Judgement

ITAT upholds CIT(A)’s deletion of Section 68 addition; finds unsecured loans genuine and no material linking assessee to entry operations.

ITAT: No Section 68 Addition Where Loans Duly Proven

Tribunal holds PCIT cannot invoke Section 263 when reassessment completed on specific recorded reasons; no addition made on unrelated issue.

DRI carried out a codenamed operation called “Operation Fire Trail” in a major legal action against the smuggling of Chinese firecrackers into India.

As per the GST department, GAEL wrongly claimed ITC from suppliers who were cancelled, non-genuine and non-existent Taxpayers.

Uno Minda receives customs order over HSN misclassification; pays duty, penalty, and fine but expects no major impact on operations or finances.

West Bengal extends GST audit deadline for FY 2021-22 under WBGST Act due to delays in document submissions by taxpayers.