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Archive: 13 January 2025

Posts in 13 January 2025

Webinar on Critical Issues in Faceless Assessments under Income Tax Act, 1961

February 14, 2025 4989 Views 0 comment Print

Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.

Revised Guidelines for Arrest Under CGST Act, 2017

January 13, 2025 1338 Views 0 comment Print

CBIC amends arrest guidelines under CGST Act. Grounds of arrest must be provided in writing per Delhi HC judgment in Kshitij Ghildiyal vs DGGI.

Analysis of Notifications and Circulars for Week ending 12th January 2025

January 13, 2025 4008 Views 1 comment Print

Several key notifications and circulars were issued between January 6th and 12th, 2025. In the Income Tax domain, a notification exempting Tax Collection at Source (TCS) for goods sold to IFSC Units was introduced, effective January 1, 2025, with conditions for declaration by buyers.

IFSCA Extends Deadline for Complaint Handling Circular

January 13, 2025 126 Views 0 comment Print

IFSCA extends the deadline for implementing the complaint handling circular for regulated entities in the IFSC to April 1, 2025, due to operational challenges.

IRS Officer Trainees Graduate; CBIC Launches Drug Campaign

January 13, 2025 261 Views 0 comment Print

CBIC celebrates IRS officers’ graduation and launches a drug disposal campaign, emphasizing vigilance and public awareness in combating drug trafficking.

Action u/s. 73 of CGST Act doesn’t restrain GST authorities from conducting audit

January 13, 2025 687 Views 0 comment Print

Punjab and Haryana High Court held that action of the department already taken under section 73 of the Central Goods and Services Tax Act, 2017 doesn’t restrain GST authorities from conducting audit. Accordingly, writ dismissed.

Reassessment u/s. 148 quashed as conditions u/s. 150 not fulfilled: Delhi HC

January 13, 2025 6174 Views 0 comment Print

Delhi High Court held that initiation of reassessment proceedings under section 148 of the Income Tax Act liable to be quashed in as much as conditions set out in section 150 of the Income Tax Act not fulfilled.

Increased tax rate of 60% u/s. 115BBE applicable only from 01.04.2017: ITAT Ahmedabad

January 13, 2025 804 Views 0 comment Print

ITAT Ahmedabad held that tax rate u/s. 115BBE of the Income Tax Act increased from 30% to 60% and the same is applicable only with effect from 1st April 2017 and not prior to the same. Hence, appeal allowed to that extent.

Resolution professional justified in not admitting belated contingent claim

January 13, 2025 273 Views 0 comment Print

NCLAT Delhi held that belated filing of contingent claims (i.e. claims arising from damages and breach of contract) is rightly rejected by the resolution professional. Accordingly, appeal dismissed.

Matter remitted to AO (TDS) for re-verification of quantum of External Development Charges

January 13, 2025 618 Views 0 comment Print

ITAT Delhi remanded the matter back to the file of AO (TDS) for proper verification of quantum of External Development Charges (EDC) for demand of tax under section 201(1) of the Income Tax Act.

Section 130 of GST doesn’t prohibit interim release of detained goods pending finalization of proceedings

January 13, 2025 315 Views 0 comment Print

Kerala High Court held that there is no provision in Section 130 of the Goods and Services Tax Act which prohibits the interim release of goods which are detained pending finalization of proceedings under Section 130.

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