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The Life Insurance Corporation of India (LIC) experienced significant inflows, surpassing Rs 1,100 crore, on the first day following the repeal of the Goods and Services Tax (GST) on individual traditional life insurance policies, as reported by The Economic Times. The recent surge in monthly premium income is striking when compared to the ₹5,000 crore […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) reversed an addition of Rs. 9.99 lakh that had been made u/s 69C of the Income Tax Act, 1961. This addition was related to cash payments made for credit card bills, which were initially classified as unexplained by the tax authorities, citing them as derived […]
In a case about the rejection of the GST ITC claim due to allegations of a non-existent entity and fake invoices, the Orissa High Court mandated the parties to avail the statutory remedy and disregarded the petition. The applicant, Amit Metalics Company has contested the order on 1st July 2025 passed under section 74 of […]
A crucial update will be implemented on the GST portal by the Goods and Services Tax Network (GSTN). This amendment could permanently block your Input Tax Credit (ITC). Let’s find out how. Three years after the due date for filing GST returns, the GSTN declared that taxpayers would be unable to furnish their GST returns. Taxpayers have not […]
The GSTAT has released a comprehensive User Advisory aimed at taxpayers, tax officers, and authorised representatives concerning the recently launched GSTAT e-filing portal. This advisory highlights essential timelines, necessary conditions, and procedural safeguards for filing second appeals under section 112 of the CGST Act. The advisory highlights that the filing process will operate on a […]
The Income Tax Appellate Tribunal (ITAT) in Chandigarh has recently excused a 38-day delay in filing an appeal, determining that an appellant’s explanation of an order being directed to his email’s spam folder constituted “sufficient cause” under Section 253(5) of the Income Tax Act, 1961. The case involved Devi Dayal, a resident of Kaithal, Haryana, […]
The All India Federation of Tax Practitioners (AIFTP) has asked the Central Board of Direct Taxes (CBDT) to extend the 2025-26 deadlines for income tax return and tax audit report filings, citing ongoing challenges for taxpayers. AIFTP President Samir Jani has sent a formal request to the CBDT chairman, detailing the difficulties caused by natural […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has overturned an assessment made by the Assessing Officer (AO), which had classified a cash deposit of Rs. 8,00,000 as ‘income from other sources.’ The Tribunal determined that this amount was actually derived from the sale of casuarina trees, leading to the deletion of the […]
From December 2025, India’s long-awaited GST Appellate Tribunal (GSTAT) is set to begin hearings, which will furnish long-overdue relief for thousands of taxpayers caught in prolonged litigation. More than 14000 GST cases were due as of June 2023 in the States and courts, because of the absence of a functional tribunal. After it is in […]
