An overview of the TDS and RCM on Metal Scrap Transactions
An overview of the TDS and RCM on Metal Scrap Transactions Effective October 10, 2024, the GST Council has introduced significant changes impacting the metal scrap industry. These provisions aim to enhance tax compliance and streamline transactions involving metal scrap. Here’s what you need to know: TDS on Metal Scrap Transactions: 1️⃣ Applicability: TDS applies… […]
Period of limitation should be computed from the date of uploading the order over ITBA
Period of limitation should be computed from the date of uploading the order over ITBA Telangana High Court in the case of Rapiscan Systems Pvt. Limited (WP Nos 44891 & 44915 of 2022) has held that the period of limitation should be computed from the date of uploading. Let us have a Short Overview… […]
Co-owner consent is unnecessary for GST registration!
Co-owner consent is unnecessary for GST registration! In a recent writ petition in the case of Satya Dev Singh vs. Union of India & Ors. [Writ Tax No. 261 of 2024] it has been held that the Co-owner consent is unnecessary for GST registration. Let us have a Short Overview of the case: In this… […]
Satisfactory bills & Vouchers not produced – Denial of entire expenditure not justified while computing capital gain : ITAT Delhi
Satisfactory bills & Vouchers not produced – Denial of entire expenditure not justified while computing capital gain : ITAT Delhi Denial of entire expenditure towards cost of construction while computing Capital Gains by the Assessing Officer cannot be held to be justified even if the assessee did not submit satisfactory bill / vouchers towards cost of… […]
The Dilemma of rebate U/s 87A: A Short Overview
The Dilemma of rebate U/s 87A: A Short Overview The IT Act includes a specific carve-out under Section 112A, which states that the rebate is not available to small taxpayers whose income includes Long Term Capital Gains (‘LTCG’) from the sale of listed shares or securities. However, no such carve-out exists for Short Term Capital… […]
ITAT lacks power to review orders based on subsequent decision of supreme court: Bombay HC
ITAT lacks power to review orders based on subsequent decision of supreme court: Bombay HC In a significant ruling, the Bombay High Court has clarified that the Income Tax Appellate Tribunal (ITAT) lacks the authority to revise its orders based on subsequent decisions of the Supreme Court. In 𝘐𝘯𝘧𝘢𝘯𝘵𝘳𝘺 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘺 𝘢𝘯𝘥 𝘍𝘢𝘤𝘪𝘭𝘪𝘵𝘪𝘦𝘴 (Writ Petition 17175 of 2024), the High… […]
Amalgamation expenses not to be allowed as business expenses
Amalgamation expenses not to be allowed as business expenses ITAT, Ahemdabad in the case of Ambalal Sarabhai Enterprises Ltd vs ACIT [ ITA No 1772/Ahd/2015; Date of Order: 3/12/2024 has held that Amalgamation expenses not to be allowed as business expenses. The Ahd Tribunal ruled that amalgamation expenses could not be treated as business… […]
Can the authorised officer break open the lock of the door during the course of income tax search proceedings?
Can the authorised officer break open the lock of the door during the course of income tax search proceedings? 1. Authority under the Act: If during a search or seizure operation, the authorized officer is unable to obtain the keys to a door, locker, safe, almirah, or any other receptacle, they have the legal authority… […]
Assessment was completed without examination of books of account but also without rejection of books: ITAT remands back the matter
Assessment was completed without examination of books of account but also without rejection of books: ITAT remands back the matter Dinesh Saha Vs ITO (ITAT Kolkata) Appeal Number : ITA No. 1142/Kol/2024 Observation of AO during assessment proceedings: 1. The assessee failed to produce complete books of accounts and relevant vouchers during the assessment proceedings…. […]
Mandatory reporting of HSN codes in GSTR-1 & GSTR-1A from January 2025: Implementation of Phase-III of the mandatory reporting
Mandatory reporting of HSN codes in GSTR-1 & GSTR-1A from January 2025: Implementation of Phase-III of the mandatory reporting Here is a brief summary of Implementation of Phase-III of the mandatory reporting of HSN codes in GSTR-1 & GSTR-1A from January 2025 : 1) Mandatory reporting of 4 digit & 6 digit HSN codes… […]
