News

Rajshree Sugars & Chemicals receives a favourable order dropping all central excise proceedings involving Rs 62.83 crore in demand, penalty and interest, with no financial impact on the company.

Rajshree Sugars & Chemicals Wins Major Tax Relief as Chennai Commissioner Drops Rs 62.83 Crore Central Excise Proceedings

Judgement

The ITAT deleted a Rs 4.42 lakh penalty under Section 270A, ruling that mere disallowance of delayed PF and ESI contribution deductions does not automatically constitute misreporting of income.

ITAT Deletes Rs 4.42 Lakh Penalty, Says PF and ESI Disallowance Does Not Amount to Misreporting

The RBI has imposed a total penalty of Rs 7.3 lakh on Canara Bank over ATM cashouts at 73 ATMs across Karnataka and Tamil Nadu.

RBI Imposes Rs 7.3 Lakh Monetary Penalty on Canara Bank Over ATM Cashouts at 73 ATMs in Karnataka and Tamil Nadu

The ITAT restored the matter to the AO for fresh assessment after finding that the CIT(A) had passed an ex parte order without adjudicating all grounds of appeal on merits, violating the principles of natural justice.

ITAT Remands Tax Matter to AO After Finding Natural Justice Violation and CIT(A)'s Failure to Examine Appeal on Merits 

5paisa Capital secures Rs 40.03 crore relief in its AY 2023-24 income tax appeal, reducing the disputed disallowance to Rs 2.87 crore.

5paisa Capital Wins Major Relief in Income Tax Appeal, Disallowance Cut to Rs 2.87 Crore

The SC has ruled that income tax reassessment proceedings are invalid in the absence of a mandatory notice under Section 143(2), clarifying that taxpayer participation cannot cure the complete non-issuance of such notice.

Supreme Court: Income Tax Reassessment Invalid Without Mandatory Section 143(2) Notice Issuance Even If Taxpayer Participates

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