Grammar Meets Tax Law: The Comma That Saved JAO Notices in Gujarat
Grammar Meets Tax Law: The Comma That Saved JAO Notices in Gujarat Just when we thought the debate on Jurisdictional Assessing Officer (JAO) vs. Faceless Assessing Officer (FAO) was leaning one way, the Hon’ble Gujarat High Court has delivered a significant judgment that changes the landscape. In the recent case of Snehdham Trust vs…. […]
Books Rejected, Sales Recorded, Section 68 Invoked? ITAT Mumbai Draws a Clear Line in Demonetisation Cash Deposit Cases
Books Rejected, Sales Recorded, Section 68 Invoked? ITAT Mumbai Draws a Clear Line in Demonetisation Cash Deposit Cases One of the most litigated questions arising from demonetisation assessments continues to be this: Can cash deposits made during the demonetisation period be taxed as unexplained cash credits under Section 68 when the assessee has duly recorded… […]
TDS on sale of immovable property by NRIs:
TDS on sale of immovable property by NRIs: Who is treated as an NRI? For income-tax purposes, residential status is determined year-wise under sections 6 of the Income-tax Act, 1961. If the seller is a Non-Resident or RNOR in the year of sale, the provisions below apply. Taxability of Capital Gains in India Income… […]
Mumbai ITAT Strikes Down Section 68 Additions Based Solely on Entry Operator Statement: A Strong Reaffirmation of Law and Natural Justice
Mumbai ITAT Strikes Down Section 68 Additions Based Solely on Entry Operator Statement: A Strong Reaffirmation of Law and Natural Justice In a significant and taxpayer-friendly ruling, the Hon’ble Mumbai Income Tax Appellate Tribunal (ITAT) has once again drawn a clear line between documented genuine transactions and additions based on suspicion and third-party statements. In Nandkshore Telefilms & Media Pvt…. […]
Supreme Court Clarifies GST Exemption on Hostel/PG Rentals
Supreme Court Clarifies GST Exemption on Hostel/PG Rentals The Supreme Court has delivered a landmark ruling on GST applicability for residential properties leased to aggregators providing hostel/PG accommodation. Let us have a Short Overview of the Case of tate of Karnataka vs Taghar Vasudeva Ambrish (2025) Key Highlight: Leasing a residential dwelling to an… […]
Whether addition under section 68 permissible when Books Are Rejected and Cash Sales Duly Recorded?
Whether addition under section 68 permissible when Books Are Rejected and Cash Sales Duly Recorded? Addition under Section 68 for Demonetisation Cash Deposits – Whether Possible When Books Are Rejected and Cash Sales Duly Recorded? ITAT Mumbai in the case of Rakesh Jain v. DCIT (2025) ITA No. 546/Mum/2025 │ Order dated: 4 December… […]
Furnishing an Audit Report with the return is a procedural provision: Gujarat HC
Furnishing an Audit Report with the return is a procedural provision: Gujarat HC Hon’ble High Court condones delay of 1128 days in filing of Form No. 10B and sets aside the Order under Section 119(2)(b) of the Income Tax Act, 1961 rejecting Petitioner’s Application for Condonation of Delay. The Hon’ble Court followed the judgment… […]
ROC Vijayawada penalized auditor for failing to qualify or comments or give opinion in the audit report
ROC Vijayawada penalized auditor for failing to qualify or comments or give opinion in the audit report Recently, an statutory Auditor penalized for failing to qualify or comments or give opinion in the audit report. Even though the company did not charge depreciation on its machinery and building, thereby violation of Sec 143(3) of… […]
If AO didn’t dispute purchase, only the profit element of alleged non-genuine purchases can be brought to tax.
If AO didn’t dispute purchase, only the profit element of alleged non-genuine purchases can be brought to tax. When the Assessing Officer himself has not treated the purchases as entirely fictitious and Bogus, instead, he has merely applied a percentage/ profit element. Then, the department cannot place reliance on PCIT vs. Kanak Impex (India) Ltd…. […]
Allahabad High Court Protects Genuine Input Tax Credit: ITC Cannot Be Denied Merely Due to Subsequent Cancellation of Supplier’s GST Registration
Allahabad High Court Protects Genuine Input Tax Credit: ITC Cannot Be Denied Merely Due to Subsequent Cancellation of Supplier’s GST Registration In a significant relief to honest taxpayers, the Allahabad High Court has once again reaffirmed a crucial principle of GST law: Input Tax Credit (ITC) lawfully availed by a bona fide purchaser cannot be… […]
