No exemption available if the construction done before the date of capital gain
No exemption available if the construction done before the date of capital gain The ITAT Pune, in the case of Mahadev Dasu Jadhav vs. ITO, Ward-1, Latur (ITA No. 24/PUN/2025, dated March 28, 2025), upheld the denial of deduction under Section 54F of the Income Tax Act, 1961. ITAT held that the house was already under construction… […]
Bombay High Court Grants Interim Relief to Hindustan Coca-Cola in ₹2,500 Cr GST Dispute!
Bombay High Court Grants Interim Relief to Hindustan Coca-Cola in ₹2,500 Cr GST Dispute! In a significant development, the Bombay High Court has granted ad-interim relief to Hindustan Coca-Cola Beverages Pvt. Ltd. against a massive ₹2,500 crore GST demand issued on grounds of alleged undervaluation due to retrospective discounts given to distributors. What’s the case about?… […]
No addition could be made on the basis of ‘Mobile data or loose paper in the absence of corroborative evidence: ITAT Chandigarh
No addition could be made on the basis of ‘Mobile data or loose paper in the absence of corroborative evidence: ITAT Chandigarh ITAT Chandigarh in the case of Smt. Harvinder Kaur vs. ACIT, Central Circle-1, Ludhiana, ITA Nos. 691 & 692/Chd/2023, dated 01.04.2025: Assessment Years: 2017-18 & 2018-19 has held that No addition could be… […]
GST: ITC cannot be denied when supplier registration cancelled from retrospective date
GST: ITC cannot be denied when supplier registration cancelled from retrospective date The Hon’ble High Court held in the case of M/S Solvi Enterprises vs Additional Commissioner Grade 2 And … on 24 March, 2025(1287/2025) has held as under: It is not in dispute that the purchase was made by the petitioner from the firm,… […]
Condonation of Delay before CIT-A or ITAT or HC: Few case laws taxpayers can rely upon
Condonation of Delay before CIT-A or ITAT or HC: Few case laws taxpayers can rely upon In tax litigation, delays are sometimes inevitable-files may get misplaced, clients may be slow to respond, or procedural confusion may arise. Fortunately, the law does not always shut the door on a delayed appeal. The Income-tax Act, 1961 provides… […]
Bombay HC confirmed addition of 100% of peak purchases from tainted parties
Bombay HC confirmed addition of 100% of peak purchases from tainted parties Recently, the Hon,ble BHC in case of Pr. Commissioner of Income Tax-12, Mumbai vs. M/s Drisha Impex Pvt. Ltd., held that when the assessee has not questioned the finding of ITAT by filing an appeal, the assessee is not free to challenge… […]
Compensation for Nuisance is Non-Taxable Capital Receipt: ITAT Mumbai
Compensation for Nuisance is Non-Taxable Capital Receipt: ITAT Mumbai Recently, ITAT Mumbai in the case of Mohammed Fakhre Alam Shaikh -against an order passed by CIT(A)-52, Mumbai, for AY 2016-17, has held that compensation for Nuisance is Non-Taxable Capital Receipt. Let us have a Short Overview of the case: The assessee challenged the addition… […]
Intimation under section 143(1) is invalid in law if it was not served to the assessee within the prescribed timelines: ITAT Ahmedabad
Intimation under section 143(1) is invalid in law if it was not served to the assessee within the prescribed timelines: ITAT Ahmedabad Ahmedabad Tribunal: Lesso Buildtech (ITA 1698/Ahd/2024) has held that intimation issued under section 143(1) is invalid in law as it was not served to the assessee within the prescribed timelines. The Tribunal… […]
No percentage Business: 100% of the Bogus purchase disallowed by Bombay HC
No percentage Business: 100% of the Bogus purchase disallowed by Bombay HC Here is Another judgement of the Bombay High Court upholding 100% disallowance of bogus purchases. The HC has held that if the purchases were bogus then the whole of the purchases should have been added. In this case, the CIT(A) had granted… […]
Interest on Delayed Payment under Section 16 of the MSMED Act and its Allowability under the IT Act
Interest on Delayed Payment under Section 16 of the MSMED Act and its Allowability under the IT Act The MSMED Act, 2006, provides for interest on delayed payments to Micro and Small Enterprises (MSEs). The interest rate is three times the bank rate, compounded monthly. Section 16 of the MSMED Act 1. Interest on… […]
