Over 15 lakh ITRs revised, ₹2,500 crore extra tax paid amid CBDT scrutiny alert
Over 15 lakh ITRs revised, ₹2,500 crore extra tax paid amid CBDT scrutiny alert The copy of the order is as under: The post Over 15 lakh ITRs revised, ₹2,500 crore extra tax paid amid CBDT scrutiny alert appeared first on The Tax Talk.
JAO Vs. FAO Controversy: Gujarat HC Diverges from Bombay HC!
JAO Vs. FAO Controversy: Gujarat HC Diverges from Bombay HC! Just when we thought the debate on Jurisdictional Assessing Officer (JAO) vs. Faceless Assessing Officer (FAO) was leaning one way, the Hon’ble Gujarat High Court has delivered a significant judgment that changes the landscape. In the recent case of Snehdham Trust vs. ACIT, the… […]
MAJOR GST RELIEF: GENUINE BUYERS PROTECTED FROM SUPPLIER GST FLAWS
Major GST Relief: Genuine Buyers Protected from Supplier GST Flaws In its recent decision in Shyamalmay Paul vs. Assistant Commissioner, SGST (December 2025), the Calcutta High Court reaffirmed that Input Tax Credit (ITC) cannot be denied to a purchasing dealer solely because the supplier’s GST registration was cancelled with retrospective effect. Key Highlights of… […]
KVP Maturity Shock: Why AIS Shows Huge Interest and Why You May Not Owe Extra Tax
KVP Maturity Shock: Why AIS Shows Huge Interest and Why You May Not Owe Extra Tax [Query 1] I had purchased Kisan Vikas Patra for Rs. 15 lacs in the year 2015. These KVP matured in 2024 after 8 year 4 months. I was offering KVP interest each year in my income tax return on an… […]
Grammar Meets Tax Law: The Comma That Saved JAO Notices in Gujarat
Grammar Meets Tax Law: The Comma That Saved JAO Notices in Gujarat Just when we thought the debate on Jurisdictional Assessing Officer (JAO) vs. Faceless Assessing Officer (FAO) was leaning one way, the Hon’ble Gujarat High Court has delivered a significant judgment that changes the landscape. In the recent case of Snehdham Trust vs…. […]
Books Rejected, Sales Recorded, Section 68 Invoked? ITAT Mumbai Draws a Clear Line in Demonetisation Cash Deposit Cases
Books Rejected, Sales Recorded, Section 68 Invoked? ITAT Mumbai Draws a Clear Line in Demonetisation Cash Deposit Cases One of the most litigated questions arising from demonetisation assessments continues to be this: Can cash deposits made during the demonetisation period be taxed as unexplained cash credits under Section 68 when the assessee has duly recorded… […]
TDS on sale of immovable property by NRIs:
TDS on sale of immovable property by NRIs: Who is treated as an NRI? For income-tax purposes, residential status is determined year-wise under sections 6 of the Income-tax Act, 1961. If the seller is a Non-Resident or RNOR in the year of sale, the provisions below apply. Taxability of Capital Gains in India Income… […]
Mumbai ITAT Strikes Down Section 68 Additions Based Solely on Entry Operator Statement: A Strong Reaffirmation of Law and Natural Justice
Mumbai ITAT Strikes Down Section 68 Additions Based Solely on Entry Operator Statement: A Strong Reaffirmation of Law and Natural Justice In a significant and taxpayer-friendly ruling, the Hon’ble Mumbai Income Tax Appellate Tribunal (ITAT) has once again drawn a clear line between documented genuine transactions and additions based on suspicion and third-party statements. In Nandkshore Telefilms & Media Pvt…. […]
Supreme Court Clarifies GST Exemption on Hostel/PG Rentals
Supreme Court Clarifies GST Exemption on Hostel/PG Rentals The Supreme Court has delivered a landmark ruling on GST applicability for residential properties leased to aggregators providing hostel/PG accommodation. Let us have a Short Overview of the Case of tate of Karnataka vs Taghar Vasudeva Ambrish (2025) Key Highlight: Leasing a residential dwelling to an… […]
Whether addition under section 68 permissible when Books Are Rejected and Cash Sales Duly Recorded?
Whether addition under section 68 permissible when Books Are Rejected and Cash Sales Duly Recorded? Addition under Section 68 for Demonetisation Cash Deposits – Whether Possible When Books Are Rejected and Cash Sales Duly Recorded? ITAT Mumbai in the case of Rakesh Jain v. DCIT (2025) ITA No. 546/Mum/2025 │ Order dated: 4 December… […]
