IT Dept Conducts Surveys at Flipkart, Swiggy HOs in connection with the information of alleged bogus ITC
The Income Tax Department conducted the survey at Instakart, which is a group company of Flipkart, Swiggy Head Offices in connection with...
![Question, Whether Taxes are due to be paid on any Income, shall be considered during Assessment, Not on granting Registration: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/taxes-income-Assessment-granting-Registration-ITAT-Taxscan.jpg "Question, Whether Taxes are due to be paid on any Income, shall be considered during Assessment, Not on granting Registration: ITAT [Read Order]")
![CBDT designates Court of Chief Judicial Magistrate, West Tripura as the Special Court for the trial of Income Tax Offences [Read Notification]](https://www.taxscan.in/wp-content/uploads/2021/01/CBDT-Chief-Judicial-Magistrate-West-Tripura-Special-Court-trial-of-Income-Tax-Offences-Taxscan.jpg "CBDT designates Court of Chief Judicial Magistrate, West Tripura as the Special Court for the trial of Income Tax Offences [Read Notification]")
![Bombay High Court directs Authority to withdraw Provisional Attachment of Bank Accounts of AJE India [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/Bombay-High-Court-provisional-attachment-of-the-bank-accounts-Taxscan.jpeg "Bombay High Court directs Authority to withdraw Provisional Attachment of Bank Accounts of AJE India [Read Order]")
Addition of unabated Assessment without incriminating Seized Material for Assessment u/s. 153A is not sustainable: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the addition of unabated assessment without incriminating seized material for assessment under section 153A is not sustainable. The...
![Addition of unabated Assessment without incriminating Seized Material for Assessment u/s. 153A is not sustainable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/assessment-incriminating-seized-material-ITAT-Taxscan.jpg "Addition of unabated Assessment without incriminating Seized Material for Assessment u/s. 153A is not sustainable: ITAT [Read Order]")
Refunded excess amount of Remuneration as per provisions of Companies Act, 1956, can’t be held as Income of Assessee: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench held that refunded excess amount of remuneration as per provisions of Companies Act, 1956, could not be held as income of the assessee. ...
![Refunded excess amount of Remuneration as per provisions of Companies Act, 1956, can’t be held as Income of Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/excess-amount-of-remuneration-provisions-of-Companies-Act-income-of-assessee-ITAT-Taxscan.jpg "Refunded excess amount of Remuneration as per provisions of Companies Act, 1956, can’t be held as Income of Assessee: ITAT [Read Order]")
Reopening is not permissible merely to seek Investigation of facts: ITAT quashes Re-Assessment Proceedings [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench while quashing the reassessment proceedings held that the reopening is not permissible merely to seek investigation of facts. The...
![Reopening is not permissible merely to seek Investigation of facts: ITAT quashes Re-Assessment Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/investigation-of-facts-ITAT-Re-Assessment-Proceedings-Taxscan.jpg "Reopening is not permissible merely to seek Investigation of facts: ITAT quashes Re-Assessment Proceedings [Read Order]")
RBI introduces Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems [Read Circular]
The Reserve Bank of India introduced the Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems. The LEI is a 20-digit number used to uniquely identify parties...
![RBI introduces Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems [Read Circular]](https://www.taxscan.in/wp-content/uploads/2021/01/RBI-Legal-Entity-Identifier-Large-Value-Transactions-Centralised-Payment-Systems-Taxscan.jpeg "RBI introduces Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems [Read Circular]")
GST: Patiala House Court refuses to grant Bail to person accused of Fraudulently availing ITC to tune of Rs.7 Cr [Read Order]
The Patiala House Court refused to grant bail to the person accused of fraudulently availing Input Tax Credit ( ITC ) to the tune of Rs.7 Crore. The applicant-accused, Abhit Manohar is proprietor...
![GST: Patiala House Court refuses to grant Bail to person accused of Fraudulently availing ITC to tune of Rs.7 Cr [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/GST-Patiala-House-Court-Bail-ITC-Taxscan.jpeg "GST: Patiala House Court refuses to grant Bail to person accused of Fraudulently availing ITC to tune of Rs.7 Cr [Read Order]")
Losses on account of Exchange Fluctuation on Forward Contracts are allowable as Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that losses on account of exchange fluctuation on forward contracts are allowable as a deduction. The assessee, ABB Global Industries...
![Losses on account of Exchange Fluctuation on Forward Contracts are allowable as Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/Losses-account-exchange-fluctuation-forward-contracts-deduction-ITAT-taxscan.jpg "Losses on account of Exchange Fluctuation on Forward Contracts are allowable as Deduction: ITAT [Read Order]")
