The new Bill restructures and rewrites the tax statute to make it shorter, clearer, and easier to apply. The key takeaway is continuity in tax policy with significant procedural simplification.
SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all family gifts are tax-free under Section 56(2)(x).
The issue was whether late-fee under Section 234E could be levied while processing TDS returns before 01-06-2015. The Tribunal held that without Section 200A(1)(c), such levy was without authority of law.
Chennai ITAT set aside the PCIT’s revision order under Section 263, confirming that when the AO adopts a plausible view and conducts proper scrutiny, revision is unwarranted.
The Karnataka High Court invalidated a faceless assessment because the show-cause notice gave the assessee less than seven days to respond, violating mandatory SOP and principles of natural justice.
Section 14A disallows expenses related to tax-exempt income. Rule 8D provides the formula, ensuring only taxable-income-related expenses are deductible.
The Supreme Court held that GST exemption depends on residential use of the property, not the commercial status of the tenant. Hostels and long-term PGs qualify as residential dwellings.
The representation points to widespread taxpayer hardship due to late ITR utilities and faulty AIS-driven mismatch alerts. KSCAA stressed that technology-led compliance must remain facilitative, not coercive.
The issue was whether ITC could be recovered from a bona fide recipient without first proceeding against the supplier. The key takeaway is that statutory procedure under Section 42 must be followed before reversing ITC.
The High Court held that reassessment proceedings initiated beyond the scope of Section 151A are void in law. All notices issued under Sections 148 and 142(1) were therefore set aside.
