Tax Guru

Section 115BBE Inapplicable: ITAT Rules Higher Tax Rate Not for FY 2016-17 Cash Deposits

The ITAT significantly reduced an unexplained cash credit addition from Rs. 32.86 lakh to a lump-sum of Rs. 4 lakh, reasoning that a regular exporter with maintained books cannot have the entire ...
Tax Guru

Section 147 ‘Fishing Net’ Doctrine Upheld: ITAT Voids Reopening for Unrelated Additions

The ITAT invalidated a reassessment order because the Assessing Officer (AO) failed to make any addition on the sole issue for which the reassessment was initiated (cash deposits). Citing binding ...
Tax Guru

Jewellery Cash Sales Spike Normal: ITAT Rejects Average Sales Comparison Reason

The issue was whether high cash sales recorded before demonetisation, and subsequently deposited, could be taxed as unexplained income. The ITAT ruled that since the sales were already recorded, ...
Tax Guru

Deemed Rental Income Ruling: ITAT Upholds Notional Rent on Multiple Houses, Even if Vacant or Under Repair

This ITAT ruling draws a clear line: it upheld the legal and evidence-based addition of ₹6.12 lakh for deemed rental income on multiple house properties, but simultaneously deleted the entire ...
Tax Guru

Deduction Calculation Basis: High Court Clarifies 5% Fee Applies to Actual Receipts, Not Gross Bills

This Income Tax appeal addressed whether a 5% infrastructure fee should be deducted based on gross bills or actual cash receipts. The Bombay High Court upheld the lower authorities decision, ...
Tax Guru

RFCTLARR Act Wins: Section 56(2)(viii) Shown the Door- When Land Is Exempt, Interest Also Is – ITAT Schools Revenue

The ITAT ruled that interest on enhanced compensation for the compulsory acquisition of agricultural land is fully exempt from income tax, citing Section 96 of the RFCTLARR Act, 2013. The Tribunal ...
Tax Guru

Section 92(5) Violation: How Non-Filing of Annual Returns Attracts Fines

Penalties were imposed for continued non-compliance in filing annual returns, underscoring directors’ accountability and the personal financial consequences of ...
Tax Guru

Companies Act Section 137: ROC Penalizes Defaulting Officers for Delayed Filings

ROC Kanpur's order dated 10/10/2025 imposes a ₹175,450 penalty on Haiderpur Fertilizer Producer Company and its five directors for failing to file the Financial Statements ...
Tax Guru

MCA Penalizes Companies & Directors for Non-Filing of Annual Returns & Financial Statements

KN/00752, imposing an ₹83,400 penalty on Haiderpur Fertilizer Producer Co. and its 5 directors for late filing of FY2024 Financial ...
Tax Guru

Directors Held Personally Liable for Default in Filing Financial Statements

Officers of the company were adjudicated for non-submission of Form AOC-4, emphasizing personal accountability under Section 137(3) and the Companies Act’s strict compliance ...
Tax Guru

ROC imposes Penalty on CSC Barikhas for Annual Return Default

ROC Kanpur levied a ₹7,36,500 penalty on CSC BARIKHAS FPC Ltd. and its five directors for failing to file the mandated Annual Return (MGT-7) for the 2022 fiscal ...
Tax Guru

Annual Return Non-Compliance: MCA Issues Penalties to Company & Officers

A fertilizer company and its officers were penalized for failing to file annual returns for FY 2021-22, reinforcing that both corporate and personal liability applies under the Companies ...