GSTN Advisory regarding IMS during initial phase of its implementation
GSTN Advisory regarding IMS during initial phase of its implementation GSTN displays magnanimity in allowing editing of ITC fields in 3B despite errors/mistakes made in IMS by the taxpayers. Not because the IMS is yet to evolve to accommodate partial ITC availment owing to quality rejections, invoice and credit note spread across two tax… […]
ITAT allowed Assessee’s claim for depreciation on goodwill of period prior to applicability of the amendment vide Finance Act 2021
ITAT allowed Assessee’s claim for depreciation on goodwill of period prior to applicability of the amendment vide Finance Act 2021 In the recent case involving Suzlon Energy Ltd., the Income Tax Appellate Tribunal addressed two primary issues: disallowance under Section 14A and the claim for depreciation on goodwill arising from an amalgamation. Ahmedabad ITAT… […]
Adherence to statutory time limits is crucial in tax assessments
Adherence to statutory time limits is crucial in tax assessments Recently, Income Tax Appellate Tribunal, Mumbai in the case of Pushpak Realties Pvt. Ltd. (ITA No. 4812/Mum/2024) has reiterated that adherence to statutory time limits is crucial in tax assessments. This case highlights the importance of timely action by tax authorities and the legal… […]
Sale Deed Insufficient for Agricultural Land Classification in Tax Matters: Delhi HC
Sale Deed Insufficient for Agricultural Land Classification in Tax Matters: Delhi HC The Delhi High Court recently clarified that a sale deed alone cannot verify a land’s classification as “agricultural” for tax exemption purposes. In the case Pr. Commissioner Of Income Tax Delhi -11 v. Sangeeta Jain, the court emphasized that only official revenue… […]
Addition on the basis of statement recorded has no evidentiary value without any incriminating material
Addition on the basis of statement recorded has no evidentiary value without any incriminating material ITAT Kolakata has reiterated that the addition on the basis of statement recorded has no evidentiary value without any incriminating material. The case details is as under: ITAT KOLKATA:- DCIT, CENTRAL CIRCLE-1 (1) , KOLKATA VERSUS PRAGATI AGRI PRODUCTS… […]
Proposed Direct Tax Code: What Changes It Could Bring
Proposed Direct Tax Code: What Changes It Could Bring The upcoming Direct Tax Code (DTC) aims to overhaul and modernize India’s tax framework, focusing on streamlining compliance, encouraging investment, and fostering transparency. The proposed code, highlighted in the Finance Bill (No. 2) – 2024, suggests reforms intended to simplify tax laws, harmonize tax rates… […]
Maharashtra Unveils Tourism Policy 2024 – Focus on Investments, Job Creation & Agro Tourism
Maharashtra Unveils Tourism Policy 2024 – Focus on Investments, Job Creation & Agro Tourism The Maharashtra government’s 2024 tourism policy aims to boost travel and trade in the state. Specifically, the introduction of Cash Subsidy is a welcome step which was missing in the earlier tourism policy of 2016 and it will definitely play… […]
𝗣𝗲𝗿 𝗜𝗻𝗰𝘂𝗿𝗶𝗮𝗺: 𝗔 𝗟𝗲𝗴𝗮𝗹 𝗖𝗼𝗺𝗽𝗮𝘀𝘀 𝗳𝗼𝗿 𝗘𝗻𝘀𝘂𝗿𝗶𝗴 𝗝𝘂𝗱𝗶𝗰𝗶𝗮𝗹 𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆
𝗣𝗲𝗿 𝗜𝗻𝗰𝘂𝗿𝗶𝗮𝗺: 𝗔 𝗟𝗲𝗴𝗮𝗹 𝗖𝗼𝗺𝗽𝗮𝘀𝘀 𝗳𝗼𝗿 𝗘𝗻𝘀𝘂𝗿𝗶𝗻𝗴 𝗝𝘂𝗱𝗶𝗰𝗶𝗮𝗹 𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆 The recent Constitution Bench (5 judges) in 𝗕𝗮𝗷𝗮𝗷 𝗔𝗹𝗹𝗶𝗮𝗻𝗰𝗲 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗖𝗼. 𝗟𝘁𝗱. [𝟮𝟬𝟮𝟰 𝗜𝗡𝗦𝗖 𝟴𝟰𝟬] discussed a fundamental yet nuanced doctrine in legal jurisprudence: 𝘱𝘦𝘳 𝘪𝘯𝘤𝘶𝘳𝘪𝘢𝘮. This case provides insights into when a precedent may be labeled per incuriam and how this principle safeguards the sanctity of legal precedents. 𝗨𝗻𝗱𝗲𝗿𝘀𝗮𝗻𝗱𝗶𝗻𝗴 𝙋𝙚𝙧 𝙄𝙣𝙘𝙪𝙧𝙞𝙖𝙢 𝘗𝘦𝘳 𝘪𝘯𝘤𝘶𝘳𝘪𝘢𝘮, Latin for “through lack of care,” applies when a judgment overlooks… […]
Technicalities and rigid application of rules should not override human considerations: Court on rejection of application for condonation of Delay in filing Return under section 119(2)(b)
Technicalities and rigid application of rules should not override human considerations: Court on rejection of application for condonation of Delay in filing Return under section 119(2)(b) The issue in the case of Smita Dilip Ghule vs. The Central Board of Direct Taxes & Others was with regard to condonation of Delay in filing Return… […]
Whether income from the sale of software licenses should be classified as business income or royalty income?
Whether income from the sale of software licenses should be classified as business income or royalty income? The key issue before ITAT Delhi in the case of Tricentis GmbH (ITA Nos 2705 & 3526/Del/2023) was whether income from the sale of software licenses should be classified as business income or royalty income. Assessee claimed… […]
