The Assessing Officer (AO) cannot consider claims made in a revised return filed after the deadline for filing the revised ROI has expired: Supreme Court.
The Assessing Officer (AO) cannot consider claims made in a revised return filed after the deadline for filing the revised ROI has expired: Supreme Court. Recently, SC was concerned with the power of assessing Officer (AO) vis a vis claims made in a revised return filed after the deadline for filing the revised ROI… […]
In case of genuine hardship, delay in filing of ITR may be condoned by the CBDT: Bombay HC
In case of genuine hardship, delay in filing of ITR may be condoned by the CBDT: Bombay HC Smita Dilip Ghule Versus The Central Board of Direct Taxes (WP No. 2348 of 2024) Facts: 1. The Petitioner made an Application dated 31st March, 2021 to the Central Board of Direct Taxes (the CBDT), requesting it… […]
Expenditure incurred for payment of foreclosure premium for restructuring loan and obtaining fresh loan at a lower rate of interest Vs Revisionary power of CIT u/s 263
Expenditure incurred for payment of foreclosure premium for restructuring loan and obtaining fresh loan at a lower rate of interest Vs Revisionary power of CIT u/s 263 Recently, an issue before Madras High Court was regarding the Revisionary power of CIT u/s 263 with respect to the expenditure incurred for payment of foreclosure premium… […]
𝙉𝙚𝙬 𝘾𝘽𝙄𝘾 𝙂𝙪𝙞𝙙𝙚𝙡𝙞𝙣𝙚𝙨 𝙄𝙨𝙨𝙪𝙚𝙙 – 𝙈𝙖𝙣𝙙𝙖𝙩𝙤𝙧𝙮 𝙑𝙞𝙧𝙩𝙪𝙖𝙡 𝙃𝙚𝙖𝙧𝙞𝙣𝙜𝙨 𝙞𝙣 𝙂𝙎𝙏 𝘾𝙖𝙨𝙚𝙨
𝙉𝙚𝙬 𝘾𝘽𝙄𝘾 𝙂𝙪𝙞𝙙𝙚𝙡𝙞𝙣𝙚𝙨 𝙄𝙨𝙨𝙪𝙚𝙙 – 𝙈𝙖𝙣𝙙𝙖𝙩𝙤𝙧𝙮 𝙑𝙞𝙧𝙩𝙪𝙖𝙡 𝙃𝙚𝙖𝙧𝙞𝙣𝙜𝙨 𝙞𝙣 𝙂𝙎𝙏 𝘾𝙖𝙨𝙚𝙨 The Central Board of Indirect Taxes & Customs (CBIC) has issued new instructions dated 5th November 2024, reinforcing virtual hearings for quasi-judicial proceedings under various indirect tax laws, including the CGST Act, IGST Act, Customs Act, and more. Under these revised guidelines: Virtual hearings are now mandatory for all personal hearings unless a… […]
Introduction of Form DRC-03A: An overview
Introduction of Form DRC-03A: An overview Department has observed that some taxpayers have paid the amount demanded vide DRC 07/DRC 08/MOV 09/MOV 11/APL 04 through DRC-03 instead of using payment facility ‘Payment towards demand’. Due to this demand is still showing as open / unpaid in Electronic Liability Register. Accordingly, GSTN has developed the… […]
Tax clearance certificate (TCC): Form No 30A & Non domiciled visitors in India
Tax clearance certificate (TCC): Form No 30A & Non domiciled visitors in India What is ‘domicile’? 1. The term ‘domicile’ is not defined in the Income-tax Act, 1961 or other ancillary laws. 2. Ordinarily, it means a permanent home or place where a person resides with the intention of remaining there for a prolonged/… […]
Any claim made in the revised return post the due date of filing the revised return cannot be considered by the Assessing Officer
Any claim made in the revised return post the due date of filing the revised return cannot be considered by the Assessing Officer In the case of Shriram Investments v/s CIT, Chennai [Civil Appeal 6274 of 2013], Hon’ble Supreme Court held that any claim made in the revised return filed under section 139(5) of… […]
Principle of Consistency to be taken into Consideration While Selecting the Most Appropriate Method: Delhi HC
Principle of Consistency to be taken into Consideration While Selecting the Most Appropriate Method: Delhi HC Facts: 1. The assessee, a part of the Sabic group, during the relevant previous year was engaged in provision of marketing support services to the associated enterprise. During the relevant year, the assessee received consideration from associated enterprises… […]
Whether the secondment of employees from the overseas group company to an Indian subsidiary exigible to GST?
Whether the secondment of employees from the overseas group company to an Indian subsidiary exigible to GST? Whether the secondment of employees from the overseas group company to an Indian subsidiary exigible to GST? Here is an interesting case wherein some of the employees were seconded by the overseas group company to the petitioner… […]
Landmark Judgment by Kerala High Court on Rule 96(10) of the CGST Rules
Landmark Judgment by Kerala High Court on Rule 96(10) of the CGST Rules The Kerala High Court recently delivered a significant judgment, declaring Rule 96(10) of the Central Goods and Services Tax (CGST) Rules, 2017, ultra vires the provisions of Section 16 of the Integrated Goods and Services Tax (IGST) Act, 2017. Key Legal… […]
