ITAT held that cash deposits during demonetization were explained as business sales declared under Section 44AD. Without disproving turnover, addition under Section 69A was unsustainable.
The amendment explicitly includes manpower supply services under contractual provisions, making 1–2% TDS applicable instead of 10%. This resolves long-standing confusion and reduces compliance risks.
The AO completed assessment under Section 144 after alleged non-compliance, but failed to prove valid service of notice under Section 148. The Tribunal ruled that absence of jurisdiction renders the entire proceedings null.
Exporters can monetise accumulated ITC on capital goods by opting for export with payment of IGST. This route enables full credit utilisation and improves cash flow.
Supplies to EOUs qualify as deemed exports, but failure to follow Circular 14/14/2017-GST can result in refund denial. Proper documentation is crucial to unlock GST benefits.
The Budget proposes PAN-based compliance, digital certificates, and lower LRS TCS rates. At the same time, stricter monitoring rules widen the compliance net.
This analysis explains capital asset definition, computation rules, and exemptions under the Income-tax Act. Landmark Supreme Court rulings clarify when capital gains can and cannot be taxed.
The new law replaces “Previous Year” and “Assessment Year” with one unified “Tax Year.” This simplifies return filing and reduces confusion for taxpayers.
The High Court held that reassessment cannot be based on grounds not mentioned in the original Section 148A notice. Since no income had escaped assessment, the reopening was quashed.
The Tribunal held that tax demand cannot be confirmed solely due to return mismatch without examining reconciliation and books. The case was remanded for fresh verification under Section 73.
