Judgement

HC remands matter where assessing officer ignored binding circulars on valuation of corporate guarantee between related parties

GST Order on Corporate Guarantee Set Aside for Non-Consideration of CBIC Circulars

Non-filing of ITR by suppliers does not render purchases bogus, when purchases have been substantiated via invoices, GRNs, e-way bills, transport records, bank payments, GST data

Non-filing of ITR by suppliers does not render purchases bogus: ITAT

The Tribunal cited the case of Arvind Kumar Agarwal vs. ITO (supra), which also clarified that the condition requiring the timely submission of a return for claiming a deduction under section 10AA was applicable from 1.04.2024.

ITAT: Section 10AA Deduction Can’t Be Denied for AY 2023-24 for Belated Return or Form 56F Filed Within Extended Time

News

India’s tax landscape is shifting as young professionals increasingly earn from salaries, driving a sharp rise in complex, multi-income tax filings.

Indian's Shift from Salary Earners to Multi-Income Taxpayers as number of ITR-3 filers increase

The ITAT held that since the loss was withdrawn and no benefit was availed by the assessee, the required condition for levying a penalty under Section 271(1)(c) was not satisfied.

ITAT Deletes Section 271(1)(c) Penalty for Withdrawn claim of carry forward of loss

Orders

ROC Ahmedabad imposes a penalty on the company and its two directors, amounting to Rs. 10,000 each, for incorrect AOC-4 filing under the Companies Act, 2013.

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GST Order on Corporate Guarantee Set Aside for Non-Consideration of CBIC Circulars

Non-filing of ITR by suppliers does not render purchases bogus: ITAT

ITAT: Section 10AA Deduction Can’t Be Denied for AY 2023-24 for Belated Return or Form 56F Filed Within Extended Time

Indian's Shift from Salary Earners to Multi-Income Taxpayers as number of ITR-3 filers increase

ITAT Deletes Section 271(1)(c) Penalty for Withdrawn claim of carry forward of loss

ROC Ahmedabad Slaps Penalty of Rs. 30,000 on Company and Its Two Directors for AOC-4 Filing Lapse