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Income Tax Department imposes Rs. 5.50 crore penalty on IDBI Bank

Income Tax Department imposes Penalty of Rs. 5.50 Cr on IDBI Bank

The ITAT sent back Shilpa Shetty Kundra’s gift case to the AO for fresh verification due to lack of clear evidence supporting the transaction.

Even though the said demand is too heavy, SBI has assured that the demand order does not have any impact on the operations or other activities.

High Court upholds ITAT order deleting bogus purchase addition, finds no substantial question of law.

Tribunal partly allowed the appeal of the assessee by deleting LTCG and commission additions and remanding the STCG issue for fresh assessment.

Court holds self-generated trademarks not taxable before 2001 amendment, rejecting retrospective application and business income claim.