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What is GST Section 161? Section 161 of the CGST Act, 2017 states the rectification of mistakes or errors that are recognized from the records. It mentions that the authority responsible for issuing decisions, orders, summons, notices, or certificates may rectify any mistake that is found in the records in such documents. These rectifications are […]
On the grounds of the physical application for the refund under section 54 of the UP Goods and Service Tax Act, 2017 read with Rule 97-A of the UP GST Rules, 2017, the Allahabad High Court recently directed the GST Department to refund the amount. The Department must pay interest on the reimbursement that was […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has granted approval for a deduction under Section 54F of the Income Tax Act, taking into account that the assessee is not the exclusive owner of multiple residential properties used by other family members. According to the bench of judges, Kavitha Rajagopal and Om Prakash […]
Recently, the Income Tax Appellate Tribunal (ITAT) disallowed capital gains tax exemptions on the sale of land in two separate cases heard by its Chennai and Pune benches. The cause was that no agricultural work had been done. A capital gain on the transfer of agricultural land may be exempt from taxation under section 54B […]
The Directorate of Income Tax (Systems) furnished the Instruction No. 06 of 2022 on November 28, 2022, to the Assessing Officers to answer for the intimation under tax section 245 issued by CPC, Bengaluru for a reduction in the time limit for furnishing the response to intimation under income tax section 245 by Assessing Officers. […]
The ITAT Ahmedabad Bench stated that when exemption claimed on Long Term Capital Gain via a co-owner has been accepted, then Capital Gain Exemption under tax section 54 of the Income Tax Act,1961 is permitted for the taxpayer. The taxpayer was represented by Shri Parin Shah and the revenue was represented by Shri Atul Pandey. […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the capital gain exemption beneath section 54B of the Income Tax Act, 1961 could not claim the agricultural land purchased in the name of the taxpayers’ wife. The taxpayer, Mr Karamvir, during the time of furnishing his return of income has claimed a […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that Section 147 is not an option to Section 263 and suppresses assessment order u/s 147 with no jurisdiction. The petitioner, M/s. Plaza Cable Industries Ltd. furnished its ITR showing a loss of Rs.7,06,97,714 and the assessment was chosen for the investigation. Beneath section 143(3) […]
As per the provisions of section 54 of the CGST act, no GST refund of the unlisted ITC will be permitted in cases other than the i. Zero-rated supply made without payment of tax; ii. In which the credit has been collected on the basis of the tax rate on the inputs more than the […]
