The court held that auction sale of a partially constructed building on an “as-is-where-is basis” is a transfer of immovable property. Such transactions fall under Schedule III of the CGST Act and are not subject to GST.
A detailed numerical illustration shows how the Cost Plus Method determines ALP for manufacturing transactions. The transfer price exceeded the permissible tolerance range, resulting in a transfer pricing adjustment.
Courts clarify that input tax credit cannot be denied merely because a supplier’s GST registration was cancelled retrospectively. Authorities must examine the genuineness of the buyer’s transactions and supporting documents.
ITAT Delhi held that reassessment proceedings under Section 147 cannot be initiated while scrutiny assessment under Section 143(2) is still pending. Such parallel proceedings are without jurisdiction and render the entire reassessment order invalid.
RBI’s draft directions introduce stronger customer protection for electronic banking fraud, including both unauthorized and authorised-but-fraudulent transactions. The new framework shifts the burden of proof to banks and introduces a compensation mechanism.
The Gujarat High Court granted bail after observing that the accused’s role was mainly related to compliance activities and he did not appear to be a major participant in the alleged GST fraud.
ICAI has announced the CA Intermediate and Foundation results for January 2026, revealing a low pass percentage, particularly in Intermediate exams. The results highlight nationwide toppers and provide key insights into exam performance trends.
The Kerala High Court ruled that land granted exemption under the Kerala Land Reforms Act for commercial or industrial use cannot be subjected to restrictions under the Paddy Land Act in the specific circumstances of the case.
The Kerala High Court held that a municipality cannot deny a building permit when the District Level Authorised Committee has permitted conversion of paddy land for residential construction. The Court directed reconsideration of the permit application.
Explains how GST applies to under-construction properties while completed properties remain outside its scope. The article highlights key GST rates, compliance rules, and their impact on developers and homebuyers.
