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Service Tax Demand u/s 73(1) of Finance Act: Calcutta HC allows Payment in 8 Instalments, Lifts Account Attachment Subject to Conditions [Read Order]

Navasree A.M

The Calcutta High Court permitted the petitioner to pay service tax dues determined under Section 73(1) of the Finance Act, 1994, in eight...

Unsecured Loan Identity, Genuineness, and Creditworthiness Proved by Audited Financials: ITAT...

No Addition Made w.r.t. Loans u/s 68 of Income Tax Act: ITAT deletes Disallowance of Interest Claim...

Decoding Income Tax Return Requirements for Visa Applications: What Every Indian Applicant Needs to...

Application for Compounding Offences u/s 276C(1) and 277 of Income Tax Act Rejected on Non-Filing of...

AO refused to Consider Bank Statement and DMAT account of Assesee: Delhi HC Sets aside Reassessment Order [Read Order]

In a recent case, the Delhi High Court has set aside the reassessment order since the Assessing Officer (AO) refused to consider the bank statement and D- MAT account of the...

Documentation of Files without any Explanation to adverse observation in respect of Bank Statements: ITAT restores addition u/s 68 [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal held that the assessee grossly failed in discharging the initial burden, thus relevant provisions applied by the Assessing Officer (AO) are not...

Mere Furnishing of Income Tax Returns and Bank Statements without any Explanation for Deposits not Meet Requirements of S. 68: ITAT [Read Order]

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has held that mere furnishing of income Tax returns and bank statements without giving any explanation for deposits would not meet the...

Assessee failed to furnish Bank Statement before AO: Delhi HC remands Reassessment Proceedings triggered based on TEP to AO [Read Order]

In a significant ruling, the High Court (HC) of Delhi remanded the reassessment proceedings triggered based on Tax Evasion Petition (TEP) to Assessing Officer (AO). Pradeep Verma, the...

Genuineness and Creditworthiness of Creditor proven with Bank Statement and Other Evidence, Income Addition u/s 68 not allowable: ITAT

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that income addition under section 68 of the Income Tax Act,1961 is not allowable when the genuineness and Creditworthiness...

Deposit of Demonetized Currency proved with the Bank Statement, Addition u/s 69A not sustainable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad has held that when the deposit on the bank with the demonetized currency during the demonetization period was proved with the bank statement the...

Deduction of Compensation paid for Breach of Contract cannot be allowed based on Bank Statement alone: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench has held that deduction of compensation paid for breach of contract cannot be allowed based on bank statement alone. The assessee, M/s.Home...