The ITAT acknowledged the taxpayer’s claim of unawareness regarding the faceless assessment proceedings. It noted that while the taxpayer did not file a formal return, he provided a computation of ...

Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has allowed two appeals filed by Light Ray Advisors LLP against separate orders, both dated October 21, 2024, passed by the learned ...

GST law provides two types of tax compliance structures for businesses—Regular Scheme and Composition Scheme. While the Regular Scheme applies to most taxpayers, the Composition Scheme is a simplified ...

CBDT has maintained a consistent pace in concluding APAs, having signed 125 in FY 2023-24 and 95 in FY 2022-23. Notably, this year also saw the signing of India’s first-ever MAPA. Additionally, on ...

The Reserve Bank of India (RBI) has issued a Master Direction outlining a scheme of penalties for bank branches and currency chests due to deficiencies in providing customer service. This aims to ...

Contravention of Section 208(2)(a) & (e) of the Code, Regulation 27 of the CIRP Regulations, Regulation 7(2)(a) and 7(2)(h) of IP Regulations read with Clause 13 and 14 of the Code of Conduct for ...

Form 10B is not just a routine form— it’s the gateway to exemption for charitable and religious institutions under the Income Tax Act. Trusts must maintain proper books of accounts and ensure timely ...

2.1 That on the facts and circumstances of the case, the CIT (A) was not justified in confirming the disallowance of 5,09,989/- being the claim of depreciation on building u/s. 32 of the Act without ...

Allahabad High Court referred the investigation in matter of Noida Sports City Scheme 2010-2011 to CBI to unearth scam since dirty nexus of the builders and the officials of the Noida Authority was ...

The ITAT found that the AO and the Commissioner of Income Tax (Appeals) (CIT (A)) did not adequately consider Shah’s alternate claim under Section 36 (1) (iii). Shah provided details of borrowed funds ...

Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled in favor of Sri Aisvaresvaraya Imports, setting aside an order by the Commissioner of Customs that had ...

Orissa High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (Central) against Tarini Minerals Pvt. Ltd., pertaining to assessment years 2008-2009 to 2010-2011. The ...