The Tribunal held that Section 54B requires purchase by the assessee himself. Investment in agricultural land in the wife’s name does not qualify for deduction.
The Court ruled that filing GSTR-3B returns and paying tax nullifies best judgment assessment orders under Section 62. Interest liability for delayed payment, however, was left intact.
The Tribunal distinguished cases of jurisdictional defect and upheld the assessment where the initial notice was lawfully issued. The key takeaway is continuity of valid scrutiny proceedings despite AO change.
Orrisa High Court held that the petitioner is entitled to interest on the amount refunded with respect to IGST paid on ocean freight. Accordingly, competent authority is directed to pay simple interest @6% per annum on amount of refund.
Madras High Court held that dormant partner cannot be made vicariously liable for benami transaction especially since even the necessary averment to invoke vicarious liability is absent in the complaint. Accordingly, order set aside to that extent.
ICAI has published the draft MEF panel prepared under RBI norms. Members can verify details, reasons for ineligibility, and submit objections before finalisation.
NCLAT Delhi held that provisions of section 9(2) of the CST Act doesn’t create statutory charge on the assets of the Corporate Debtor. Thus, unpaid CST dues are unsecured debt. Accordingly, appeal is dismissed and order of Adjudicating Authority upheld.
The issue was whether GST applies on amounts deducted as “royalty” from contractors’ bills. It was held that such deductions do not constitute taxable supply and cannot attract GST.
This explains how Company Secretaries ensure legal, governance, and compliance preparedness before listing. The key takeaway is that IPO success depends as much on governance as on financials.
The article explains how AIS-based data matching is triggering tax notices despite Form 26AS matching. The key takeaway is that AIS now drives scrutiny and compliance.
