News

Bombay HC restores Tata Steel’s tax writ petition, allowing the company to challenge the retrospective reassessment law and contest the Rs 25,185.51 crore loan waiver tax dispute.

Tata Steel Tax Case Revived After Bombay HC Restores Writ Petition

Judgement

The ITAT held that cash deposited during demonetisation was part of the assessee's business turnover and directed the AO to estimate income at a 6% net profit rate.

Cash Deposited During Demonetisation Cannot Be Taxed Under Section 69A if Linked to Business, Holds ITAT 

The ITAT Delhi has held that a reassessment completed without issuing the mandatory notice under Section 143(2) is void in law. 

ITAT Rules That Reassessment Proceedings Invalid Without Mandatory Notice under Section 143(2)

Delhi ITAT deletes Rs 2.13 crore Section 68 addition after finding that the loan transactions were supported by sufficient evidence and routed through banking channels.

ITAT Deletes Rs 2.13 Crore Addition Under Section 68, Grants Major Tax Relief

The ITAT deleted Section 68 addition, holding that unsecured loan amounts directly paid to the Haryana Mining Department through banking channels do not require examination of identity or creditworthiness.

ITAT Says Identity and Creditworthiness Irrelevant Where Loan Was Directly Paid to Haryana Mining Department

The Tribunal dismissed the Revenue's appeal after ruling that the quashing of the substantive assessment left no basis for the protective addition.

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Tata Steel Tax Case Revived After Bombay HC Restores Writ Petition

Cash Deposited During Demonetisation Cannot Be Taxed Under Section 69A if Linked to Business, Holds ITAT

ITAT Rules That Reassessment Proceedings Invalid Without Mandatory Notice under Section 143(2)

ITAT Deletes Rs 2.13 Crore Addition Under Section 68, Grants Major Tax Relief

ITAT Says Identity and Creditworthiness Irrelevant Where Loan Was Directly Paid to Haryana Mining Department

ITAT: Protective Addition Cannot Survive After Substantive Assessment Is Quashed