Addition to cash-in-hand cannot be made without rejecting audited books of account under Section 145. Addition to cash-in-hand cannot be made without rejecting audited books of account under Section 145. Issue Whether an addition can be made to the assessee’s income under Section 147 on account of cash-in-hand merely based on the difference between opening… Read More »
Form 10-IC Exercised for Earlier Year Validates Concessional Tax Benefit Under Section 115BAA for Subsequent Years Issue Whether an option under Section 115BAA(5) once exercised by filing Form No. 10-IC for Assessment Year 2023-24 automatically applies to the subsequent Assessment Year 2024-25, thereby entitling the assessee to the concessional tax regime. Facts The assessee-company opted… Read More »
IEC Suspension Revoked and IGST Refund Matter Remanded for Adjudication on Merits by Authority IEC Suspension Revoked and IGST Refund Matter Remanded for Adjudication on Merits by Authority Issue Whether suspended IGST export refunds under Rule 96 and eligibility issues raised by the tax authority should be remanded to the competent respondent for determination on… Read More »
Remand Ordered for Verification of TDS Credit Where Assessee Demonstrated Tax Payment by Deductor Remand Ordered for Verification of TDS Credit Where Assessee Demonstrated Tax Payment by Deductor Issue Whether denial of TDS credit based solely on Form 26AS mismatch is sustainable when the assessee produces evidence demonstrating full tax deduction and payment by the… Read More »
Estimation of gross profit within industry range and disallowance of reasonable interest on unsecured loans are unsustainable without identifying specific defects in audited accounts. Estimation of gross profit within industry range and disallowance of reasonable interest on unsecured loans are unsustainable without identifying specific defects in audited accounts. Issue Whether the Assessing Officer can reject… Read More »
ITAT Remands Rejections Of Trust Registrations And Section 80G Approvals For Fresh Adjudication ITAT Remands Rejections Of Trust Registrations And Section 80G Approvals For Fresh Adjudication Issue Whether Section 12A/12AB registration or Section 80G approval can be rejected solely due to technical errors, such as selecting the wrong clause in online forms. Whether rejection of… Read More »
Addition Under Section 69 And Capital Gains Tax Quashed As Investment Source Stood Duly Explained Issue Whether addition made under Section 69 towards alleged unexplained cash investment in agricultural land is sustainable when the cash payment source is supported by bank withdrawals. Whether agricultural land situated beyond 8 kilometers from municipal limits (as per Notification… Read More »
Rejection of Section 80G Approval Without Verifying Incidental Religious Expenditure Threshold Remanded for Fresh Examination Issue Whether the Commissioner of Income-tax (Exemptions) was justified in rejecting the assessee-society’s application for approval under Section 80G(5) without examining whether its religious activities were merely incidental to its charitable objects and within the permissible 5% expenditure limit under… Read More »