Many everyday savings account transactions can attract Income Tax Department scrutiny. Large cash deposits, credit card ...

Delhi ITAT deleted an addition of 71.12 lakh, holding that the assessee sufficiently explained the cash deposits by correlating them with prior cash withdrawals recorded in the books. The ruling ...

The Base Metal Chemicals vs ACIT case examines the validity of large tax additions made by the AO on conversion charges, partner payments, under-invoiced sales, and stock valuation. The key issue was ...

A Gujarati businessman successfully challenged the Income Tax department's action. The department had debited Rs 10 lakh from his bank account suspecting income concealment. The businessman proved the ...

Master income statement analysis—discover its components, read financial health indicators, and make informed financial decisions. Your guide to assessing business performance.