Draft Rule 140 prescribes a formula-based mechanism to determine income of specified funds attributable to non-resident unit holders, making concessional tax rates conditional on proportionate AUM ratios and filing of Form 69.
ITAT Ahmedabad held that an unsigned Excel sheet found during survey, without corroborative evidence, cannot justify addition for alleged cash payments.
The Madras High Court quashed GST assessment orders passed under Section 74 after finding that no personal hearing was granted. The Court held that denying a hearing violates principles of natural justice and remanded the matter for fresh consideration.
Madras High Court quashed assessment under Section 74 as no personal hearing was granted and the same assessment year was reassessed for higher demand.
The Tribunal held that notices issued on or after 01.04.2021 for A.Y. 2015-16 were invalid in view of the Supreme Court’s ruling in Rajeev Bansal. As the reopening was barred by limitation, the reassessment order was quashed.
The Court refused to interfere with the reassessment order, noting that sufficient opportunity was provided pursuant to a remand. Financial crisis was held not to be a valid ground to set aside the assessment.
The Calcutta High Court held that passing an adverse order without granting mandatory hearing under Section 75(4) violates natural justice. The matter was remanded for fresh adjudication.
A simple guide to the five heads of income under the Income Tax Act, 1961, explaining salary, house property, business income, capital gains and other sources.
This article analyses the legal framework governing ITC and Place of Supply, explains how GSTR-2B logic results in denial of ITC in genuine cases, highlights the inconsistency between portal validation and statutory provisions, and suggests practical remedies for taxpayers facing audit and departmental scrutiny.
Article Examines corporate separateness in Indian insolvency, group insolvency challenges under the IBC, and the need for a substance-based legal framework.
