The tribunal considered whether total bank credits could be added as unexplained money. It held that when deposits are consistent with declared turnover and business activity, they cannot be treated ...

The Tribunal held that a notice under section 148 issued beyond three years requires sanction from PCCIT under section 151(ii). Approval from PCIT was held insufficient, leading to quashing of the ...

ITAT held that delay in filing Form 9A cannot automatically result in denial of exemption under Section 11. The issue was ...

The Tribunal ruled that Section 148A(b) requires a minimum of seven days for the assessee to respond. Failure to grant this statutory period renders the notice and subsequent reassessment proceedings ...

GSTAT directed the DGAP to re-examine the profiteering computation after questions were raised about ignored cost increases, ...

CDSCO approval is required before drugs, medical devices, and related products can be manufactured or sold in India. The ...

The Madras High Court held that once late fee under Section 47 is levied for delayed annual return filing, authorities cannot impose an additional general penalty under Section 125. The court set ...

Income Tax: The Tribunal examined a case where the assessee failed to substantiate purchases and sundry creditors with supporting documents. I ...

The Tribunal examined a case where the assessee failed to substantiate purchases and sundry creditors with supporting documents. It upheld estimation of income at 8% of turnover as a reasonable method ...

ITAT Chennai rules 60% tax under Section 115BBE not applicable to AY 2017-18 transactions before 01-04-2017; directs tax on ₹30.43 lakh addition at ...

The Tribunal held that the assessee had furnished PAN, bank statements, confirmations, and financial details establishing the identity and source of the investor. Since the AO relied mainly on tracing ...

The Tribunal held that when the difference between purchase price and DVO valuation falls within the 10% tolerance band, no addition can be made under section 56(2)(vii). The addition based on stamp ...