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As per the Delhi High Court, an Assessing Officer (AO) cannot compute the other taxpayer’s income in a matter where no addition is made on account of the causes for which the reassessment under section 147 of the Income Tax Act 1961 was initiated. Section 147 provides the authority to the AO to calculate or […]
Under the Central Board of Indirect Taxes and Customs (CBIC) the Ministry of Finance issued Notification No. 27/2024-Central Tax dated November 25, 2024, notifying the list of Goods and service tax commissioner to pass an order to the Directorate General of Goods and Services Tax Intelligence issued notices. On December 1, 2024, the same notification […]
It was cited by the Kerala High Court that financial grants furnished before the taxpayer for encircling daily functional expenses are not entitled as payment (consideration) for any services that the taxpayer may be furnishing and are not accountable to tax. The Bench of Justice Gopinath P. observed that “The assessee has only received grants […]
The Invoice Management System (IMS), effective from October 1, 2024, has been introduced to simplify and standardize the process of claiming Input Tax Credit (ITC) in GSTR-3B returns. Previously, taxpayers would often claim ITC based solely on GSTR-2B without thorough reconciliation, which they used to file for the ITC in their 3B filings. With the […]
Exemption u/s 54 of the Income Tax Act,1961 can be permitted based on the amount utilized out of the sale consideration towards the construction of the property even if the construction is not complete, the Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) carried. The taxpayer, Bagalur Krishnaiah Shetty Vijay Shanker, submitted his Income […]
The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) in a ruling quashes the disallowance u/s 36(1)(iii) of the Income Tax Act, 1961, on interest-free advances provided to the assessee’s sister concern. For the case when the taxpayer Deccan Charters Pvt. Ltd., a company in the aviation services business based in Bengaluru […]
The High Court of Punjab and Haryana, in a ruling, invalidated tax notices issued to the taxpayer, stressing that circulars along with tax authorities guidelines could not override the legal provisions of the Income Tax Act, 1961. The petitioner-assessee Anju Arora, filed a writ petition contesting the issuance of notices and orders by the Jurisdictional […]
The provisions for Tax Deducted at Source (TDS) under GST as specified in section 51 of the CGST Act, were initially restricted to the government entities and public sector units (PSUs). Below mentioned are the suggestions of the GST council in its 54th meeting, the Notification No. 25/2024-CT dated 9th October 2024 has been issued […]
A relief has been granted by the Delhi High Court before Satwant Singh Sanghera, a pilot formerly employed with the now-collapsed Kingfisher Airlines, against a tax demand of over Rs 11 lakh. It was claimed by Singh that he had duly furnished his ITR for the said assessment years and the company had deducted TDS […]
