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Over the past nine years, the number of taxpayers who have submitted tax returns has more than doubled, reaching 7.8 crore, thanks to increased compliance and the adoption of technology by the tax department. According to the latest time series data from the Central Board of Direct Taxes (CBDT) for the fiscal year 2022-23, the […]
In the matter of Sant Ram v. Delhi State GST and Others [W.P No. 15846 of 2023 dated December 11, 2023], the esteemed Delhi High Court granted the writ petition, overturning the decision to cancel GST registration. The court emphasized the necessity for the Proper Officer to autonomously reach a conclusion as stipulated in sub-section […]
Section 16(4) of the Goods and Services Tax (GST) is the attractive provision permitting assessees to avail the ITC lessening the cascading effect that is in the VAT regime which came with the influential catches and setbacks levied in the form of the conditions to be fulfilled transferring the vested ITC nature to a conditional […]
No assessments could be made under section 143 or 144 of the Income Tax Act post 12 months from the finish of the pertinent assessment year, the Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) observed. The taxpayer company reported a taxable income of Rs. 8,59,050/- in 2012, later assessed at Rs. 12,13,510/ in […]
The addition under section 68 of the Income Tax Act for the receipts of cash has been deleted by The Chennai Bench of Income Tax Appellate Tribunal (ITAT) that was converted into the jewellery sale. There could not be any cause for the uniform sales on all the days, months, or years, The bench of […]
The Gujarat Appellate Authority of Advance Ruling (AAAR) ruled that incentives obtained under the “Atma Nirbhar Gujarat Sahay Yojna” dated May 16, 2020, declared by the Gujarat Government can not be regarded as subsidies, and GST is subjected to be charged. The panel consisting of B V Siva Naga Kumari and Sameer Vakil has affirmed […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) clarified that failing to deposit long-term capital gains (LTCG) into a capital gain account scheme does not warrant disallowance of deduction under Section 54 of the Income Tax Act. Saktijit Dey (Vice President) and M. Balaganesh (Accountant Member) took a meticulous approach in addressing the matter. […]
Many emerging sectors have been issued notices for GST tax evasion. The tax authorities have been utilizing the latest technology, Artificial Intelligence (AI), to track discrepancies in tax payments. This has raised concerns and started a debate over the use of AI. If we focus on the previous financial year alone, the department has detected […]
The penalty imposed for the default in not deducting the TDS on the foreign remittances has been removed by the Jaipur Bench of Income Tax Appellate Tribunal (ITAT). The bench of Sandeep Gosain (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) has followed that the taxpayer has deliberately not bypassed TDS and there is no […]
