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Presumption u/s 292C of Income Tax is Rebuttable and Not Conclusive: ITAT Deletes ₹18 Lakh Addition [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (“ITAT”) has held that the presumption under Section 292C of the Income-tax Act, 1961,...

Prior Year Share Receipts Not Taxable in Current Year: ITAT upholds Investor Credibility [Read...

Relief to Sacred Heart Church u/s 11: ITAT rules Form 10B filing Directory, Condones Delay of 39...

No Customs Penalty for Misdeclaring Goods in Airway Bills: CESTAT sets aside ₹2L Penalty on Ajanta...

Unilateral Credit Note and Ledger Write-off Not Proof of Debt Discharge: NCLT Initiates CIRP u/s 9...

Bombay HC Grants Interim Relief to Co-operative Credit Society, Restrains Coercive Recovery in Section 80P Deduction Disallowance Dispute [Read Order]

The Bombay High Court at Goa granted interim relief to Janaseva Urban Cooperative Credit Society Limited and restrained the Income Tax Department from taking coercive recovery measures in the...

ITAT Deletes Penalties u/s 271(1)(c) for Four Years Citing Vague and Defective IT Notice [Read Order]

In a recent case, the Income Tax Appellate Tribunal (ITAT), Delhi, has quashed penalties imposed on the assessee under Section 271(1)(c) of the Income Tax Act, 1961, for assessment years 2008-09 to ...

Intra-Group Services Not Stewardship: ITAT Deletes ₹28.74 Cr TP Adjustment for Corteva Agriscience [Read Order]

In a major relief to Corteva Agriscience India Pvt. Ltd. (formerly E.I. DuPont India Pvt. Ltd.), the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted a ₹28.74 crore transfer...

Delayed EPF/ESIC Payments Not Deductible: ITAT Upholds Rs 12.91 Lakh Disallowance u/s 36(1)(va) r.w.s 43B [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently dismissed an appeal filed by an assessee challenging the disallowance of Rs.12,91,486 under section 36(1)(va) read with section...

Resolution Plan Lacks Feasibility, Viability and IBC Compliance: NCLT Rejects CoC’s ₹1.5 Cr Resolution Plan, Orders Liquidation u/s 33(1)(b) [Read Order]

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has rejected a resolution plan valued at ₹1.5 crore of the petitioner, holding that the plan lacked feasibility, viability, and...

‘ICAI Turning into Tughluq’s Regime’: Chartered Accountant Criticizes saying ‘They may even introduce Monthly Exam’

A Chartered Accountant’s viral post strongly criticising the Institute of Chartered Accountants of India (ICAI) went viral among the CA fraternity, which warned that the profession's future is being...

ITAT Decision to uphold Higher 22% LTCG u/s 115BAA on Domestic Company raises Eyebrows [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the 22% tax rate on Long-Term Capital Gains (LTCG) for domestic companies that have opted for the concessional tax regime...

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