Comparison of ITR-U (Section 139(8A)) and Condonation of Delay of ITR (Section 119(2)(b)) Introduction The Income Tax Act, 1961, provides different mechanisms for taxpayers to address missed deadlines for filing Income Tax Returns (ITR). Two key provisions in this regard are: ITR-U (Section 139(8A)) – Allows taxpayers to update their returns by paying additional tax. […]
IBBI disposes of SCN against IP in CIRP case, addresses claims dispute, and ongoing RoC investigation. Details of findings and DC’s conclusion explained.
The IBBI Disciplinary Committee has suspended Ms. Sonu Jain for one year due to delays and procedural lapses in the liquidation process of Venkateshwara Capital.
Gujarat HC orders 6% interest on delayed tax refunds under DTVSV Act, citing principles of natural justice. Refund delays due to account validation issues resolved.
ITAT Chennai held that when cash is sourced out of recorded debtors, provisions of section 69A of the Income Tax Act could not be invoked. Accordingly, addition u/s. 69A is not sustainable in law.
Guwahati High Court’s landmark judgment on the tax rate for carbonated beverages containing fruit juice as per FSSAI Regulation 2.3.30. The court clarified the tax rate as 12% up to 30-09-2021.
February 2025 GST Case Law Compendium covers significant High Court and Supreme Court judgments on key GST issues. Orders issued under Section 73 without manual or digital signatures were deemed invalid, highlighting procedural compliance.
FATF updates high-risk and monitored jurisdictions list. Philippines removed from increased monitoring. Read the latest FATF statement from Feb 2025.
Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “business income” by relying on the judgment of the Hon’ble Orissa High Court in Odisha Power Generation Corporation Ltd.
Discover key challenges in sustainability reporting, including multiple frameworks, data complexity, and regulatory compliance. Learn about ESG reporting trends.
