CESTAT Ahmedabad held that rejection of transaction value and enhancement of assessable value has to be on the basis of some evidence on record. Rejection of transaction value in absence of any evidence is untenable in law.
Delhi High Court held that in view of provisions of section 469 of the Code of the Criminal Procedure, 1973, complaint filed after expiry of six months is barred by limitation.
Learn the difference between the 2020 & 2021 faceless appeals scheme. This analysis examines the process, advantages & possible improvement for taxpayers & the Income-tax Department.
ITAT Mumbai held that Industrial Promotion Subsidy received under Package Incentive Scheme 2007 declared by the Government of Maharashtra is capital receipt and hence not taxable.
The Hon’ble Supreme Court enhanced compensation under Section 166 of the MV Act on basis of filial and parental consortium.
ITAT Pune held that repairs & maintenance expenditure incurred in rented workshop and showroom is revenue expenditure and allowable as deduction under section 30(a)(i) of the Income Tax Act,1961
ITAT Chennai held that test applied by AO that land was sold to a company which was not carrying agricultural operations is not justifiable for denying exemption to sale of agricultural land u/s 2(14) of the Income Tax Act.
Digitalization seems to have redefined and shaped global economies, especially in the post-covid era. As the world is becoming more and more hyperconnected, banks around the world are experimenting with the concept of digital currency. And India too seems to be smitten by the Central Bank Digital Currency (CBDC) trend.
Telangana HC follows SC Judgment in Filco Trade on opening of GST Portal for claiming transitional credit for two months from 01.09.2022 to 30.10.2022.
Tax authorities have been carrying out audit of GST assessee for mainly 2017-18 and 2018-19 for some time now. As a result, over 50,000 notices have been issued to taxpayers who were audited across the country. These show cause notices seek explanation on various short comings noticed during the audit.
