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Archive: February, 2025

Posts in February, 2025

AO not examined computation of book profits: Section 263 Revocation Justified

February 9, 2025 1275 Views 0 comment Print

Bombay High Court upholds CIT’s revisional jurisdiction in KEC International’s tax dispute, dismissing the appeal on Section 115J and 32AB adjustments.

Delay in Revocation of GST Registration Allowed on Full Dues Payment

February 9, 2025 537 Views 0 comment Print

Orissa High Court allows delay in GST registration revocation on payment of dues in Abhaya Kumar Sethi’s case.

Orissa HC Reduces GST Appeal Deposit Amid Delay in GSTAT Formation

February 9, 2025 189 Views 0 comment Print

Orissa High Court grants interim relief in a GST appeal, reducing deposit requirements due to the non-constitution of the Appellate Tribunal.

Orissa HC Allows GST Registration Cancellation Revocation on Payment of Dues

February 9, 2025 480 Views 0 comment Print

Orissa High Court allows revocation of GST registration cancellation if dues are paid, condoning delay in application under Rule 23 of OGST Rules.

Taxation of International Transactions In India Under Income Tax Act 1961

February 9, 2025 1908 Views 0 comment Print

Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, and compliance essentials.

Union Budget 2025 – Key Direct Tax Highlights

February 9, 2025 2373 Views 0 comment Print

Discover the latest updates from Union Budget 2025, including revised tax slabs, withdrawal of Section 206AB, higher deductions, and extended filing deadlines.

ITAT Mumbai quashes reassessment for invalid Section 151(ii) approval

February 8, 2025 3150 Views 0 comment Print

ITAT Mumbai invalidates reassessment in Ramlal G Suthar vs. ITO due to improper approval under Section 151(ii) of the Income-tax Act, 1961. Read the full summary.

IT Notices to Non-Existent Company Void Ab Initio, Not Rectifiable Under Section 292B: Bombay HC

February 8, 2025 363 Views 0 comment Print

Bombay High Court quashes reassessment notices issued to a non-existent entity post-merger in City Corporation Ltd vs ACIT, citing substantive illegality.

Bombay HC Seeks Accountability for Lost Jewelry Seized by Tax Department in 2005

February 8, 2025 744 Views 0 comment Print

Bombay High Court addresses Hiralal Malu’s plea for the return of seized jewelry, highlighting disputes between the tax department and Bank of Maharashtra over its whereabouts.

Carried forward losses cannot be set-off against exempt capital gains under DTAA

February 8, 2025 417 Views 0 comment Print

ITAT Mumbai ruled on TVF Fund Ltd’s appeal regarding tax loss set-off under DTAA. Key issues include carry-forward losses, taxability, and judicial precedents.

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