Judgement

The ITAT Ahmedabad decided in favour of Hiralben Jineshbhai Bavisi, holding that cash deposits in her bank account constituted business receipts and not unexplained income, deleting the prior addition.

Unexplained Cash Deposits: ITAT Ahmedabad Grants Relief to Small Homemade Food Business

The ITAT directed deletion of a Rs 10.76 lakh expense disallowance due to the absence of identified defects in audited books and remanded a Rs 17.66 lakh addition under Section 40A(3) for fresh verification of Rule 6DD exceptions.

ITAT Deletes Rs 10.76 Lakh Expense Disallowance, Remands Rs 17.66 Lakh Cash Payment Issue

The ITAT held that failure to establish service of the mandatory Section 143(2) notice and the jurisdictional defect under CBDT Circular No. 1/2011 invalidated the assessment proceedings.

ITAT Quashes Bogus LTCG Assessment for Non-Service of Mandatory Section 143(2) Notice

The GSTAT holds that sale during transit does not exempt taxpayer from E-way bill compliance.

GSTAT Upholds Penalty for Expired E-Way Bill and Incorrect Dispatch Details

A Mumbai lawyer and five others have been arrested in an alleged Rs 9.88 crore cyber fraud involving SIM swapping and a network of over 1,000 bank accounts.

Mumbai Lawyer Among Six Arrested in Rs 9.88 Crore Cyber Fraud; Police Uncover Network of Over 1,000 Bank Accounts

The Orissa HC quashed a Rs 696.32 crore mining demand against JSW Steel and remanded a separate Rs 1,472.69 crore demand concerning dispatch shortfalls at its Jajang Iron Ore Block for fresh adjudication.

Orissa High Court Quashes Rs 696.32 Crore Demand Against JSW Steel, Sets Aside Rs 1,472.69 Crore Demand

The GSTAT holds that GST Penalty cannot be automatically sustained without examining the actual movement and nature of the Breach.


GSTAT Remands GST Penalty Case for Fresh Adjudication Over Uncertain Goods Movement

The Union Cabinet has approved a new Bill to increase the number of Supreme Court judges from 33 to 37, excluding the Chief Justice, aiming for faster justice and better case handling.

Supreme Court Judge Strength to Increase from 33 to 37 for Faster Justice

The Tribunal examined the DGAP report; found that ITC benefits were already passed to buyers; held no profiteering occurred; accepted the closure report; and dismissed the proceedings against the respondent company.

Builder Cleared of Profiteering Charges After Passing Excess ITC Benefit to Homebuyers: GSTAT

Jubilant Ingrevia Limited received a GST penalty order confirming demand for FY 2017-18, alleging wrongful ITC use, and stated it planned to file an appeal before GSTAT.

Jubilant Ingrevia to Challenge Rs 2.03 Crore GST Demand Before GSTAT

Gobind Jain filed a Rs 70 crore lawsuit against IndusInd Bank, alleging wrongful termination without due process, seeking reinstatement, unpaid dues, and reputational damages in the Bombay High Court.

Rs 70 Crore Claim Row: Ex-CFO Gobind Jain Moves Bombay High Court Against IndusInd Bank Over Alleged Wrongful Dismissal

Dream Sports launched DreamStreet, its new retail broking platform, marking entry into financial services. The platform offered equity and ETF trading with AI tools to simplify investing for users.

Dream Sports Launches Dream Street: AI-Powered Entry into India’s Retail Broking Market

Income Tax

Finance

ICAI

ITAT Delhi

ITAT

Chartered Accountant

CBDT

ITAT Mumbai

The ITAT upholding a Rs 2.76 lakh addition under Section 68 and a penalty of Rs 85,370 under Section 271(1)(c) over alleged bogus long-term capital gains from Safal Herbs Ltd. shares.

ITAT Upholds Rs 2.76 Lakh Addition, Holds Stock Exchange and Banking Records Alone Cannot Prove Genuine LTCG

The ITAT upheld the deletion of a Rs 1.80 crore addition under Section 68, holding that the increase in asset value arose from revaluation of assets acquired in an earlier financial year rather than any fresh unexplained investment.

ITAT Deletes Rs 1.80 Crore Addition, Holds Asset Revaluation Does Not Mean Fresh Investment

The ITAT upheld a Rs 1.90 lakh addition under Section 69A after rejecting the genuineness of a political donation claimed as a deduction under Section 80GGC.

Unexplained Cash Deposits: ITAT Ahmedabad Grants Relief to Small Homemade Food Business:

Unexplained Cash Deposits: ITAT Ahmedabad Grants Relief to Small Homemade Food Business

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