AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT ruled that ad-hoc additions for undervaluation of closing stock are unsustainable if specific undervaluation is not identified. The ruling emphasizes the need for detailed assessment in tax evaluations.
The Income Tax Appellate Tribunal (ITAT) has condoned a 247-day delay in a farmer's tax appeal after his Chartered Accountant failed to respond to tax notices. The matter has been remanded for a fresh hearing.
The Allahabad High Court has dismissed a GST writ on the grounds of non-participation by the petitioner, finding no statutory barrier in scheduling reply and personal hearing on the same date.
The ITAT ruled that a delay in submitting a tax audit report does not justify imposing a penalty under Section 271B if the audit was completed timely. This ruling clarifies compliance expectations for tax professionals.
A new case digest elaborates on instances where errors made by Chartered Accountants or tax consultants can be deemed a 'reasonable cause' for delays or penalties. This can significantly impact tax compliance practices.
The Income Tax Appellate Tribunal (ITAT) accepted the source of ₹23 lakh deposited in a wife's account, citing the sale of trees and mangoes as legitimate proof. This ruling highlights the importance of documentary evidence in validating financial transactions.
The Reserve Bank of India has issued guidelines permitting exporters to write off unrealized export proceeds under certain conditions. The guidelines specify limits on the write-offs, documentation requirements, and the necessity to surrender export incentives.
The ITAT has ruled that a delay in submitting a tax audit report does not warrant penality under Section 271B if the audit was completed on time.
A recent digest clarifies under what circumstances errors made by Chartered Accountants can be accepted as 'reasonable cause' for non-compliance under the Income Tax Act. It provides crucial insights for legal practitioners in tax matters.
MTS-EILE has officially withdrawn its application concerning the applicable GST rate for an ongoing works contract. No ruling will be issued, clarifying the uncertainties surrounding the rate dispute.
The Rajasthan Authority for Advance Ruling has determined that merely having a GSTIN or making a fee payment does not automatically establish the status of a service recipient. A broader assessment of services rendered is necessary.
The ITAT has ruled that a buyer's PAN is not necessary for cash jewellery sales below Rs. 2 Lakhs, quashing an addition of Rs. 13.68 crores based solely on suspicion.
The ITAT ruled to delete a Rs. 15.35 lakh addition, establishing that GST records proved there was no suppression of sales. This sets a precedent for the reliance on proper documentation.