The ruling clarifies that penalty cannot be levied merely because expenses are partly disallowed on estimation. Absence of under-reporting or misreporting defeats the penalty action.
It was ruled that reassessment proceedings must be initiated only through the faceless mechanism after the CBDT notification under section 151A. The concept of concurrent jurisdiction between JAO and FAO was expressly rejected.
The Tribunal emphasized that the assessee had no individual business in electronic goods. In the absence of incriminating material and with sales recorded by the company, the addition was deleted.
Upholding the appellate order, the Tribunal ruled that section 68 applies only to credits of the relevant year. Opening balances and prior period adjustments cannot be taxed as unexplained income in a subsequent year.
In recent interactions with taxpayers across sectors, a recurring concern is the intensity of GST compliance oversight. Most of the time, notices arrive often without prior interaction, deadlines feel tighter, and even small compliance gaps can trigger scrutiny from the GST department.
The Goods and Services Tax was introduced with the promise of simplification, uniformity, and certainty. However, for several years after its implementation, GST functioned with a deficiency—the absence of the Goods and Services Tax Appellate Tribunal (GSTAT). A tax system no matter how well designed cannot operate effectively without a credible and accessible dispute resolution mechanism.
The evolution of India’s financial architecture is increasingly defined by the tension between rapid digitisation and the persistent exclusion of a significant portion of the population from formal credit channels.
As we reflect on the supreme law of our land, it is vital to look beyond the celebrations and understand the intricate process of how this monumental document came into effect, the turbulent backdrop against which it was framed, and why it stands distinct in the pantheon of global constitutions.
Coca Cola India Inc. Vs DDIT (ITAT Delhi) ITAT Delhi held that final assessment order passed beyond period of limitation prescribed under section 144C(13) read with section 153 of the Income Tax Act is liable to be quashed and hence set aside. Facts: The present adjudication involves a batch of six appeals pertaining to the same […]
Madhya Pradesh High Court grants anticipatory bail in fraudulent GST ITC case, holding custodial interrogation unnecessary and detention harmful to business.
