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Latest judgements uploaded (See all)
Jagdishkumar Madanlal Gupta v. Dy. CIT
Mumbai Tribunal : S. 69C : Unexplained expenditure-Bogus Purchases-Addition based on estimation cannot be made without rejection of books of account. Assessee produced invoices, e-way bills, ledger accounts and bank statements, and Revenue failed to establish purchases as bogus; the entire addition was deleted. [S. 37(1), 145(3)] The assessee, engaged in the business of hoarding advertisements, was subjected… Read More ...
Jagdishkumar Madanlal Gupta v. Dy. CIT
Mumbai Tribunal : S. 69A: Unexplained Money-Protective addition-under section Gold bullion found during search-Not sustainable where ownership stood admitted by company and bullion was duly recorded in books of account of the company. [S. S.132(4), S.143(3)] During the course of the search, gold bullion was found and a protective addition of ₹8.28 crore was made in the hands… Read More ...
Gudari Large Sized Multipurpose Cooperative Society Ltd. v. ITO
CUTTACK TRIBUNAL : S. 254(1) : Appellate Tribunal-Powers-Practice and Procedure- Authorised representative-Virtual Hearing-Dress Code- Appeal dismissed for non-compliance with SOP.[S. 288, R. 49 , ITAT R, 1963, 17A] The ITAT dismissed the assessee's appeal solely on the ground that the assessee's authorised representative, who appeared through virtual mode, was not dressed in the uniform prescribed under the Standard… Read More ...
Latest articles published (See all)
Variable Capital Company – United Arab Emirates (UAE) Corporate Tax
By Sujeet S. Karkala, Advocate (Dr. Sarhan Almuaini Law Firm & Legal Consultants): I. Introduction The UAE's introduction of a corporate tax regime, effective from 1 June 2023, was a calculated structural reform aimed at changing the country's policy and positioning itself as a global hub. By introducing various investment structures, including the recent introduction of Variable Capital Company (VCC) by the Dubai International Financial Center (DIFC), and… Read More ...
Preserving the Legacy of Tax Jurisprudence: Law of Repeal & Savings – in Focus Income-Tax Act, 2025
By Aseem Chawla, Senior Advocate: 1. Introduction The Legislature has introduced the Income-Tax Act, 2025 (“2025 Act”), which has the effect of repealing the Income-Tax Act, 1961 (“1961 Act”). The transition from the 1961 Act to the 2025 Act is regulated by Section 536 of the 2025 Act, which is encapsulated under the "Repeal and Savings" Chapter and is a… Read More ...
Landmark Supreme Court Judgments Relevant to day-to-day Tax Practice under the Income-tax Act, 2025 and Income-tax Act, 1961
By Neelam Jadhav, Advocate: Introduction: - As per section 536(2) (j) of the Income-tax Act, 2025, circulars, notifications, instructions, approvals, etc., issued under the 1961 Act will remain valid as long as they do not conflict with the provisions of the 2025 Act. Accordingly, the case laws under the Income-tax Act, 1961, pertaining to the interpretation of provisions will… Read More ...