A UAE resident received Rs 80 lakh as a gift from his brother-in-law. The tax department issued a Rs 69 lakh tax demand.

Additions of unsecured loans were sustained where creditworthiness was not proved, and relief upheld only for creditors who responded to notices under section 133(6) or furnished adequate ...

ITAT Chennai granted relief, holding that reversal of a provision for liquidated damages, which was disallowed and subsequently taxed under VSV Scheme in earlier years, cannot be taxed again under ...

The purchase consideration was paid in an earlier financial year, and only the registration occurred in the assessment year ...