TCS under Section 206C(1G) applies to foreign remittance under LRS by resident individuals. Thresholds and rates differ for education, medical, and others.
Supreme Court held that payments to registered sub-contractors can be deducted from main contractor’s turnover to prevent VAT double taxation.
Kerala AAR held that demo goods used for marketing are not Physicians Samples, and no Input Tax Credit reversal is required under GST.
ITAT Mumbai held that benefit under section 115BAA of the Income Tax Act cannot be denied for inadvertent filing of Form 10-IB in place of Form 10-IC since the same is technical lapse. Accordingly, order of CIT(A) is sustained and appeal of revenue is dismissed.
ITAT Mumbai held that revisionary proceeding under section 263 of the Income Tax Act is liable to be quashed since AO took one of the possible views while allowing claim of deduction under section 54F. Accordingly, order is quashed and appeal is allowed.
Dismissing borrower’s petition, High Court held that a 15-day gap between publication and auction meets statutory requirement for a subsequent sale and that auction notice contained sufficient property description and valid valuation.
CESTAT ruled that undervaluation suspicion in one Bill cannot justify rejecting values in other consignments. It upheld revaluation for one import but annulled demands, confiscation, and penalties for 44 past Bills.
Madras High Court permitted Tvl. Red Rose Garments to debit 50% of its four-month tax dues from a negatively blocked ITC ledger, pending final proceedings.
ITAT Mumbai set aside CIT(A)’s order for lack of compliance with Rule 46A in a case involving alleged bogus penny stock transactions under Aarya Global Shares.
Madras High Court remitted a case for fresh adjudication after finding that fake invoices were generated in the petitioner’s GSTR-1 by an auditor to aid wrongful ITC claims.
