GST: Selected wrong year while making a payment through Form DRC-03?
GST: Selected wrong year while making a payment through Form DRC-03? Here’s a relevant case law to help you out in case of GST payment wherein you have selected the wrong year while making a payment through Form DRC-03. Let us have a Short Overview of one case before Court wherein the taxpayer had… […]
Step-Sibling is a ‘Relatives’ Under Section 56(2)(vii) – Tax Exemption available: ITAT
Step-Sibling is a ‘Relatives’ Under Section 56(2)(vii) – Tax Exemption available: ITAT The primary issue in this case revolved around whether a step-sibling qualifies as a “relative” under Section 56(2)(vii) of the Income Tax Act, 1961. The Assessing Officer (AO) had reopened the assessment under Section 147/148, alleging that the property gifted to the… […]
An overview of recent cases by Bombay High Court on Bogus Purchase vs. Addition under section 69C
An overview of recent cases by Bombay High Court on Bogus Purchase vs. Addition under section 69C Recently Hon’ble Bombay High Court in PCIT v. Kanak Impex (India) Ltd. [2024] 172 taxmann.com 283 rendered a landmark judgement on 03.03.2025 wherein it has been held that purchases to be disallowed if not explained Let us have a… […]
No reopening permissible if there is no failure on the part of the assessee disclose the full and true facts during assessment proceeding: SC in Mangalam Publication vs. CIT
No reopening permissible if there is no failure on the part of the assessee disclose the full and true facts during assessment proceeding: SC in Mangalam Publication vs. CIT Supreme court in the case of Mangalam Publication vs. CIT has held that no reopening permissible if there is no failure on the part of the assessee… […]
Reopening for Change of opinion which is not permissible: Bombay HC
Reopening for Change of opinion which is not permissible: Bombay HC In Dilip Powar Vs. ITO before the Bombay HC, the issue of specified bank notes having been deposited by the assessee during the demonitization period was already examined by the AO in his Order dt. 31st Dec., 2019. AO was alive to the… […]
Key Income Tax Changes applicable from 1st April 2025
Key Income Tax Changes applicable from 1st April 2025 The Finance Bill – 2025 has officially received the President’s assent on 29th March 2025. With a focus on simplifying tax compliance, reducing administrative burdens, and enhancing ease of doing business in India, the Finance Act – 2025 introduces several exciting amendments. Most of these provisions will come into effect on 1st April… […]
New Compliance for companies purchasing good/service from MSME
New Compliance for companies purchasing good/service from MSME MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES NOTIFICATION New Delhi, the 25th March, 2025 S.O. 1376(E).—In exercise of powers conferred by section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) and read with section 15 of the said Act, the Central Government hereby… […]
Key Amendments to Tax Audit Report (Form 3CD) – Effective from April 1, 2025 (FY 24/25):
Key Amendments to Tax Audit Report (Form 3CD) – Effective from April 1, 2025 (FY 24/25): 1. Additional reporting for MSME payments in Clause (22): • Total amount required to be paid to MSMEs under Section 15 of the MSMED Act. • Amount breakdown: paid vs. unpaid till the due date. 2. Omission of… […]
Estimated rate of Gross Profit should be arrived at taking into due consideration the specific circumstances prevailing in the Assessee’s case: ITAT
Estimated rate of Gross Profit should be arrived at taking into due consideration the specific circumstances prevailing in the Assessee’s case: ITAT Income Tax Appellate Tribunal ( ITAT) Chennai Bench in the case of *GOLD AIK vs ITO* has held that estimated rate of Gross Profit should be arrived at taking into due consideration… […]
Bombay High court writ petition as petitioner has already availed an alternate remedy – imposed costs of Rs. 1 Lakh.
Bombay High court writ petition as petitioner has already availed an alternate remedy – imposed costs of Rs. 1 Lakh. Recently Bombay High court in a writ petition in Sawai Fragrances (WP No 240/ 2025) has dismissed the writ petition as petitioner has already availed an alternate remedy and has also imposed exemplary costs…. […]
