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The Delhi High Court stated that a provisional attachment order under section 83 of the Goods and Services Tax Act, 2017 (GST Act) cannot continue after its statutory one-year period, directing the de-freezing of a GST-implicated entity’s bank account while charging a minimum-balance requirement. A petition has been filed by M/s Aar Gee Impex contesting […]
A cash credit account cannot be treated as the property of the account holder, which can be considered u/s 83 of the GST Act, the Bombay High Court mentioned. The Division Bench of High Court Justices Jitendra Jain and M.S. Sonak noted that the phrase ‘including bank account’ follows the phrase “any property” shall be […]
The tax additions of ₹42.94 lakh each against the Gurgaon-based couple, Rachita Sahgal and Vivek Sahgal, have been rejected by the Income Tax Appellate Tribunal (ITAT), Delhi Bench, citing that the department wrongly invoked Section 153C of the Income Tax Act. According to the bench, the seized documents merely “pertained to” the taxpayers, rather than […]
The Income Tax Appellate Tribunal (ITAT) in Bangalore ruled that the provisions related to Minimum Alternate Tax (MAT) under section 115JB of the Income Tax Act do not apply to the taxpayer bank. As a result, the tax on book profits is not applicable to the bank. The tribunal has allowed the appeal filed by […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) permitted the appeal filed via the taxpayer contesting the false rejection of Section 80IC of the Income Tax Act,1961 deduction claim due to a village name discrepancy. The applicant Acacia Biotech Limited, contested the order dated 30.10.2023 passed by the Commissioner of Income Tax (Appeals) for […]
For the case of a challenge against the refusal of the Input tax credit (ITC) u/s 16 (2)(c) of the Central Goods and Service Tax (CGST) Act, 2017, the High Court of Kerala permitted the benefit of circular and set aside the order to the extent it refuses ITC based on the provisions. The applicant […]
The provisional attachment u/s 83 of the CGST Act ceases post 1 year and could not be attached again without providing a fresh reason, the Rajasthan High Court mentioned. The Division Bench, including Chief Justice Manindra Mohan Shrivastava and Justice Ashutosh Kumar, was dealing with a matter in which the taxpayer contested the attachment of […]
It was ruled by ITAT Jaipur that provisions of 68 or such are not been applied on the transaction sale recorded in the books of accounts as the sale transactions are part of the income which is credited in the statement of profit & loss account. Case Facts AO in the assessment proceedings noted that […]
The Central Goods and Services Tax (CGST) Act has introduced a new section 128A, to decrease the tax loads and proposes relief for the assessees towards tax obligations made between July 1, 2017, and March 31, 2020. This amendment permits people with tax obligations to settle their debts without facing extra interest or penalties, as […]
