Disallowance requires a direct nexus – No disallowance of expenses u/s 14A for exempt dividend income when investments were made in earlier years
Disallowance requires a direct nexus – No disallowance of expenses u/s 14A for exempt dividend income when investments were made in earlier years Ahemedabad ITAT in the case of Ambalal Sarabhai Enterprises Ltd vs ACIT [ITA No 1772/Ahd/2015; AYs 2002-03 to 2007-08; Dt. of Judgement: 3/12/2024] has held that no disallowance of expenses u/s… […]
The notice issued under Section 148A(d) to a deceased person was void ab initio: Delhi HC
The notice issued under Section 148A(d) to a deceased person was void ab initio: Delhi HC The Delhi High Court in a write petition in the case of Late Sh. Lal Chand Verma (Through His Legal Heir) vs. Union of India & Anr. [W.P. (C) 8184/2023 & CM APPL. 31377/2023 (Stay)] quashed the reassessment… […]
Controversy: Place of supply when Billing Address Differs from Delivery Address in case of B2C Supply of Goods
Controversy: Place of supply when Billing Address Differs from Delivery Address in case of B2C Supply of Goods IGST Amendment Act 2023 has amended the provisions for determining the place of supply for B2C supply of goods. According to the amendment, the place of supply of goods is determined solely based on whether the… […]
Issues not considered in original assessment – Reassessment proceeding not illegal: Bombay HC
Issues not considered in original assessment – Reassessment proceeding not illegal: Bombay HC Bombay High Court: Sanjay Ratra WP 38 of 2025 has dealt with various issues wherein the legaility of reassessment proceeding was hallenged. Let us have a Short Overview of the case: Notice under section 148A(b): On 24 March 2023, a notice… […]
Reduction of capital constitutes a ‘transfer’ of capital assets under Section 2(47) of the Income Tax: Supreme Court
Reduction of capital constitutes a ‘transfer’ of capital assets under Section 2(47) of the Income Tax: Supreme Court The Supreme Court in a recent case before it has clarified a critical aspect of income tax law, ruling that capital reduction constitutes a ‘transfer’ of capital assets under Section 2(47) of the Income Tax Act, 1961…. […]
Goods purchased for sales promotions, such as “Gold coins” and “T-shirts,” Vs. Input Tax Credit (ITC) admissibility Vs Alternate Way Out
Goods purchased for sales promotions, such as “Gold coins” and “T-shirts,” Vs. Input Tax Credit (ITC) admissibility Vs Alternate Way Out The recent Madras High Court judgment in the case of ARS Steels and Alloy International WP 31/2022 has significant implications for businesses engaging in sales promotional activities. The court ruled that Input Tax… […]
Non-payment of additional tax – Whether return filed under section 139(8A) can be treated as defective?
Non-payment of additional tax – Whether return filed under section 139(8A) can be treated as defective? As per the provisions of the Income-tax Act, 1961, an assessee shall be able to file an updated return to declare any additional income within the prescribed time period of one/two years from the end of the relevant… […]
GST on intra-group corporate guarantees – Bombay HC Grants Stay
GST on intra-group corporate guarantees – Bombay HC Grants Stay The Bombay High Court has delivered a crucial interim relief by way of stay to Vedanta Ltd., staying the operation of Circular No. 204/16/2023-GST, which treated corporate guarantees (CG) provided by parent companies to subsidiaries as a taxable “supply of service” under Schedule I… […]
House property construction not done due to litigation, Capital gain exemption cannot be denied
House property construction not done due to litigation, Capital gain exemption cannot be denied ITAT Bangalore in the case of SHARADA MOHAN SHETTY VS. ITO(2023) 201 ITD 21 (Bang) has held that non-construction of the house due to litigation between original land lord and Development authority may not be reason to deny the capital… […]
Sale of Plot after dividing it in Parts– Taxable as Capital Gain & Not as Business Income
Sale of Plot after dividing it in Parts– Taxable as Capital Gain & Not as Business Income Recently, ITAT Delhi in Asstt. CIT Vs. Himanshu Garg, ITA No. 819/Del/2020 has held that the land doesn’t become business assets or stock in trade simply because the piece of land has been bifurcated into five different parts to make it saleable after a… […]
