Judgement

The ITAT held that since the purchase records and stock in the books of both entities have not been questioned, the transfer of stock to a dormant entity by does not make the cash sales suspicious.

ITAT Upholds Cash Jewellery Sales During Demonetisation; Rejects Revenue's Appeal

Considering this, the tribunal ruled that the late supply of goods is not a crime or violation of law but a payment for breach of contract.

Penalty on Late Supply of Goods is Compensatory in Nature and is Allowable Business Expenses: ITAT

Articles

This shift is even more pronounced in presumptive tax cases, where about 97% of the taxpayers under the presumptive taxation have shifted to the new tax regime.

No Plans to Introduce Sunset Clause for Old Tax Regime: CBDT Chairman as Majority of Taxpayers Shifting to New Regime

The year of transfer was 2000, in which the full consideration was paid under the development agreement and not in 2008 as per the registered sale deed.

Capital Gains Taxable in Year of Development Agreement Execution, Not Sale Deed: ITAT

Many taxpayers are still waiting for FY 2024-25 income tax refunds due to high-value claim scrutiny, pending tax demand adjustments, employer-TDS mismatches, and unresolved notices or verification issues.

Income Tax Refunds Still Awaited? Major Causes Behind This Year’s Processing Delays

The IT Department plans to clear over 2 lakh pending appeals in FY26 by simplifying procedures and reducing penalties.

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ITAT Upholds Cash Jewellery Sales During Demonetisation; Rejects Revenue's Appeal

Penalty on Late Supply of Goods is Compensatory in Nature and is Allowable Business Expenses: ITAT

No Plans to Introduce Sunset Clause for Old Tax Regime: CBDT Chairman as Majority of Taxpayers Shifting to New Regime

Capital Gains Taxable in Year of Development Agreement Execution, Not Sale Deed: ITAT

Income Tax Refunds Still Awaited? Major Causes Behind This Year’s Processing Delays

Income Tax Dept Targets Disposal of Over 2 Lakh CIT(A) Appeals in FY26