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The Madras High Court in a recent ruling set aside the assessment order as the court noted that the impugned orders had been furnished without affording the applicant a hearing. The applicant, Marson Industries claimed that he was not aware of the proceedings culminating in the impugned orders as the SCN and the assessment order […]
The Federation of All India Vyapar Mandal has filed a petition in the Supreme Court against Section 43B(H) of the Income Tax Act. The same newly introduced provision, part of the Finance Act 2022, limits Micro and Small Enterprises (MSEs) from extending credit to buyers beyond 45 days. Any buyer surpassing the same limit encounters […]
The Allahabad High Court ruled that the purpose of evading tax is an essential condition for levying penalty u/s 54(1)(2) of the Uttar Pradesh Value Added Tax Act, 2008. Section 54(1) of the Uttar Pradesh Value Added Tax Act, 2008 furnishes for circumstances under which penalties can be charged to taxpayers. It is furnished that […]
A reassessment order against a housewife when the alleged investment was made by her husband has been quashed by the Bombay High Court. The bench of Justice K. R. Shriram and Justice Neela Gokhale has noted that “We also have to notice that, surprisingly, the Principal Chief Commissioner of Income Tax has also accorded sanction […]
The Chennai bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that no tax liability is there on the petitioner for the impugned flats made before July 1, 2010, that has less than 12 units or flats. The bench of P. Dinesha (Judicial Member) and M. Ajit Kumar (Technical Member) witnessed that […]
The Kerala High Court ruled that the land in question was utilized for agricultural purposes, which yielded agricultural income, which in turn was exempt from income tax u/s 10(1) of the IT (Income Tax) Act. No material produced by the petitioner is there that suggests that the loan amount claimed during the assessment year in […]
W.e.f 1st April MP Singh, 1990 batch of Indian Revenue Service (IRS) has been promoted as Chief Commissioner of Income Tax J&K and Ladakh headquarter at Srinagar by the Department of Personnel and Training and Central Board of Direct Taxes, New Delhi. Singh was posted as Principal Commissioner of Income Tax, J&K, and Ladakh for […]
The indirect tax collection for FY24 has surpassed the revised estimates (RE) of Rs 14.84 lakh crore by “a handsome margin”, supported by a record GST mop-up, a government official expressed. Praising the measures of tax officials, CBIC chairman Sanjay Kumar Agarwal, in a letter to field officials, expressed, “I am happy to inform that […]
The Madras High Court ruled that a tax recovery officer could not declare a sale that the taxpayer made in favor of a third party void if he discovers that the property of the taxpayer was transferred by the taxpayer to a third party to defraud the revenue. The bench of Justice C. Saravanan has […]
