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Archive: 30 September 2024

Posts in 30 September 2024

GST Demand Based Solely on Income Tax Findings Unsustainable: Allahabad HC

September 30, 2024 1113 Views 0 comment Print

Allahabad HC quashes GST demand orders against Anand Swaroop Rastogi. Orders based solely on Income Tax findings, lacking independent verification, are invalid.

Non-Filing of Certified Copies Shouldn’t Lead to Appeal Dismissal Without Merit Review: Allahabad HC

September 30, 2024 675 Views 0 comment Print

Allahabad HC rules non-filing of a certified copy in e-appeals is a technical issue, not grounds for dismissal. Appeal must be heard on merit.

Procedure for Filing Form-1 Under DTVSVS 2024

September 30, 2024 5070 Views 0 comment Print

DGIT issues notification on the procedure for filing Form-1 under the Direct Tax Vivad Se Vishwas Scheme, 2024. Learn about the online filing steps and submission process.

 ICAI Punishes CA for failing to verify genuineness of sale transactions

September 30, 2024 861 Views 0 comment Print

ICAI Disciplinary Committee has removed CA. Gaurav Kumar Bedi from its register for one year and imposed a ₹1,00,000 fine for professional misconduct in his audit of a company.

Section 50C Not Applicable: FMV and Sale Price Difference Within 10%

September 30, 2024 1428 Views 0 comment Print

ITAT Kolkata allows Nalanda Builders appeal on property sale valuation but upholds disallowance of short-term capital loss on share sales. Key details inside.

Section 115BAA: No Fresh Form 10IC Needed for Lower Tax Rate in Subsequent Years

September 30, 2024 1371 Views 0 comment Print

ITAT Kolkata ruled in favor of Narayani Laxmi Viniyog Pvt. Ltd., applying a 22% tax rate under Section 115BAA despite CPC’s 40% tax assessment for AY 2023-24.

Section 271(1)(c) penalty unjustified on estimated addition to income

September 30, 2024 804 Views 0 comment Print

ITAT Kolkata allows appeal, deletes Rs. 1,99,911 penalty imposed under Section 271(1)(c) of the Income Tax Act for commission income estimation dispute.

GST registration cannot be cancelled where SCN cites reasons as “Others”: Calcutta HC

September 30, 2024 930 Views 0 comment Print

Calcutta High Court rules GST registration cannot be cancelled without specific grounds, dismissing Limton Metals’ writ petition challenging cancellation notice.

No Interest or Penalties for Wrongly Availed but Unutilized ITC: Calcutta HC

September 30, 2024 4548 Views 0 comment Print

Calcutta High Court decision on Utpal Das case clarifies GST interest and penalties related to Input Tax Credit misuse.”

A Tax Haven in the Desert: Why Indians are flocking to Dubai?

September 30, 2024 3702 Views 0 comment Print

A question that was shooting up recently, was: Why are so many Indians going to Dubai? After a detailed research and analysis I understood that there is a rush by the rich and business enterprises from different parts of the world to the United Arab Emirates (UAE) or Dubai where costly livings, advanced infrastructure as well as an outstanding location attracts.

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