An overview of Finance Minister Mrs. Nirmala Sitharaman Press Briefing on GST
An overview of Finance Minister Mrs. Nirmala Sitharaman Press Briefing on GST * GST reform is a structural reform, for ease of living, not just a rate reform * Inverted duty problem corrected * Classification issues sorted * Reforms carried out with focus on common man * In most cases, rates have come down drastically… […]
Indexation Is Back… But With Hidden Side-Effects! (Part 2 of the Surcharge Saga)
Indexation Is Back… But With Hidden Side-Effects! (Part 2 of the Surcharge Saga) “The taxpayer can compute the tax under the new scheme which is 12.50% without indexation and the old scheme 20% with indexation and pay such tax which is the lower of the two. Not only we are we coming up with an option,… […]
Bombay High Court Quashes ITAT Order for Non-Adjudication of DIN and Limitation Grounds
Bombay High Court Quashes ITAT Order for Non-Adjudication of DIN and Limitation Grounds Skyway Infraprojects Pvt. Ltd. v. DCIT (Income Tax Appeal Nos. 776 to 814 of 2025) Facts: 1. A search u/s 132 was conducted on the assessee on 06.11.2019. Assessments were framed u/s 153A by AO on 30.09.2021. 2. The Assessment Orders… […]
Income Tax deductibility of Foreign Education Funded by Employers
Income Tax deductibility of Foreign Education Funded by Employers Issue: Many multinational and large Indian companies sponsor their employees for higher education abroad-such as MBA, technical training, or research programs-often with a bond to serve the company after completion. Sometimes, even dependents of employees receive such benefits. While this practice helps in skill-building, the… […]
Joint Development Agreements: Why the Taxman Waits Till Your Flats Are Ready
Joint Development Agreements: Why the Taxman Waits Till Your Flats Are Ready [Query 1] I will be most grateful to you if you publish your expert opinion on the typical issue involved in transfer of property under Joint Development Agreement (JDA) and its calculation of capital gain for the Assessment Year 2024-25. I hope I… […]
Income Tax on sale of carbon credits:
Income Tax on sale of carbon credits: Introduction: 1. India, being one of the largest issuers of carbon credits under the Clean Development Mechanism (CDM) of the Kyoto Protocol, has emerged as a significant player in the global carbon market. 2. From a tax perspective, the characterization and treatment of such income has witnessed an… […]
Limited Scrutiny or complete Scrutiny not mentioned in Notice Issued under Section 143(2) – Are they legally valid?
Limited Scrutiny or complete Scrutiny not mentioned in Notice Issued under Section 143(2) – Are they legally valid? One of the most crucial documents in the scrutiny process under the Income Tax Act, 1961 is the notice issued under Section 143(2). The validity of this notice is not a mere technicality but goes to the… […]
Bombay High Court Quashes Reassessment for AY 2016 – 17 and 2017 – 18: Lack of Proper Sanction Under Section 151 Fatal
Bombay High Court Quashes Reassessment for AY 2016 – 17 and 2017 – 18: Lack of Proper Sanction Under Section 151 Fatal The Bombay High Court, in a recent landmark ruling in the case of Ramesh Bachulal Mehta v. ITO Ward 27(3)(1), Mumbai & Ors. (Writ Petition No. 271 of 2023, dated 11th August 2025), has… […]
Taxation of Sale of Under-Construction Property Before Registration
Taxation of Sale of Under-Construction Property Before Registration Buying an under-construction flat or property has become very common in India. But what happens if you decide to sell your rights in that property before registration or possession? Will the gain be taxed as capital gains or as income from other sources? This question is one of the most debated… […]
Delhi High Court Allows Consolidated Show Cause Notices in GST ITC Fraud Cases
Delhi High Court Allows Consolidated Show Cause Notices in GST ITC Fraud Cases Case: Ambika Traders v. Additional Commissioner, Adjudication DGGSTI, CGST Delhi North Court: Delhi High Court (Justices Prathiba M. Singh & Rajneesh Kumar Gupta) Date of Decision: 29th July 2025 Introduction One of the hotly debated issues in Goods and Services Tax (GST) litigation is whether… […]
