Explains how holding period over or under 24 months affects capital gains classification and company tax liability on industrial plot sales.
ITO Vs Oval Investment Pvt. Ltd (ITAT Delhi) AIS/Form 10DB Mismatch Not Conclusive- Share & F&O Profits Taxable Only in Real Owner’s Hands- Commission Agent Cannot Be Taxed on Principal’s Trading Income dismissed the Revenue’s appeal and upheld deletion of additions aggregating to ₹4.13 crore, holding that share trading, F&O and dividend income belonged to the […]
Chennai ITAT held that reassessment notices issued by a JAO after 29-03-2022 are invalid under the mandatory faceless assessment framework, quashing all consequential orders while preserving the Revenue’s right to revive proceedings if Apex Court rules otherwise.
Explains how the DPDP Act gives citizens control over personal data, mandates consent, and imposes penalties for breaches. Key takeaway: Your data is now legally protected, and companies must comply.
The Supreme Court issued notice on whether accumulated Compensation Cess ITC can be transitioned to GST after the Cess was abolished. The case examines if validly earned credit constitutes “property” under Article 300A that cannot be arbitrarily extinguished by the State.
Issue: No correction made despite ample opportunity. Ruling: Penalty confirmed. Takeaway: Timely rectification is critical to claim bona fide mistake.
The court ruled that tax demands based on notices hidden in non-prominent portal tabs, without real opportunity to respond, are invalid. Authorities must ensure actual notice and a fair hearing before passing orders.
The Court ruled that NBWs cannot be issued for non-compliance with ED summons unless statutory conditions under Section 73 CrPC are met. Key takeaway: Witnesses are protected from coercive arrest without due process.
The issue concerns compliance with the revised GSTAT appeal form requiring a statement of facts within strict character limits. The framework clarifies when an appeal is treated as filed and how taxpayers should present facts concisely to avoid limitation risks.
Issue: Taxpayers faced limitation barriers when the GST Appellate Tribunal was not operational. Ruling: Limitation starts from the later of order communication or notified filing date.
