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Supreme Court held on the taxation of interest-free/concessional loans to bank employees. This blog furnishes an in-depth analysis of the judgment, analyzing the legal framework, challenges, and implications of the decision. Around the interpretation of Section 17(2)(viii) of the Income Tax Act and Rule 3(7)(i) of the Income Tax Rules, the case is focused on. […]
The Supreme Court has asked the centre that during the investigation do not use “threat and coercion” against traders for recovery of Goods and Services Tax (GST) and instead convince them to clear the dues voluntarily. No provision is there under the law which authorises the authorities to exert force for payment of outstanding dues, […]
The Punjab & Haryana High Court in relief for India Inc., has stayed a circular that is within the corporate guarantees furnished via holding companies for the advantage of their subsidiaries, to GST. The High Court in an interim order has stayed the Central Board of Indirect Taxes and Customs (CBIC) issued circular. As per […]
The Supreme Court has denied looking into the petition that the Micro and Small Enterprises (MSEs) submitted contesting a 45-day payment rule stated in Section 43B(h) of the Income Tax Act. SC replying to the petition recommended the MSEs ask for recourse via the HC when they want to pursue any relief pertinent to the […]
The Mumbai ITAT on observing that the AO had audited and still not denied the books of account, ruled that the ad hoc disallowance that the AO had made was not justified and ought to be deleted. The Bench of the ITAT (Income Tax Appellate Tribunal) Kuldip Singh (Judicial Member) and S. Rifaur Rahman (Accountant […]
As of January 31 this year, a staggering 5,44,205 petitions awaited resolution within the norms of the Income Tax Department, with an additional 63,246 declining at different levels of appellate authorities including Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court. Despite the Central Board of Direct Taxes (CBDT) obligation to expedite proceedings, […]
A reconsideration is been ordered by the Delhi bench of the Income Tax Appellate Tribunal (ITAT) asking for a new adjudication. The same decision arrives as the submissions for the Tax Deducted at Source ( TDS ) deductions u/s 194J or 194C for payments related to X-ray and CVC machine maintenance were not regarded. The […]
Income Tax Appellate Tribunal (ITAT) Delhi’s recent decision in the matter of Oriental Bank of Commerce vs. ACIT (ITAT Delhi) has influential implications for the treatment of bad debts claimed by the bank u/s 36(1)(vii) of the Income Tax Act, 1961. The petition related to the AY 2017-18 and was filed against the order of […]
The show cause notice (SCN) asking for the GST on ocean freight on transportation of goods from outside India has been quashed by the Bombay High Court. On the Supreme Court decision in the case of Mohit Minerals and observed that the verdict applies to both free on board (FOB) and the sum of cost, […]
