Judgement

SC dismisses Kanak Impex’s SLP; Bombay High Court’s ruling restoring full addition under Section 69C stands affirmed

Supreme Court Upholds 100% Disallowance on Bogus Purchases: Company Fails to Prove Genuineness of Transactions

SC Upholds 100% Disallowance on Bogus Purchases: Company Fails to Prove Genuineness of Transactions

Articles

When you are purchasing the properties, the TDS provisions vary, depending on the residential status of the seller.

TDS Provisions for Buying Property from NRI Seller

BMA charges are applicable on a foreign asset in the year it “comes to the notice of the AO".

Black Money Act applies in year in which such asset comes to notice of AO: ITAT

Tribunal Allows Relief on Commission and Interest Issues; Confirms Gratuity Disallowance Due to Non-Compliance with Section 36(1)(v).

ITAT Deletes Commission & Interest Disallowances; Upholds Gratuity Addition

Tribunal holds that ample interest-free funds negate allegation of diversion; non-cash diminution entry cannot erode partners’ capital for Section 36(1)(iii) purposes.

ITAT Deletes Rs. 2.88 Crore Interest Disallowance: Partners’ Withdrawals Cannot Be Treated as Diversion of Borrowed Funds

ITAT Delhi deleted the credit card expense addition and sent the salary mismatch issue back to the tax authorities for fresh verification.

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SC Upholds 100% Disallowance on Bogus Purchases: Company Fails to Prove Genuineness of Transactions

TDS Provisions for Buying Property from NRI Seller

Black Money Act applies in year in which such asset comes to notice of AO: ITAT

ITAT Deletes Commission & Interest Disallowances; Upholds Gratuity Addition

ITAT Deletes Rs. 2.88 Crore Interest Disallowance: Partners’ Withdrawals Cannot Be Treated as Diversion of Borrowed Funds

ITAT Delhi Remands Salary Addition for Fresh Check, Deletes Credit Card Expense Addition