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The Mumbai ITAT has mentioned that an industrial undertaking was not mandated to set off the losses made by it in one qualified unit against the profits made from the other qualified unit for the objective of computing the deduction under section 80-IB. As per Section 80-I of the Income-tax Act, 1961, the gross total […]
U/s 74 of the Goods and Services Tax (GST) the Orissa HC has stayed a notice issued which consolidated multiple assessment years following the decision of a single bench of the Karnataka High Court. On 3rd January 2024, Justice Arindam Sinha and M.S. Sahoo listed the case and stayed the impugned notice till the next […]
The income tax assessment order has been quashed by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) as of the absence of higher authority approval u/s 151 of the Income Tax Act, 1961 for the reopening beyond three years. The taxpayer Sunil Harischandra Keni, filed a return claiming an income of Rs. 16,42,210 for […]
Considering the conflicting views of the Delhi High Court and the Madhya Pradesh High Court, the Apex Court is set to regard the problem of whether the authorities can seize cash u/s 67 of the Central Goods and Services Tax Act, 2017. The development arrived as a bench of Justices PS Narasimha and Sandeep Mehta […]
The Central Goods and Services Tax (CGST) Act has introduced a new section 128A, to decrease the tax loads and proposes relief for the assessees towards tax obligations made between July 1, 2017, and March 31, 2020. This amendment permits people with tax obligations to settle their debts without facing extra interest or penalties, as […]
The petition of the taxpayer ruling has been permitted by the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) which collected income could be applied to the acquisition of the fixed assets u/s 11(6) of the Income Tax Act,1961. Gujarat Safety Council, the appellant-assessee, was a trust that led safety training programs. It filed a […]
Witnessing that the taxpayer has fulfilled the conditions to lessen the tax rate under section 115BAA, the Gujarat High Court cited that the revenue department would required to condone delay in the filing of Form 10-IC instead of rejecting it on technical grounds. Section 115BAA of the Income Tax Act permits domestic companies to use […]
The Madras High Court in a ruling condoned the delay in GSTR-3B filing via the applicant, directing the amendment to section 62(2) of the Goods and Services Tax (GST) Act. Therefore the issued assessment order u/s 62(1) has been withdrawn by the court. The applicant, Helmet House filed the GSTR-1 return dated 25th March 2023, […]
It was ruled by the Allahabad HC that the production of tax invoice, e-way bill, GR, or payment details is not enough to show the actual physical movement of the transaction for the objective of claiming the ITC u/s 16 of the Goods and Service Tax Act, 2017. Section 16 of the Goods and Service […]
