Judgement

The audit report was claimed to be incomplete, as it did not disclose public deposits and issues like "evergreening of assets", making the company look financially more stable than it actually was.

Delhi High Court Upholds Removal of CA from ICAI Members List for Furnishing Incorrect Audit Report

ITAT upheld the Rs. 2.07 crore addition, holding that fully repaid loans routed through banking channels with proper documentation cannot be treated as unexplained cash credits.

Genuine Loan Transactions Cannot Be Treated as Bogus: ITAT Deletes Rs. 2.07 Crore Addition 

Notifications

MCA has amended the NFRA Part-Time Members Rules, 2022, updating the list of appointed part-time members.

MCA Notifies Amendment in NFRA Part-Time Members Rules, 2022

Tribunal directed the CIT(A) to allow the assessee to file a condonation petition, and if the CIT(A) finds the explanation reasonable, the delay should be condoned.

Substantial Justice Should be Preferred Over Technicalities: ITAT Gives Another Chance After Appeal Dismissed for 124-Day Delay

Orders

RailTel disclosed a Rs 49.24 lakh CGST penalty and confirmed it has filed an appeal, citing no material business impact.

RailTel Receives Rs 49.24 Lakh Penalty, Says No Material Impact on Operations

ITAT quashed the reassessment against the assessee after holding that the reopening was approved by an incompetent authority.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

Delhi High Court Upholds Removal of CA from ICAI Members List for Furnishing Incorrect Audit Report

Genuine Loan Transactions Cannot Be Treated as Bogus: ITAT Deletes Rs. 2.07 Crore Addition

MCA Notifies Amendment in NFRA Part-Time Members Rules, 2022

Substantial Justice Should be Preferred Over Technicalities: ITAT Gives Another Chance After Appeal Dismissed for 124-Day Delay

RailTel Receives Rs 49.24 Lakh Penalty, Says No Material Impact on Operations

ITAT Deletes Entire 4.11 Crore Addition Due to Incompetent Reopening Approval