New RCM Liability/ITC statement on GST Portal from August 2024 helps track reverse charge liabilities and ITC claims. Learn the process and key deadlines for filing.
ITAT Bangalore held that the addition of provision of bad and doubtful debts as per P&L account to determine the book profits u/s. 115JB of the act is not warranted as actual write off would not be hit by clause (i) of explanation to section 115JB.
Allahabad High Court held that in case of excess stock found at the time of survey proceedings u/s. 73/74 of GST Act should be initiated. Accordingly, initiating proceedings u/s. 130 read with rule 120 unsustainable and liable to be quashed.
ITAT Ahmedabad held that no disallowance under Section 14A of the Income Tax Act warranted as interest-free funds exceed the investments made, and there is no evidence to suggest that borrowed funds were used for such investments.
The Ministry of Finance reduces the excise duty to nil per tonne for an item under Notification No. 25/2024, effective 18th September 2024.
Delhi HC rules department cannot pass adverse orders without giving taxpayers a reasonable opportunity of hearing under CGST Act in Mohinder Kumar Vs. Pr. Commissioner case.
DGFT revises Interest Equalisation Scheme, capping subvention amounts for IEC holders until 30th Sept 2024. MSME and exporters to comply with new limits.
CESTAT ruled extended demand period unsustainable without proven intent to evade tax, setting aside Rs. 11 Cr excise duty demand on Kanoria Energy & Infrastructure.
CBDT raises monetary limits for tax appeals: Rs. 60 lakh for ITAT, Rs. 2 crore for High Court, and Rs. 5 crore for Supreme Court, to reduce litigation.
CBIC weekly update covers GST Council decisions, extended export benefits, DGGI conference highlights, and IRS officer’s triathlon achievement.
