Final Assessment orders quashed by Mumbai ITAT as it was passed without issue of the draft assessment orders under Section 144C
Final Assessment orders quashed by Mumbai ITAT as it was passed without issue of the draft assessment orders under Section 144C The Mumbai Tribunal in the case of Hasmukh Dipchand Gardi v. ACIT (ITA No 1309/Mum/2014) was concerned with the issues of Non-Passing of Draft Assessment Order under Section 144C. The appellant challenged the final… […]
An overview of the GST Circular No.239/33/2024-GST Dated 4th December 2024
An overview of the GST Circular No.239/33/2024-GST Dated 4th December 2024 Amends Circular No. 31/05/2018-GST (Dated 9th Feb 2018): Key Amendments: 1. Expanded Adjudication Authority: The scope of adjudication under Para 7.1 of Circular 31/05/2018 has been updated. Additional/Joint Commissioners of specified Commissionerates are now empowered with All India jurisdiction to adjudicate show cause… […]
Notice issued with a delay of 2 Minutes: Reassessment Proceeding quashed by Delhi HC
Notice issued with a delay of 2 Minutes: Reassessment Proceeding quashed by Delhi HC In a twist that could rival the tension of a cricket match’s last over, the Delhi High Court recently quashed a reassessment notice—issued just two minutes beyond the deadline. Who would’ve thought that two minutes could make such a big… […]
Voluntary disclosure of income does not absolve the assessee from penalties under Section 271(1)(c) and 271AAB: Pune ITAT.
Voluntary disclosure of income does not absolve the assessee from penalties under Section 271(1)(c) and 271AAB: Pune ITAT. The Key Issues before Pune Tribunal in the case of Shreehari Associates Pvt. Ltd. v. DCIT (ITA No 407/Pun/2024) was regarding Penalty under Section 271(1)(c) for furnishing inaccurate particulars of income for AY 2013-14 and 2014-15 &… […]
Section 249(4)(b) should not be rigidly when no ITR is filed & where the entire income assessed is disputed: ITAT Agra
Section 249(4)(b) should not be rigidly when no ITR is filed & where the entire income assessed is disputed: ITAT Agra The ITAT Agra ruling in Ritika Jain, Jawahar Ganj vs. Income-Tax Officer, Shivpuri (ITA No. 168/Agr/2023, dated December 3, 2024) provides significant clarification on the applicability of Section 249(4)(b) of the Income Tax… […]
Benami Transactions: Demonetized currency retained monetary value for conversion within prescribed timelines and so it is “property” under the BPTA
Benami Transactions: Demonetized currency retained monetary value for conversion within prescribed timelines and so it is “property” under the BPTA Recently, Appellate Tribunal delivered a judgement on November 5, 2024, in case of Nitin Gupta vs. IO, Delhi highlights crucial aspects of the Prohibition of Benami Property Transactions Act, 1988 (PBPT Act), particularly concerning… […]
Whether negative blocking of credit ledger is allowed via the CGST Act, 2017?
Whether negative blocking of credit ledger is allowed via the CGST Act, 2017? While the above stated issue, is no longer res integra, however, the Madras High Court in the case of TVL. Skanthaguru Innovations Pvt. Ltd. v/s CTO [2024-VIL-1296-MAD] has recently issued a judgment that deviates from the following decisions- A) M/s. Amit Metaliks… […]
Two distinct flats situated on separate floors and lacking structural or functional integration could not be treated as one residential unit: Delhi HC.
Two distinct flats situated on separate floors and lacking structural or functional integration could not be treated as one residential unit: Delhi HC. In a recent judgment, the Hon’ble Delhi High Court clarified the scope of Section 54F of the IT Act, holding that the exemption for long-term capital gains is restricted to a… […]
Key CGST Rules regarding ITC reversal and apportionment – Rule 37, 39, 42 & 43.
Key CGST Rules regarding ITC reversal and apportionment – Rule 37, 39, 42 & 43. The Central Goods and Services Tax (CGST) Rules form the backbone of India’s GST framework, ensuring transparency and clarity in tax compliance. Here is a compilation of some critical rules to understand its applicability: 1. Rule 37: Reversal of… […]
GST & MSME Compliance: A short overview of the Common Mistakes
GST & MSME Compliance: A short overview of the Common Mistakes 1. Payment to Vendors Within 180 Days: If payment to your vendor isn’t made within 180 days of the invoice date, you must reverse the ITC utilised in the GSTR-3B of the due date immediately following. Important distinction: • ITC availed: Credit available in… […]
