Join the free webinar on Dec 1, 2024, to explore top finance courses beyond CA, CS, and CMA. Learn from expert CA Bhupesh Anand. Register now!
ITAT Mumbai held that where two houses joint together constitutes a single unit for residence, then exemption under section 54F of the Income Tax Act would be available to such joint residential house.
Central Sales Tax was not applicable on mere stock transferring of beer from manufacturing units to depots situated in other State as movement of goods could not be considered incidental to the Master Agreement
Since there was no genuine hardships in filing their ITR within prescribed time limit, the application was not maintainable since the ITR was already filed by assessee and the same was taken on record, and thus the issue of condoning delay in filing the ITR would not arise.
CESTAT Chennai held that enhancement of transaction value solely on the basis of NIDB data, without determining how imported goods are comparable and contemporaneous, not justified. Hence, order set aside.
Addition of unsecured loans as unexplained cash credits under Section 68 was unjustified as all the above transactions were duly recorded in the books of account and there was no undisclosed cash credit involved in these transactions.
ITAT Bangalore held that penalty under section 271D of the Income Tax Act not leviable in terms of section 273B of the Income Tax Act since claim of exemption u/s. 54 is made in an open and bonafide manner.
Gujarat High Court held that Fly Ash Bricks and Fly Ash Blocks containing less than 90% fly ash content is liable to 5% GST and not 18% GST. Accordingly, order passed by advance ruling authority set aside.
Integrated Goods and Services Tax ( IGST ) on ocean freight could not be levied on Free on Board ( FOB ) transactions also as once the IGST was paid on value of goods including the freight, cost and insurance, it would not make any difference between the transactions was on CIF basis or FOB basis
Dinesh Kumar vs Directorate General of GST Intelligence (District Court of Maharashtra) Pune Additional Sessions Judge Grants Bail in GST Evasion Case In the case of Dinesh Kumar vs Directorate General of GST Intelligence (4596/2024), the applicant, Dinesh Kumar, was arrested by the Directorate General of GST Intelligence, Pune Zonal Unit, for offenses under Section […]
Learn the key reasons for receiving an income tax notice, types of notices, and strategies to ensure compliance, including understanding new data scrutiny practices.
