Articles

The ITAT agreed with the CIT(A) that non-maintenance of the item-wise stock register alone cannot be the only reason to reject books.

AO Cannot Reject Books of Accounts Solely for Non-Maintenance of Stock Register: ITAT

Judgement

ITAT deleted interest disallowance, holding that advances to other business were part of regular business transactions and not proved to be from borrowed funds.

ITAT Deletes Rs 75.61 Lakh Interest Disallowance for Interest-Free Business Advances

The ITAT upheld CIT(A)'s order ruling that once the sales are accepted, the entire purchases cannot be treated as non-existent.

Only Profit Can be Taxed in Bogus Purchase Case: ITAT Rejects Revenue Appeal

ITAT granted a charitable trust one final opportunity to submit documents for Section 12AB registration, imposing a Rs. 5,000 cost due to repeated non-compliance.

ITAT Grants One More Opportunity to Charitable Trust for Section 12AB Registration, Imposes Rs. 5,000 Cost

Supreme Court dismisses Income Tax Department’s appeals, ending long-standing Nestlé India’s Rs. 101.21 crore licensing fee dispute.

Supreme Court Ends Rs. 101.21 Crore Licensing Fee Case Against Nestlé India; Tax Dept's Appeals Dismissed

The Tribunal noted that evenaif the department was not familiar with the death of the assessee, a penalty proceeding against a deceased person is still invalid.

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AO Cannot Reject Books of Accounts Solely for Non-Maintenance of Stock Register: ITAT

ITAT Deletes Rs 75.61 Lakh Interest Disallowance for Interest-Free Business Advances

Only Profit Can be Taxed in Bogus Purchase Case: ITAT Rejects Revenue Appeal

ITAT Grants One More Opportunity to Charitable Trust for Section 12AB Registration, Imposes Rs. 5,000 Cost

Supreme Court Ends Rs. 101.21 Crore Licensing Fee Case Against Nestlé India; Tax Dept's Appeals Dismissed

Income Tax Penalty Proceedings Cannot be Initiated Against Deceased Person: ITAT