The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that share capital received from previous Assessment Years could not be treated as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The assessee, Jai Bhola Trading Co. Pvt. Ltd., issued shares during AY 2012–13 at ₹100 each, raising ₹1.43 crore....
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) quashed the reassessment proceedings, ruling that the reopening of assessment based on a mere change of opinion was invalid under the Income Tax Act, 1961. GCK Stock Private Limited, a securities trading company, had originally filed its return for the Assessment Year 2015-16, disclosing income […]
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled that the Revenue has not shown enough supporting evidence to prove the serious charge of clandestine removal. Revised Disallowance Claim u/s 14A should be Backed by Revised Certificate by Auditor in Form 3CA: ITAT [Read Order] Know the complete aspects […]
The Delhi Bench of Customs,Excise and Service Tax Appellate Tribunal(CESTAT)quashed a ₹26.94 crore service tax demand against Bharat Heavy Electricals Ltd. (BHEL) on income from freight and insurance. Bharat Heavy Electricals Ltd,appellant-assessee,provided various services and paid service tax under forward charge for services like Erection, Commissioning, Installation, Maintenance & Repair, Works Contract, and Consulting Engineer […]
