Issues in Filing Waiver Applications (SPL 01/SPL 02)-GSTN Notification
Issues in Filing Waiver Applications (SPL 01/SPL 02)-GSTN Notification Following grievances faced by taxpayers have come to the notice of GSTN and team is working to resolve the issues while filing SPL 01 and SPL 02 at the earliest. Reported Issues Faced by Taxpayers: 1. Order numbers are not available for selection in SPL… […]
Madras High Court Accepts Petitioner’s Ignorance as Genuine Due to Failed Notices via Portal, Email, and RPAD, and 8-Year Delay Since Transaction
Madras High Court Accepts Petitioner’s Ignorance as Genuine Due to Failed Notices via Portal, Email, and RPAD, and 8-Year Delay Since Transaction Recently, the Madras High Court Accepted Petitioner’s Ignorance as Genuine Due to Failed Notices via Portal, Email, and RPAD, and 8-Year Delay Since Transaction. Writ Petition No. 38758 of 2024 was filed… […]
Personal penalty on director Under GST- Allahabad HC Questions Legality
Personal penalty on director Under GST- Allahabad HC Questions Legality In a major development, the Allahabad High Court has entertained a writ petition challenging the validity of penalty proceedings under Section 122(1A) of the CGST Act, 2017, imposed on an ex-Director for transactions undertaken during 2018-19. Key Legal Issues Raised: Retrospective Application of Law?… […]
Short Overview of the amendment in the Finance Bill – 2025 while moving from Loksabha
Short Overview of the amendment in the Finance Bill – 2025 while moving from Loksabha FM has further proposed following major amendments relating to search assessments: 1. It is being clarified that search related special assessment procedure is for “undisclosed income” and not “total income”. 2. Formula correction for determination of undisclosed income under… […]
Year end complainces for CSR – CFOs need to be CSR-Ready for 31.03.2025
Year end complainces for CSR – CFOs need to be CSR-Ready for 31.03.2025 As we approach year-end closing, CFOs must double-check CSR compliances to ensure smooth regulatory filings and responsible corporate governance: 1. CSR Applicability Check Did your company during the imediately preceding PY meet the ₹500 Cr Net Worth/ ₹1000 Cr Turnover/ ₹5 Cr… […]
Section 40A(3) applies to revenue expenditure, not to capital investment: Delhi HC
Section 40A(3) applies to revenue expenditure, not to capital investment: Delhi HC PCIT Vs Sanskar Homes Pvt. Ltd. (ITA No.4430/DEL/2016) Facts: 1. M/s Sanskar Homes Pvt. Ltd. purchased floors in a property located in New Delhi, making cash payments totaling Rs. 7.74 crore. 2. The Assessing Officer disallowed this amount under Section 40A(3), which… […]
Clubbing provisions of minor’s income in case of a divorce:
Clubbing provisions of minor’s income in case of a divorce: Introduction: 1. Under the Income Tax Act, 1961, a minor’s income is generally clubbed with the income of the parent under Section 64(1A), whose total income is higher. 2. An exception is made if the minor has a disability (as per Section 80U) or… […]
Rs. 50 Lakh limit for Re-assessment: There is difference between Income and Income Chargeable to tax
Rs. 50 Lakh limit for Re-assessment: There is difference between Income and Income Chargeable to tax There is a difference between Income and Income Chargeable to tax. The Limit of Rs.50 Lakhs as mentioned u/s 149 is in relation to Income Chargeable to tax and not applicable on Gross Income. It is held by MP… […]
ROC Compliance Calendar for Private Limited Companies & LLP
ROC Compliance Calendar for Private Limited Companies & LLP Here’s a quick compliance guide with due dates in respect of private limited companies for the FY 2025-26. Annual ROC Compliance Checklist for FY 2025-26 MSME-1 (Half-Yearly Return) Due Date: 30th April 2025 (H2 – Oct to March) & 31st October 2025 (H1 – April to… […]
Whether information shared by GST with the IT authorities can be reason for re-assessment?
Whether information shared by GST with the IT authorities can be reason for re-assessment? Issue: Can the information shared by the GST department be a sufficient ground to reopen income tax cases? The Bombay High Court, in the case of C. C. Dangi & Associates v. Union of India (170 taxmann 541) addressed the issue… […]
