The Revenue made additions on alleged penny-stock transactions under section 68. The ITAT held that once section 153C jurisdiction itself fails, the additions automatically fall without examination on merits.
The Supreme Court held that leasing residential property for use as a student or working-professional hostel qualifies for GST exemption. The ruling confirms that long-term residential use, not the lessee’s personal occupation, is decisive.
The issue was whether alleged negative stock justified profit estimation. The Tribunal held that value-based assumptions using average GP could not override item-wise quantitative stock records maintained on a daily basis.
Learn how marginal relief prevents disproportionate tax liability when your income slightly exceeds a surcharge threshold, ensuring fairness in taxation.
The High Court declined to interfere with a GST show cause notice, holding that the challenge was premature. The assessee was directed to pursue adjudication and raise all legal submissions.
The Supreme Court ruled that payments made to prevent competition, even if providing enduring business benefits, are allowable revenue expenditures and not capital expenditures.
Explore how AI-assisted vibe coding transforms audits, tax compliance, and professional drafting, boosting efficiency and accuracy for Chartered Accountants in the digital era.
The IBC legally ensures RP independence, but practical constraints like CoC-controlled fees and appointments often limit autonomy, affecting both perception and execution of duties.
This article provides a comprehensive practical guide to correctly reporting exempt, nil-rated, and non-taxable supplies in GSTR-9 for FY 2024–25, while highlighting common mistakes taxpayers make. It explains how different types of supplies—B2B, B2C, exports, SEZ transactions, LUT supplies, RCM supplies, credit/debit notes, and amendments—should be classified and reported primarily in Tables 5A to 5F. […]
The Tribunal held that depreciation claims requiring factual verification cannot be disallowed through prima facie adjustments under section 143(1).
