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Recently, the Bombay High Court has ruled that the amendment made in accordance with section 54 of the Income Tax Act, 1961, doesn’t have a retrospective impact on limiting investments in India. This amended provision takes effect from April 1, 2015, and will be applicable in the future, but not before the amendment date. The […]
According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]
The Bombay High Court took a case for cognizance on Monday regarding the use of coercive actions by GST authorities to collect taxes from taxpayers. The respondents argued in court that tax payments have already been paid voluntarily, and the court confirmed that the petitioner can ask for a refund if they have already paid […]
The Income Tax Department has introduced an investigation operation against particular social media influencers and content creators who make content using various platforms such as YouTube and Instagram. The move was launched because they are not disclosing their income and profits corresponding to their earnings, according to the sources. The department started taking action last […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai bench recently made a decision to remove an addition made by the assessing officer on an unexplained investment under Section 69 of the Income Tax Act, 1961 without the relevant application of mind. The appellant assessee, Vijaykumar Kanaiyalal Matta, had paid Rs. 1 crore for a property […]
In an appeal filed before it the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, stated that no penalty under section 271 (1) can be levied if the when income submitted via taxpayer in the investigation would have been shown in the regular income tax return filed within the due date. Ahmedabad ITAT witnessed […]
The Goods and Services Tax Department has extended its investigation against some insurance companies on the belief that they are involved in the wrongful availment of the Input Tax Credit (ITC). The Director General of GST Intelligence (DGGI) is expected to issue show cause notices to 10 more insurers soon, taking the number of firms […]
With respect to the GST input tax credit refund claimed on the inputs of electric vehicle manufacturing, the Orissa high court filed a writ petition before it rendered the refund of the balance claim amount. The stated observation was incurred by the Orissa High Court when the writ petition was furnished before it via the […]
The Delhi Bench of the Income Tax Appellate Tribunal permitted the capital gain exemption under section 54 of the Income Tax Act on the basis of the amount identical to the capital gains that would be utilised for the acquisition of the new house. The two-member bench of Yogesh Kumar US (Judicial Member) and Dr. […]
