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The Delhi High Court ruled that taxpayers were not given a chance to raise objections regarding the retrospective cancellation of GST registration. A panel consisting of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja has reinstated the petitioner’s GST registration to its initial number. The petitioner, who is also the assessee, contested a show-cause notice that […]
The High Court of Kerala at Ernakulam has dismissed two writ appeals challenging the constitutional validity of specific provisions under the Central Goods and Services Tax (Central GST) Act and Rules. The pleas were filed by two businessmen, Nahasshukoor, proprietor of M/s N. S. Metals, and Ansil Ibrahim, proprietor of M/s Light House, both located […]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition of unelaborated investment in stock as a difference in the valuation of stock. Mahavir Singh (Vice President) and Manjunatha. G. (Accountant Member), presiding over the bench, have observed that the assessee declared additional income attributable to excess stock discovered during a survey. […]
The Indian Chamber of Commerce (ICC) is qualified to claim exemption concerning its complete receipts the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) ruled. Rajesh Kumar (Accountant Member) has noted that the Indian Chamber of Commerce (ICC) does not engage in organizing meetings, seminars, and conferences for business purposes. Instead, these activities are […]
On 1st February, the interim budget 2024 will be presented by Finance Minister Nirmala Sitharaman, the electric vehicle (EV) industry is advocating for a series of tax and subsidy adjustments, as well as favorable policies, to support the ongoing growth in the sector. The primary appeal from players in the electric vehicle (EV) sector is […]
With the increasing demand on the back of its cost-effective pricing alternatives as well as flexible work environment, the coworking industry has been gaining momentum. Notably, enterprises and corporations are redirecting their attention to coworking spaces, in line with the adoption of the hybrid work model to address their organizational requirements. The commercial real estate […]
Emphasizing the significance of adhering to due process and complying with statutory obligations, the Jharkhand High Court made a noteworthy decision by nullifying criminal proceedings related to the failure to comply with summons issued under Section 70 of the Central Goods and Services Act, 2017 (CGST Act). It is important to highlight that Section 70 […]
Last year, the GST intelligence unit exposed tax evasion amounting to over Rs 1.98 lakh crore and apprehended 140 individuals identified as masterminds engaged in defrauding the exchequer, as stated by the Ministry of Finance on Thursday. The Directorate General of GST Intelligence (DGGI) unearthed significant instances of GST evasion across various sectors in 2023, […]
The Delhi High Court has ruled that the Principal Commissioner of Income Tax (PCIT) erroneously invoked jurisdiction under Section 263 of the Income Tax Act and made a mistake by reversing course in the fourth assessment year. This led to the denial of the benefits provided by Section 80IA of the Income Tax Act. Justices […]
