Avinash Kurungot
Avinash Kurungot is a B.B.A. LL.B (Hons.) Graduate from Christ University, Bangalore. Following a stint in Civil Litigation, marking appearances across the High Court of Kerala and various sub-courts, he has channelled his skills towards developing engaging tax, finance and news content.
How Pre-Budget Economic Surveys Shape Union Budget Proposals
The Economic Survey is released by the Ministry of Finance of the Government of India prior to the presentation of the Union Budget. As the country...
![Authorised Signatories/Employees of Company not liable to GST Penalty u/s 122(1-A) and 137: Supreme Court in Maersk GST Fraud Case [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2025/01/Supreme-Court-Supreme-Court-of-India-Goods-and-Services-Tax-GST-Penalty-Section-1221-A-taxscan-1.jpg "Authorised Signatories/Employees of Company not liable to GST Penalty u/s 122(1-A) and 137: Supreme Court in Maersk GST Fraud Case [Read Judgement]")
ITAT upholds CIT(A) Order Deleting ₹12.92 Crore Income Tax Addition relying on Past Agricultural Purchases to fix 5.02% Gross Profit [Read Order]
The Ahmedabad Income Tax Appellate Tribunal ( ITAT ) recently affirmed an order passed by the Commissioner of Income Tax (Appeals) ( CIT(A) ) deleting an income tax addition of ₹12.92 Crore towards...
![ITAT upholds CIT(A) Order Deleting ₹12.92 Crore Income Tax Addition relying on Past Agricultural Purchases to fix 5.02% Gross Profit [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-Ahmedabad-CITA-Order-CITA-Income-Tax-Past-Agricultural-Purchases-Commissioner-of-Income-Tax-taxscan.jpg "ITAT upholds CIT(A) Order Deleting ₹12.92 Crore Income Tax Addition relying on Past Agricultural Purchases to fix 5.02% Gross Profit [Read Order]")
ITAT estimates Cheque Discounter’s Taxable Income at 10% of Cash and Other Credit due to Possible Revenue Leakage [Read Order]
In a notable ruling, the Surat Bench of the Income Tax Appellate Tribunal (ITAT) proceeded to estimate the taxable income of a cheque discounter at 10% of the cash and other credit amount disputed by...
![ITAT estimates Cheque Discounter’s Taxable Income at 10% of Cash and Other Credit due to Possible Revenue Leakage [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-estimates-Cheque-Discounters-Taxable-Income-Income-Cash-and-Other-Credit-Credit-due-Revenue-Leakage-taxscan.jpg "ITAT estimates Cheque Discounter’s Taxable Income at 10% of Cash and Other Credit due to Possible Revenue Leakage [Read Order]")
All bank transactions and Credit Entries not Taxable if amounts immediately Debited by Clearance: ITAT upholds Reasonable Estimation [Read Order]
The Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) recently clarified the prominence of reasonable estimation, averring that not all bank transactions and credit entries may be treated as...
![All bank transactions and Credit Entries not Taxable if amounts immediately Debited by Clearance: ITAT upholds Reasonable Estimation [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Credit-Entries-Debited-by-Clearance-taxscan.jpg "All bank transactions and Credit Entries not Taxable if amounts immediately Debited by Clearance: ITAT upholds Reasonable Estimation [Read Order]")
Lack of specific information or positive evidence to reject Assessee’s Submissions: ITAT deletes ₹48 Lakh Income Tax Addition [Read Order]
The Surat Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted an income tax addition of ₹48,48,356, observing that the concerned Assessing Officer (AO) and precursory Commissioner of...
![Lack of specific information or positive evidence to reject Assessee’s Submissions: ITAT deletes ₹48 Lakh Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Income-Tax-Addition-Positive-Evidence-taxscan.jpg "Lack of specific information or positive evidence to reject Assessee’s Submissions: ITAT deletes ₹48 Lakh Income Tax Addition [Read Order]")
Deceased Assessee’s Unexplained ₹15 Lakh Bank Deposit yielding ₹31 Interest: ITAT Remits for de novo Assessment [Read Order]
The Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) recently set aside an ex-parte addition ₹15 Lakh held as unexplained Bank Deposit by a deceased assessee, while calling on the Assessing...
![Deceased Assessee’s Unexplained ₹15 Lakh Bank Deposit yielding ₹31 Interest: ITAT Remits for de novo Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Deceased-Assessees-ITAT-Surat-ITAT-Remits-ITAT-Remits-for-de-novo-Assessment-unexplained-Bank-Deposit-numerous-notices-Assessment-Year-Income-Tax-Act-ITAT-Taxscan.jpg "Deceased Assessee’s Unexplained ₹15 Lakh Bank Deposit yielding ₹31 Interest: ITAT Remits for de novo Assessment [Read Order]")