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The Gujarat High Court recently made an important ruling regarding the payment of statutory interest under the Goods and Services Tax Act, 2017. According to the court’s decision, interest is mandatorily payable on delayed refunds of Integrated Goods and Services Tax (IGST) if the refund is not processed within sixty days from the date it […]
In a submission before the Parliamentary Committee examining the draft of the new Income Tax Bill, experts and stakeholders have recommended that the definition of “accountant” u/s 288 of the Income Tax Act be left unchanged. The focus was placed on preserving the right of Chartered Accountants (CAs) to conduct tax audits under section 44AB. […]
Under the Goods and Services Tax (GST), a business entity can claim a refund of unutilized Input Tax Credit (ITC) even after it has been terminated. The court has ordered a refund of the unused GST ITC amounting to ₹4.37 crore. The bench of Justice Meenakshi Madan Rai observed that “in the instant matter there […]
The reassessment notice issued for failure to follow the procedure prescribed under Section 148A of the Income Tax Act, 1961, has been quashed by the Delhi High Court.” Chandra Prakash Srivastava, the applicant, has filed a petition challenging an order dated July 28, 2022, which was issued under Section 148A(d) of the Income Tax Act, […]
The Supreme Court recently showed surprise at the decisions made by both the High Court and the Magistrate Court to deny bail to a person accused of breaking rules related to the Central Goods and Services Tax Act. Bail is granted normally in these cases, the court said. The offences alleged against the appellant were […]
In between the rising troubles and confusion among apartment residents, government officials cited that the Goods and Services Tax (GST) on apartment maintenance charges is not a new law. It is the current law that has been in place since 2019, and they kept it. The clarification has arrived as housing societies in the nation […]
The Supreme Court’s decision in Union of India v. Rajeev Bansal has been interpreted by the Delhi High Court to explain the time duration surviving u/s 149 of the Income Tax Act, 1961 for issuing reassessment notices. The period between 20 March 2020 to 30 June 2021 would not be included in the limitation, because […]
Repeating that it will not interrupt the cases that need the fact-finding and adjudication that come in the domain, the Calcutta High Court instructed the manufacturer/ supplier to exhaust the statutory remedies given under the CGST Act, 2017 along with submitting a detailed response to the SCN. “The statutory framework under the CGST Act provides […]
An Order passed by the Bombay High Court regarding the issuance of Notice under Section 148A(b) of the Income Tax Act, 1961 to the legal representatives of a deceased taxpayer has been set aside by the Supreme Court of India. A Civil Appeal was instituted to the Supreme Court by Ghanyashyam Anil Dhanani concerning a […]
