R&I Japan raises India’s Sovereign Rating to BBB+: Signals Strong Macroeconomic Conditions & GST Reforms
The Rating and Investment Information, Inc., Japan (R&I) recently raised India’s long-term foreign-currency sovereign issuer rating from BBB to...
![Finance Ministry notifies Harmonized Master List of Infrastructure Sub-sectors [Read Notification]](https://images.taxscan.in/h-upload/2025/09/20/250x150_2089081-finance-ministry-harmonized-master-list-infrastructure-sub-sectors-taxscan.webp "Finance Ministry notifies Harmonized Master List of Infrastructure Sub-sectors [Read Notification]")
![SEBI Introduces ‘TLH’ Code for Smooth Transmission of Securities from Nominee to Legal Heir in CBDT Reporting [Read Circular]](https://images.taxscan.in/h-upload/2025/09/20/250x150_2089079-sebi-introduces-cbdt-tlh-code-taxscan.webp "SEBI Introduces ‘TLH’ Code for Smooth Transmission of Securities from Nominee to Legal Heir in CBDT Reporting [Read Circular]")
![Sole Reliance on Retracted and Untested Statements Impermissible: CESTAT Sets Aside Penalty on Diamond Broker in Overvaluation Case [Read Order]](https://images.taxscan.in/h-upload/2025/09/20/250x150_2089042-sole-reliance-statements-impermissible-cestat-taxscan.webp "Sole Reliance on Retracted and Untested Statements Impermissible: CESTAT Sets Aside Penalty on Diamond Broker in Overvaluation Case [Read Order]")
![Disallowance of ₹2.26 Lakh Bonus as Dividend Due to Audit Report Error: ITAT Deletes Addition Based on CA’s Certificate [Read Order]](https://images.taxscan.in/h-upload/2025/09/20/250x150_2089029-audit-report-error-taxscan.webp "Disallowance of ₹2.26 Lakh Bonus as Dividend Due to Audit Report Error: ITAT Deletes Addition Based on CA’s Certificate [Read Order]")
Loans from Sister Concern Treated as Deemed Dividend u/s 2(22)(e): ITAT Deletes Addition, Treating It as Business Current Account with Interest Repayment [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of deemed dividend under section 2(22)(e) of Income Tax Act,1961, on loans received from a sister concern,...
![Loans from Sister Concern Treated as Deemed Dividend u/s 2(22)(e): ITAT Deletes Addition, Treating It as Business Current Account with Interest Repayment [Read Order]](https://images.taxscan.in/h-upload/2025/09/20/500x300_2089037-itat-ahmedabad-loans-interest-repayment-taxscan.webp "Loans from Sister Concern Treated as Deemed Dividend u/s 2(22)(e): ITAT Deletes Addition, Treating It as Business Current Account with Interest Repayment [Read Order]")
ITAT Deletes ₹10.42 Lakh Addition u/s 69A as Cash Deposits during Demonetization Explained by Withdrawals [Read Order]
The Ranchi Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of ₹10.42 lakh under section 69A of Income Tax Act,1961, holding that cash deposits made during the demonetization ...
![ITAT Deletes ₹10.42 Lakh Addition u/s 69A as Cash Deposits during Demonetization Explained by Withdrawals [Read Order]](https://images.taxscan.in/h-upload/2025/09/20/500x300_2089036-itat-cash-deposits-withdrawals-taxscan.webp "ITAT Deletes ₹10.42 Lakh Addition u/s 69A as Cash Deposits during Demonetization Explained by Withdrawals [Read Order]")
Disallowance of ₹16.28 Lakh Bogus Purchase without Rejection of Books: ITAT Restricts Addition to ₹1.29 Lakh Applying GP Rate [Read Order]
The Ranchi Bench of Income Tax Appellate Tribunal ( ITAT ) partly allowed the appeal and restricted the addition of ₹16.28 lakh for alleged bogus purchases to ₹1.29 lakh by applying a 7.92% gross ...
![Disallowance of ₹16.28 Lakh Bogus Purchase without Rejection of Books: ITAT Restricts Addition to ₹1.29 Lakh Applying GP Rate [Read Order]](https://images.taxscan.in/h-upload/2025/09/20/500x300_2089034-disallowance-bogus-purchase-itat-restricts-addition-taxscan.webp "Disallowance of ₹16.28 Lakh Bogus Purchase without Rejection of Books: ITAT Restricts Addition to ₹1.29 Lakh Applying GP Rate [Read Order]")
Income Tax Penalty Cannot Be Levied on Estimated Additions for Alleged Bogus Purchases: Bombay HC [Read Order]
In a recent ruling, the Bombay High Court held that income tax penalty cannot be imposed when additions are made only on an estimated basis in cases of alleged bogus purchases. Colo Colour Pvt....
![Income Tax Penalty Cannot Be Levied on Estimated Additions for Alleged Bogus Purchases: Bombay HC [Read Order]](https://images.taxscan.in/h-upload/2025/09/20/500x300_2089066-income-tax-pently-bogus-purchases-sales-taxscan.webp "Income Tax Penalty Cannot Be Levied on Estimated Additions for Alleged Bogus Purchases: Bombay HC [Read Order]")
Disallowance of Rs.10.28 Lakh Interest on Loan by Charitable Trust as Application of Income: ITAT Sets Aside CIT(A) Order [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the Commissioner of Income Tax (Appeals)[CIT(A)] order in the case concerning the disallowance of Rs.10.28 lakh interest on loan...
![Disallowance of Rs.10.28 Lakh Interest on Loan by Charitable Trust as Application of Income: ITAT Sets Aside CIT(A) Order [Read Order]](https://images.taxscan.in/h-upload/2025/09/20/500x300_2089018-itat-delhi-trust-taxscan.webp "Disallowance of Rs.10.28 Lakh Interest on Loan by Charitable Trust as Application of Income: ITAT Sets Aside CIT(A) Order [Read Order]")
Win for Parle Products: Bombay HC Rules Freight Charges Reimbursed by Wholesalers Do Not Form Part of Sale Price, No Sales Tax Payable [Read Order]
In a recent ruling, the Bombay High Court held that freight charges reimbursed by wholesalers do not form part of the sale price, and no sales tax is payable on such amounts. The Commissioner...
![Win for Parle Products: Bombay HC Rules Freight Charges Reimbursed by Wholesalers Do Not Form Part of Sale Price, No Sales Tax Payable [Read Order]](https://images.taxscan.in/h-upload/2025/09/20/500x300_2089058-win-for-parle-products-parle-products-taxscan.webp "Win for Parle Products: Bombay HC Rules Freight Charges Reimbursed by Wholesalers Do Not Form Part of Sale Price, No Sales Tax Payable [Read Order]")