Madras High Court held that the Settlement Commission did not adequately scrutinize the detailed explanation of undisclosed income. The matter was remanded for fresh consideration under Section 245C.
Key rulings clarify return mismatches, ITC disputes, anti-profiteering, and Section 74 proceedings, providing crucial guidance for tax professionals and compliance strategies.
Section 105 BNSS replaces witness-dependent searches with mandatory audio-video documentation, ensuring transparency and judicial oversight during searches and seizures.
Ensure smooth financial year closure by reconciling sales, ITC, RCM liabilities, and invoice numbering. Avoid penalties and interest by following this step-by-step GST year-end guide.
The GST Portal now allows Rule 14A taxpayers to exit via Form REG-32. Learn the step-by-step process, eligibility conditions, and mandatory Aadhaar authentication requirements.
Charitable trusts and NGOs are taxable under GST unless specific exemptions apply. Learn which activities, donations, and supplies attract GST and how to ensure compliance.
The Tribunal held that the revised ₹25 lakh exemption limit for leave encashment under Section 10(10AA) must be considered and remanded the matter to the Assessing Officer for recomputation. The decision emphasizes applying the enhanced limit even for earlier assessment years where judicial precedents support the claim.
ITAT Delhi held that exemption under section 54B of the Income Tax Act allowed since assessee is able to prove the nature of land as agricultural land based on revenue records and income tax return, wherein, income accepted as agricultural income.
The discussion highlights that differential tax treatment must satisfy the reasonable classification test under Article 14 of the Constitution. Incentives lacking a rational connection to policy objectives may face constitutional challenges.
Karnataka High Court held that taxpayer cannot be permitted to retract voluntary disclosed income admitted in return of income filed nearly 14 months after the survey without giving evidence of coercion. Accordingly, appeal of assessee stands dismissed.
