Key updates from Income Tax, GST, DGFT, RBI, and more for the week ending 29th Dec 2024.
Calcutta HC quashes state GST SCN and order, citing overlap with central authorities’ prior action for the same tax period and subject matter under GST law.
Andhra Pradesh HC highlights procedural lapses in GST seizure under Section 129. Court directs timely completion of proceedings within two weeks.
Explore the timeline, objectives, and major changes in the Direct Tax Code 2025 compared to the Income Tax Act 1961.
Learn the procedural requirements and legal compliance for private placement of securities under Section 42 of the Companies Act 2013.
Allahabad HC grants stay on recovery against Saru Silver Alloys Pvt Ltd, noting challenges to Rule 96(10) of CGST Rules, 2017, amid legal developments.
Book entry/manner of book keeping cannot lead to demand of service tax; (ii) recoupment/booking of costs between two divisions of the same company cannot amount to provision of service as there is no service provider and no service receiver;
CESTAT Mumbai dismisses the Department’s appeal, allowing Oerlikon to claim CENVAT credit at Pune. The ruling emphasizes revenue neutrality and pre-2016 Rule 7 provisions.
Bombay High Court held that reopening of assessment u/s. 147 in absence of any fresh material, based on material already available during assessment proceedings, tantamount to mere change of opinion and the same is not permissible in law.
ITAT Delhi held that addition under section 68 of the Income Tax Act based on presumptions and concept of human probability without bringing on record any materials linking the assessee in any of the dubious transactions relating to entry is not sustainable.
