Judgement

The ITAT held that a 1% gross profit disallowance under Section 37 was justified since the corresponding sales remained undisputed.

ITAT Restricts Bogus Purchase Disallowance to 1%, Slashes Addition from Rs 50.95 Lakh to Rs 50,950

The ITAT deleted the Rs 53.76 lakh addition made on additional compensation for compulsory acquisition of agricultural land, holding the amount exempt from tax.

ITAT Deletes Rs 53.76 Lakh Addition, Holds Additional Compensation for Compulsory Acquisition of Agricultural Land Tax-Exempt

News

The Madras HC has upheld Mahindra Holidays & Resorts' revenue deferral accounting methodology for AY 2006-07 and 2007-08, resulting in a Rs 106 crore reduction in the company's contingent liability.

Madras HC Upholds Mahindra Holidays’ Revenue Deferral Methodology, Cuts Contingent Liability by Rs 106 Crore

A Bengaluru-based fintech firm has reported a Rs 31.43 crore cyber fraud involving 301 unauthorised debit transactions from its escrow account, with the funds allegedly transferred to 127 beneficiary bank accounts.

Bengaluru Fintech Firm Reports Rs 31.43 Crore Cyber Fraud Involving 301 Unauthorised Transactions

Sapphire Foods India Limited has received a GST rectification order from Karnataka tax authorities confirming a demand of Rs 4.39 crore.

Sapphire Foods India Faces Rs 4.39 Crore GST Demand After Karnataka Tax Authorities Issue Rectification Order

The ITAT Delhi has condoned delay in filing appeals by senior citizen and remands assessment and penalty proceedings for fresh adjudication.

ITAT Holds Change of Mobile Number, Email ID and Relocation Constituted Sufficient Cause for Condoning Delay

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