Issue in Registration of ISD – An Apt Representation by GSTPA
Issue in Registration of ISD – An Apt Representation by GSTPA The post Issue in Registration of ISD – An Apt Representation by GSTPA appeared first on The Tax Talk.
AIFTP apt representation for timely appeal disposal, expedite hearings, and issue clear guidelines to resolve pendency
AIFTP apt representation for timely appeal disposal, expedite hearings, and issue clear guidelines to resolve pendency The All India Federation of Tax Practitioners (AIFTP) submitted a representation to Finance Minister Nirmala Sitharaman on March 8, 2025, highlighting the backlog of 5,49,042 appeals pending before the Commissioner of Income-tax (Appeals) and the National Faceless Appeal Centre… […]
Satisfaction of Twin condition (i) an error prejudicial to the interests of the Revenue and (ii) lack of proper inquiry by the Assessing Officer must for invoking revisionary power under section 263
Satisfaction of Twin condition (i) an error prejudicial to the interests of the Revenue and (ii) lack of proper inquiry by the Assessing Officer must for invoking revisionary power under section 263 In a recent decision, the Hon’ble Delhi Bench of Income Tax Appellate Tribunal (ITAT), has quashed the revisionary order passed by the… […]
Provision, if commercially prudent and contractually required, is not merely permissible but necessary and cannot be equated with uncertain or notional liabilities: Delhi HC
Provision, if commercially prudent and contractually required, is not merely permissible but necessary and cannot be equated with uncertain or notional liabilities: Delhi HC Delhi HC recently held on allowability of Asset Reconstruction Cost (ARC) as a business expenditure under Section 37(1) of the Income Tax Act, 1961, rejecting the Assessing Officer’s view that… […]
Delhi HC allows ITC Despite Wrong GSTN
Delhi HC allows ITC Despite Wrong GSTN Delhi HC Permits ITC Despite Wrong GSTN; Quashes Rs. 5.65 Cr Demand in M/s B Braun Medical India Pvt Ltd vs Union of India [W.P.(C) 114/2025 & CM APPL. 434/2025; dated 12-Mar-2025]. Delhi HC has held that the minor invoice errors do not automatically invalidate ITC. It… […]
CBDT issues clarification on exemptions from Principal Purpose Test (PPT)
CBDT issues clarification on exemptions from Principal Purpose Test (PPT) In a significant move to steady investor nerves, while maintaining regulatory integrity, Central Board of Direct Taxes has issued crucial clarifications regarding its recent Circular No. 01 of 2025. The March 15th press release draws clear boundaries around the application of the Principal Purpose… […]
If shares are held for over 12 months and consistently treated as investments, the resulting income should be treated as capital gains & not as Business Income
If shares are held for over 12 months and consistently treated as investments, the resulting income should be treated as capital gains & not as Business Income “ITAT Favors Growmore Research, Linked to Harshad Mehta: Capital Gains Treated as Investment Income Under CBDT Circular No. 6/2016” The Income Tax Appellate Tribunal (ITAT) recently delivered a… […]
Where regular assessment proceedings have been commenced U/s 143(2), there is no need for summary proceedings under Section 143(1)(a)
Where regular assessment proceedings have been commenced U/s 143(2), there is no need for summary proceedings under Section 143(1)(a) An issue of whether, once proceedings under Section 143(3) had commenced via the notice issued under Section 143(2), the AO was justified in processing the return and issuing an intimation under Section 143(1)(a) was there… […]
Reassessment Quashed Due to Borrowed Satisfaction and Lack of Independent Inquiry
Reassessment Quashed Due to Borrowed Satisfaction and Lack of Independent Inquiry Krishna Murthy Ella, Chairman & MD of Bharat Biotech, filed his return for A.Y. 2014-15 declaring ₹1.62 crore. The assessment was reopened under Section 147 based on information that he acquired 4,17,535 shares from Mind Tree Trading Co. at ₹1 per share. The… […]
Reopening on one ground and addition on different Ground – ITAT Confirmed CIT(A)’s Decision to Cancel Reassessment
Reopening on one ground and addition on different Ground – ITAT Confirmed CIT(A)’s Decision to Cancel Reassessment Recently, ITAT Confirmed CIT(A)’s Decision to Cancel Reassessment as AO Mistakenly Reopened the Case Citing Unsecured Loans Instead of Share Application Money but Made Addition on Different Grounds. In this case, Commissioner of Income Tax (Appeals) [CIT(A)]… […]
