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The Income Tax Appellate Tribunal (ITAT) in Ahmedabad, in a recent ruling, determined that Tax Deduction at Source (TDS) under Section 194C of the Income Tax Act, 1961, should not be applicable to purchase expenses that were categorized as “contract expenses.” The taxpayer in question, Shubh Infra JV, operates as an Association of Persons (AOP) […]
The Madras High Court (Madurai Bench) recently made a significant ruling in the case of M/s. Tvl. Diamond Shipping Agencies Pvt. Ltd. vs. Assistant Commissioner, Tuticorin [W.P. (MD) 6874 of 2023 dated August 29, 2023]. The court approved the writ petition and ruled that an assessment order cannot be issued without serving proper GST notice […]
In the current fiscal year, officials have informed that the Central government anticipates a recovery of over Rs 50,000 crore in evaded Goods and Services Tax (GST). This figure is more than double the recovery achieved in the previous fiscal year, FY23, potentially making it the highest annual tax recovery ever. As of now, during […]
The Allahabad High Court’s recent ruling stipulates that an assessee is ineligible to claim input tax credit unless they successfully demonstrate unambiguous proof of the actual transaction and the physical movement of goods. Referring to Sections 16 and 74 of the UP Goods and Service Tax Act, 2017, Justice Piyush Agrawal stated that “it is […]
Recently, the State GST department sent out almost 20,000 notifications to a range of taxpayers from different industries, concentrating primarily on real estate developers, requesting explanations regarding their expenses during the 2017–18 fiscal year. GST authorities claim that this scrutiny is a result of the lack of a reliable mechanism to track suppliers’ compliance with […]
Dabur India joined the growing list of companies that have received tax notices, as the Goods and Services Tax (GST) authorities issued a demand of over Rs 320 crore. Dabur India, a consumer goods company, has stated its intent to challenge this demand with the relevant authorities. In recent months, a variety of businesses spanning […]
The Allahabad High Court has invalidated a demand of Rs. 235.52 Crores imposed on Vivo Mobile India Private Limited by GST Authorities through an order under Section 74(9) of the Goods and Service Tax Act 2017. In a ruling issued by the bench consisting of Justices Saumitra Dayal Singh and Vinod Diwakar, Vivo Mobile was […]
According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
The Delhi High Court has ruled that the directors’ travel expenses were incurred for business purposes of the company. In this case, the bench of Justice Rajiv Shakdher and Justice Girish Kathpalia observed that there was no evidence presented by the Assessing Officer (AO) to establish that these expenses were of a personal nature. Consequently, […]
