ITAT Ahmedabad held that no disallowance under Section 43B of the Act can be made when deduction is not claimed in the profit and loss account [P&L account], and the liability is disclosed as a current liability. Accordingly, matter restored to AO to verify VAT liability.
Telangana High Court held that issuance of garnishee notice attaching bank account despite pendency of appeal and stay application is not sustainable and same deserved to be set aside. Accordingly, writ petition disposed of.
CBDT has notified updated ITR forms for AY 2025-26. Changes include revised asset reporting thresholds, capital gains bifurcation, specific TDS/deduction reporting, and expanded eligibility for ITR-1/ITR-4.
April 2025 GST collections reached ₹2.36 lakh crore. Update covers CBIC activities, including a new health facility and a currency seizure operation.
Tax tribunal rules NIIT Ltd. can deduct finance lease principal payments as revenue expense; penalty appeal sent back for detailed review.
Delhi HC Quashes Reassessment Due to Change of Opinion and absence of failure on the part of the assessee to disclose fully and truly all material particulars necessary for assessment.
India’s Supreme Court upholds High Court ruling, quashing tax re-opening notice for Marico Ltd. citing impermissible change of opinion on scrutinised issue.
Faridabad court denies bail to accused in ₹23.66 crore GST fraud case, citing gravity of economic offence and risk of tampering with evidence.
Summary of recent Indian economy and GST developments: US tariffs, revised growth forecasts, new GSTAT rules, GST registration updates, key court rulings, and April 2025 collection data.
Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSME benefits, GST ITC, and available incentives.
