SEBI revised the methodology for computing household savings through the securities market by incorporating actual granular data and broader market segments. The change increased the Gross Savings-to-GDP ratio by 47 basis points in FY 2024-25 and provided a more accurate picture of household financial savings.
Tribunal ruled that objections relating to defective title, encroachments, and legal disputes require proper valuation examination through a DVO reference. The addition under Section 56(2)(x) was therefore restored to the Assessing Officer for reconsideration.
ITAT Delhi ruled that where an assessee disputes the stamp duty valuation under Section 50C, the Assessing Officer should refer the matter to the Valuation Officer. The Tribunal set aside the capital gains addition for fresh determination.
Punjab and Haryana High Court granted bail in an alleged fake ITC case after noting that investigation was complete and evidence was mainly documentary and electronic. The Court held that continued custody was not justified when no further interrogation was required.
A resolution applicant could not unilaterally alter its financial proposal through a last minute addendum after completion of the challenge process and commencement of voting under the Corporate Insolvency Resolution Process (CIRP).
In a commercial suit regarding specific performance, High Court had allowed a Civil Revision Petition by setting aside the order of the Special Judge for Commercial Disputes that had rejected the plaintiffs’ application to file additional documents.
Businesses across India are receiving GST notices for ITC reversal even after making genuine purchases and banking payments. The article explains key risks and precautions taxpayers must follow to safeguard Input Tax Credit.
Haryana Government has introduced a One Time Settlement Scheme for resolving legacy pre-GST tax disputes. The scheme offers waiver of interest, penalty, and relief in certain tax demands for eligible taxpayers.
Clause 43 in Tax Audit Form No. 26 requires auditors to verify remittances reported in Part-D of Form 145. Incorrect classification of non-taxable foreign payments may invite tax department inquiries and litigation.
Ambiguity under Section 112(8)(b) of the CGST Act has created confusion over GSTAT pre-deposit calculations after reduction of tax demand in first appeal. The issue raises concerns about fairness and proportionality in GST litigation.
