Judgement

The ITAT Ahmedabad rules that opening cash cannot be treated as unexplained merely due to non-disclosure in earlier ITRs if backed by financial capacity and reasonable explanation.

ITAT Holds Opening Cash Cannot Be Added Without Supporting Evidence

The High Court set aside a GST demand issued against the petitioner under Section 73(9) of the KGST Act and remitted the matter back to the tax authority for fresh consideration.

10% Deposit Condition: HC Remits GST Matter Back to Tax Authority

Court rules share buyback is capital reduction, not property receipt under undervaluation provisions.

HC Clarifies Buyback Transactions Outside Deemed Income Provisions

The ITAT Rajkot allowed Section 87A rebate on STCG where the total income does not exceed the limit of Rs 7 lakh and deleted the tax demand.

Section 87A Rebate Cannot be Disallowed Against STCG If Income Is Below Rs 7 Lakh: ITAT

Drawback allowed where SEZ goods cleared to DTA and later re-exported

CBIC Clarifies Drawback Eligibility on Re-Export of SEZ-Sourced Goods

Articles

Income tax refund is not taxable, but Interest on refund is taxable under “Income from Other Sources” as per the Income-tax Act, 1961 and Income Tax Act, 2025, and must be reported in the year of receipt.

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ITAT Holds Opening Cash Cannot Be Added Without Supporting Evidence

10% Deposit Condition: HC Remits GST Matter Back to Tax Authority

HC Clarifies Buyback Transactions Outside Deemed Income Provisions

Section 87A Rebate Cannot be Disallowed Against STCG If Income Is Below Rs 7 Lakh: ITAT

CBIC Clarifies Drawback Eligibility on Re-Export of SEZ-Sourced Goods

Refund in Hand, Tax in Demand: The Truth About Interest on Income Tax Refund