The ITAT Kolkata deleted an addition under Section 69 and a tax addition under Section 56(2), ruling that a taxpayer’s salary account was a valid source for property investment.
ITAT Ahmedabad held that bad debts written off as irrecoverable in books is enough and it is not necessary to demonstrate that a debt has become bad. Accordingly, addition on account of bad debts liable to be deleted.
GTL Infrastructure Limited Vs State of Jharkhand (Jharkhand High Court) Based on the Jharkhand High Court’s judgment in the case of M/s. GTL Infrastructure Limited Versus The State of Jharkhand, the refund of a statutory pre-deposit is a vested right of the assessee and cannot be denied by invoking the limitation period under Section 54 […]
The International Financial Services Centres Authority (IFSCA) is implementing measures to enable trade finance and support India’s export growth through its IFSC.
The Competition Commission of India (CCI) dismisses a case against Bishal Juice Corner, stating that the allegations of unfair practices and illegal occupation do not fall under the Competition Act.
The IFSCA is seeking public comments on proposed amendments to its Performance Review Committee Regulations, 2022. The changes focus on the committee’s constitution, member eligibility, and a new code of conduct.
The Rajasthan High Court has stayed a DGGI show cause notice, questioning the constitutional validity of delegating ‘Proper Officer’ powers. The case, tagged with a similar pending matter, challenges the GST enforcement structure.
The GSTAT has ruled against cosmetics distributor Raj & Co. for not passing on GST rate reductions to consumers, imposing a fine and interest. This case reinforces the legal precedent for anti-profiteering accountability in the supply chain.
The Delhi High Court has clarified that a mere intention to appeal is not sufficient to withhold GST refunds under Section 54(11). An actual pending appeal and a stay order are required.
The ITAT Ahmedabad accepted a developer’s project completion accounting method, deleting a Rs. 2.24 crore addition made by the AO for alleged profit suppression.
