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Archive: 14 February 2025

Posts in 14 February 2025

Bombay HC Stays GST Demand on Corporate Guarantees

February 14, 2025 849 Views 0 comment Print

Bombay High Court stays GST demand on Schloss HMA Pvt Ltd’s corporate guarantees, pending clarification on applicability of CGST or IGST provisions.

TDS Correction Time Limit Introduced – No More Endless Revisions!

February 14, 2025 5412 Views 0 comment Print

The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, there was no restriction on how long these corrections could be made, leading to frequent and sometimes dubious revisions. This change aims to bring more transparency and prevent misuse. 

Section 271E penalty cannot survive if underlying assessment order annulled: SC

February 14, 2025 624 Views 0 comment Print

Supreme Court rules on penalty under Section 271E of the Income Tax Act in CIT vs. Jai Laxmi Rice Mills. Find out how assessment order impacts penalty proceedings.

ITAT Grants Section 54F Exemption Despite Non-Deposit in Specified Account

February 14, 2025 2547 Views 0 comment Print

Visakhapatnam ITAT allowed a Section 54F capital gains exemption, even though the assessee didn’t deposit the sale proceeds in a specified account. The tribunal cited beneficial interpretation of the provision and the assessee’s investment in a new property.

Bombay HC Rules Section 50C Inapplicable to Tenancy Transfers

February 14, 2025 558 Views 0 comment Print

Bombay High Court holds that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s appeal in CIT Vs Abdul Aziz Abdul Kadar.

Section 50C Inapplicable to Tenancy Transfers: ITAT Mumbai

February 14, 2025 534 Views 0 comment Print

ITAT Mumbai rules that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s appeal in ITO Vs Abdul Aziz Abdul Kadar.

ITAT Nagpur Grants Section 80P Deduction to Police Pat Sanstha

February 14, 2025 450 Views 0 comment Print

ITAT Nagpur overturns CIT(A) order, allowing deduction under Section 80P for a cooperative society. The tribunal rules AO’s disallowance was unjustified.

Post-IBC Resolution Reassessment Invalid for Patanjali: Supreme Court

February 14, 2025 306 Views 0 comment Print

Supreme Court dismissed the tax appeal in PCIT vs. Patanjali Foods, upholding the Bombay High Court’s decision that reassessment notices issued after an approved resolution plan under the IBC are invalid. The HC had quashed reassessment notices and orders, citing the clean slate principle and clarifying the scope of Section 148 of the Income Tax Act.

Insolvency Resolution Plan Binds All Parties, Discharges Prior Tax Claims

February 14, 2025 210 Views 0 comment Print

Bombay HC quashes reassessment notices against Patanjali Foods, citing prior insolvency resolution and clarifying the scope of reassessment under Section 148.

SEBI Notification on Research Analyst Certification Renewal

February 14, 2025 264 Views 0 comment Print

SEBI mandates research analysts to renew certifications by passing NISM-Series-XV-B exam, effective from March 1, 2025, as per new regulations.

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