Judgement

Only sale (credit entries) taxable under Section 68, not purchases; ITAT upheld limited addition and dismissed Revenue’s appeal.

 Addition under Section 68 Restricted to Sale Proceeds; Purchases Not Taxable

HC refuses interference, holds factual issues on foreign remittances must be examined by Assessing Officer.

HC Upholds Reassessment; Factual Issues on Foreign Remittances for AO

Notifications

The central government has authorized the police officers to conduct investigation into the cases concerning online gaming.

MeitY Authorises Police Officers to Investigate Online Gaming Crimes

News

The authority will regulate the online gaming sector by making sure online games are safe and fair for everyone.

Indian Government Constitutes New Authority to Watch Over Online Gaming

ITAT condoned a 1004-day delay and ordered fresh adjudication after finding ex parte tax proceedings violated principles of natural justice, while dismissing one appeal and partly allowing the other.

1004 Day Delay Condoned: ITAT Kolkata Criticises Lack of Hearing, Remands Case for Fresh Consideration

Exemption under Section 11(2) was denied due to a vague purpose (“Social”) in Form 10. The ITAT required a clear purpose but remanded the case to verify actual utilization.

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Addition under Section 68 Restricted to Sale Proceeds; Purchases Not Taxable

HC Upholds Reassessment; Factual Issues on Foreign Remittances for AO

MeitY Authorises Police Officers to Investigate Online Gaming Crimes

Indian Government Constitutes New Authority to Watch Over Online Gaming

1004 Day Delay Condoned: ITAT Kolkata Criticises Lack of Hearing, Remands Case for Fresh Consideration

Vague Purpose in Income Tax Form 10 Leads to Section 11(2) Denial; ITAT Remands for Verification of Fund Utilization