ITAT Kolkata ruled that penalties under Section 140A(3) are not applicable for non-payment of taxes on self-assessed income post-AY 1989-90.
Discover the new PPF rules effective October 1, 2024, impacting minors, multiple accounts, and NRIs. Stay informed about important changes in PPF.
CBIC’s new RCM self-invoicing rules, effective Nov 2024, mandate timely self-invoices for goods or services from unregistered suppliers under Rule 47A.
Merely relying on the statement of a third party without any corroborating evidence could not justify income tax additions. In the absence of incriminating material found during a search, AO could not enhance the taxable income in proceedings under section 153A.
Since an Arresting Officer had conveyed his intention, reasons, grounds and believe to arrest assessee, the order of grounds of arrest was in conformity with the requirement of Section 19 of PMLA Act.
From January 2025, changes to auto-populated GSTR-3B values will be restricted. Amend through GSTR-1A or Invoice Management System for accurate return filing.
Bombay High Court in the case of Shree Sai Baba Sansthan Trust held that anonymous donation received by religious and charitable trust is entitled to benefit of an exemption from tax under section 115BBC(2b) of the Income Tax Act.
Delhi High Court held that CIT has rightly held that assessment order was passed without making necessary inquiries and verification hence in terms of clause (a) of Explanation 2 to Section 263, the assessment order is deemed to be erroneous in so far as it is prejudicial to the interests of the revenue.
Madras High Court held that rejection of input tax credit on the ground that claim has been lodged beyond period prescribed u/s. 16(4) of the GST Act needs to be re-visited in view of section 16(5) inserted vide section 118 of the Finance (No. 2) Act, 2024.
Andhra Pradesh High Court held that levy of penalty under section 271D of the Income Tax Act untenable since AO didn’t record any satisfaction to the effect that provisions of section 269SS of the Income Tax Act are violated.
