Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in Vinod Nihalchand Jain case.
CBIC clarifies GST amnesty payment via GSTR-3B, amends Rule 164 for partial period demands. Deadline nears for relief under Section 128A.
Learn about Section 128A of the CGST Act, eligibility, payment process, deadlines, and procedural clarifications for availing waiver of interest or penalty.
Overview of SEBI’s Chapter VA on corporate governance for high value debt listed entities with non-convertible debt securities of ₹1000 Crore or more.
One Person Companies (OPCs) need to record annual returns to remain compliant with legal requirements. However, many business owners make errors while filing, leading to consequences and legal troubles. This article shall give you a briefing on the common mistakes to be avoided while filing an OPC annual return. 1. Missing the Filing Deadline The […]
ITAT Pune ruled that Section 68 applies only to amounts credited in the relevant year. Addition of ₹10L as unexplained cash credit for AY 2016-17 was deleted.
Asha Viren Raj Vs ITO (ITAT Mumbai) The Asha Viren Raj Vs ITO (ITAT Mumbai) case revolves around the contentious issue of reassessment under Section 147 of the Income Tax Act, 1961, and the taxation of commodity transaction income. The original assessment for Assessment Year (AY) 2012-13 was completed under Section 143(3). However, the Income […]
Andhra Pradesh High Court held that notification no. 9 of 2022, Central Tax (Rate) is effective only from 18.07.2022 and hence refund on account of inverted duty structure is admissible for period prior to 18.07.2022 and restricted for period after 18.07.2022.
Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material is not sustainable since retracted statement cannot be termed as incriminating material. Hence, appeal of revenue dismissed.
Calcutta High Court held that GSTR-9 returns should also be considered in case the Input Tax Credit (ITC) not reflected in GSTR-3B. Accordingly, matter restored for re-adjudication by considering GSTR-9 return.
