Delhi High Court set aside the Section 148A(3) reassessment order against Vedanta, ruling that subsequent GST Department closure of the underlying ITC issue materially affects the basis of escapement of income. The matter was remanded for a fresh decision incorporating the GST clean chit on the same transaction.
Bombay High Court set aside the Section 148 notice, reiterating that only the Faceless Assessing Officer possesses the statutory power to issue it. The ruling was based on the binding precedent of the Hexaware Technologies Ltd. decision.
Delhi HC directs re-credit of ITC to taxpayer’s ledger, ruling technical limitations of the GST portal cannot deny statutory entitlement under CGST Act.
HC rules assessment under UPGST Act unsustainable if personal hearing is denied, even when written reply opportunity was provided to taxpayer.
Understand Section 194R on TDS for benefits or perquisites from business or profession, its applicability, rate, valuation, exemptions, and compliance rules including penalties for default.
Overview of special tax regimes for Individuals, Companies, HUFs, and Co-operative Societies under Sections 115BA to 115BAE of the Income Tax Act.
ITAT Kolkata held exemption u/s 11 or 10(23C) cannot be denied at 143(1) stage for delayed Form 10B/10BB filing when reports were later furnished.
Discover how ESG practices are not just for big firms but are vital cost-saving tools for MSMEs. Learn how resource efficiency and governance lead to sustainable profit growth.
Kerala High Court denied the Section 10(37) capital gains exemption for land with trees, ruling that mere existence of rubber or fruit trees is insufficient. Assessee must prove actual agricultural activity and income in the preceding two years. The Court directed the AO to re-examine the alternate Section 54F exemption claim on merits.
Supreme Court holds that ‘previous financial year’ must align with the Income Tax Act; rejects arbitrary tender rejection by Odisha authorities.
