In a decision providing clarity on how discrepancies in stock reporting should be treated for income tax purposes, the Income Tax A ...

Based on this non-compliance, the CIT (E) proceeded to reject the application for grant of registration under Section 12A. In addition, the provisional registration that had been granted earlier to ...

Kastwel Foundries, a firm involved in the manufacturing of Ferro Alloys and Master Alloys, had filed its return of income for the assessment year in question, declaring a total income of ₹70,20,916.

The case dates back to the import of various textile articles by EMM EII Wooltex. Following the filing of a Bill of Entry in May 2017, customs authorities examined the goods and raised concerns that ...

Mumbai: In a decision with implications for the agricultural inputs sector, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai, has ruled that “Liquid Seaweed Concentrate (Crop ...

The case pertains to an appeal filed by Aanya Learning Foundation against the CIT (E)’s order dated July 16, 2018. Aanya Learning Foundation, seeking recognition as an educational institution for tax ...

The initial assessment for this year was completed ex parte by the Assessing Officer (AO) on November 7, 2019, under Section 144 of the Income Tax Act, 1961. An ex parte assessment is carried out when ...

The case involves Tosifbhai Tajdin Halani, an individual, whose income tax return for the assessment year 2017-18, filed on March 31, 2018, declared a total income of Rs. 39,00,700. The return was ...

Subsequently, the AO estimated the company’s income by applying a net profit rate of 20% on the declared turnover of Rs. 8,76,17,876, arriving at an estimated income of Rs. 1,75,23,575. This resulted ...

Given the trust’s failure to provide any explanation for its non-compliance, the ITAT decided to impose a cost of Rs. 5,000 on the trust. The trust is required to pay this amount to the Income Tax ...

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has set aside penalty orders issued against G.D. Goenka Pvt. Ltd. for as ...

The core of the petitioner’s argument before the High Court was that a notice under Section 46 is a prerequisite for initiating assessment proceedings under Section 62. Without this prior notice and ...