The Tribunal ruled that undated, unsigned loose sheets lacking independent evidence cannot justify additions under Section 153A. Relying on Supreme Court precedent, it deleted additions exceeding ...

ITAT held that once identity, genuineness and creditworthiness of the loan creditor were established, addition under Section 69 was unsustainable. The creditors disclosure before the Settlement ...

The ITAT Kolkata held that where assessment is completed under Section 143(3), alleged earlier non-compliance with notices stands impliedly condoned. Penalty under Section 271(1)(b) was therefore ...

ITAT held that approval by the Principal Commissioner was invalid where more than three years had elapsed from the assessment year. Since Section 151(ii) required sanction from PCCIT/CCIT, the ...

The Tribunal held that once the return is accepted as valid under Section 139(1), denial of carry forward loss on belated filing grounds is contradictory and ...

While the Bharatiya Sakshya Adhiniyam follows the rule that the asserting party must prove its claim, Section 155 of the CGST Act places the burden of proving ITC eligibility on the ...

The Tribunal held that reopening based solely on investigation wing information without independent application of mind is invalid. Mechanical reasons cannot justify reassessment under Section ...

The ITAT reaffirmed that Section 2(22)(e) cannot extend the definition of shareholder to a concern receiving the loan. The deemed dividend, if attracted, must be taxed in the hands of the substantial ...

Madras High Court held that affiliation fee collected by the Universities does not fall within exemption hence such fees collected by the University from the Colleges as affiliation fees is amenable ...

Authorities now scrutinize NGO financial statements before granting or renewing registration. Proper documentation and clear charitable application of surplus are ...

Recent AAR rulings have raised questions on whether ITC on imports is subject to Section 16(4). While one ruling applies the time limit strictly, another highlights structural differences in import ...

The Tribunal found that the investors had substantial net worth far exceeding their investments. With PAN, ITRs, bank statements, and audited financials on record, the share capital could not be ...