NO GST ON TRANSFER OF LEASEHOLD RIGHTS: GUJRARAT HC
NO GST ON TRANSFER OF LEASEHOLD RIGHTS: GUJRARAT HC In a landmark ruling on 3rd January 2025, the Hon’ble High Court of Gujarat clarified that the transfer of GIDC leasehold land rights will not be subject to GST. In other words, No GST is leviable on Assignment/Transfer of Leasehold Rights to third party since it would… […]
Procedural lapses and non-adherence to the principles of natural justice: ₹ 48 Crore GST Demand Quashed by Madras HC
Procedural lapses and non-adherence to the principles of natural justice: ₹ 48 Crore GST Demand Quashed by Madras HC In a landmark ruling in TMF Business Services Limited vs. State Tax Officer & Anr, the Madras High Court has quashed assessment orders involving a collective demand exceeding ₹48 crores against TMF Business Services Limited due… […]
Mere seizure of share certificates cannot be considered as incriminating material without any other corroborative evidences during search: ITAT, Delhi
Mere seizure of share certificates cannot be considered as incriminating material without any other corroborative evidences during search: ITAT, Delhi Recently, ITAT, Delhi has held that mere seizure of share certificates cannot be considered as incriminating material without any other corroborative evidences during search. It has further held that statement recorded u/s 132(4) cannot… […]
Capital Gain Exemption allowable even if the construction of the house is commenced prior to the sale of old property
Capital Gain Exemption allowable even if the construction of the house is commenced prior to the sale of old property The case detail is as under: Shri Jignesh Jaysukhlal Ghiya v DCIT ITA No. 324/Ahd/2020 AY 2013-14 Let us have a Short Overview of the case: The taxpayer owned a residential property and its sale… […]
Excel Utility to Update the Rebate u/s 87A released by Income Tax Department had changed
Excel Utility to Update the Rebate u/s 87A released by Income Tax Department had changed The Income Tax Department had changed Excel Utility to Update the Rebate u/s 87A. Now, the utility allows to place the figure of rebate U/s 87A manually too. Taxpayer can file the ITR by placing 87A figure manually which… […]
Penalty imposed by Bombay HC on PCIT and JAO for mechanically passing and approving the orders in the reassessment proceedings Further asked to verify the conduct of these officers
Penalty imposed by Bombay HC on PCIT and JAO for mechanically passing and approving the orders in the reassessment proceedings Further asked to verify the conduct of these officers The Bombay High Court once again fined the PCIT and JAO for mechanically passing and approving the orders in the reassessment proceedings. The Court raised… […]
ITAT Bangalore’s Decision in Buckeye Trust Recalled
ITAT Bangalore’s Decision in Buckeye Trust Recalled There were some observation for Private Trusts and Succession Planning which was rendered by Bangalore ITAT: The Income Tax Appellate Tribunal (ITAT), Bangalore ruling in the Buckeye Trust case shed light on the taxability of private discretionary trusts. The judgment reinforces that trusts allowing non-relatives as potential… […]
Failure to issue share certificates within 2 months from the date of incorporation – ROC imposed Penalty of Rs. 1.50 Lakh on the company and Directors
Failure to issue share certificates within 2 months from the date of incorporation – ROC imposed Penalty of Rs. 1.50 Lakh on the company and Directors ROC,NCT OF DELHI & HARYANA, IMPOSED A PENALTY OF ₹1.50 LAKH ON COMPANY& ITS DIRECTORS FOR FAILING TO ISSUE SHARE CERTIFICATES WITHIN 2 MONTHS FROM THE DATE OF INCORPORATION… […]
An option to file online Rectification Applications with the AO
An option to file online Rectification Applications with the AO The Income Tax Department has launched the much-awaited option on the Income Tax portal, i.e., online filing of Rectification Applications. These online applications will greatly benefit taxpayers whose applications have been pending for a long time. Earlier, such applications did not create a Worklist… […]
Extension for Filing Revised or Belated Income Tax Returns: Clearing the Air
Extension for Filing Revised or Belated Income Tax Returns: Clearing the Air Tax season often brings its share of last-minute surprises, and this year is no exception. The CBDT, through its Circular No. 21/2024 dated 31.12.2024, has extended the due date for filing belated or revised income tax returns from December 31, 2024, to… […]
