
GST Registration Not a Precondition for Expense Deduction: Delhi ITAT In a noteworthy ruling in Roopa Rana Infrastructures (P) Ltd. vs DCIT [2025] 174 taxmann.com 655 (Del Trib), the Delhi ITAT held that business expenditure cannot be disallowed under Section 37(1) of the Income-tax Act, 1961 merely because the vendors were not registered under GST. The… […]
Relief on GST Input Tax Credit for Real Estate-Linked Services – Supreme Court Upholds Safari Retreats Ruling
Relief on GST Input Tax Credit for Real Estate-Linked Services – Supreme Court Upholds Safari Retreats Ruling In a decisive and taxpayer-friendly move, the Supreme Court of India has dismissed the Revenue’s review petition in the case of Chief Commissioner of Central Goods and Service Tax vs. Safari Retreats (P.) Ltd. – [2025] 174 taxmann.com 894… […]
Once an LLP opts for audit under Rule 24(8), the due date of filing the income tax return is 30th September: ITAT Agra
Once an LLP opts for audit under Rule 24(8), the due date of filing the income tax return is 30th September: ITAT Agra The Hon’ble Tribunal has adopted a liberal interpretation of Rule 24 (8) of the LLP Rules, granting relief to the taxpayer. This judgment could serve as a valuable reference for many LLPs… […]
Compliance Calendar for June’2025
Compliance Calendar for June’2025 INCOME TAX ▪ 07th June 2025- Due date for deposit of Tax deducted and collected for the month of May 2025. ▪ 14th June 2025- Due date for issue of TDS certificates for April 2025 u/s 194IA, 194IB & 194M. ▪ 15th June 2025- Due date for deposit of advance tax… […]
The benefit of lower rate of income tax of 15% under Section 115BAB allowed to Company by Kolkata ITAT
The benefit of lower rate of income tax of 15% under Section 115BAB allowed to Company by Kolkata ITAT Hon’ble ITAT, Kolkata Bench has held that the Assessee Company is legally entitled to claim the benefit of lower rate of income tax of 15% under Section 115BAB for the AY 2023-24. The brief facts… […]
Jurisdictional Assessing Officer Vs. Faceless Assessing Officer: Telangana High Court Quashes Reassessment Notices
Jurisdictional Assessing Officer Vs. Faceless Assessing Officer: Telangana High Court Quashes Reassessment Notices The petitioner challenged reassessment proceedings under Sections 148A and 148 of the Income Tax Act, 1961, on the ground that they were not conducted in a faceless manner, as mandated by Section 151A and CBDT Notification No. 18/2022 dated 29.03.2022. The… […]
Legal fiction created in Section 50 is confined to the computation of capital gains and does not alter the nature of the asset or affect eligibility for exemptions under other sections
Legal fiction created in Section 50 is confined to the computation of capital gains and does not alter the nature of the asset or affect eligibility for exemptions under other sections The Special Bench of the Mumbai ITAT, recently delivered a significant ruling in the case of SKF India Ltd, clarifying the interpretation of… […]
