Andhra Pradesh High Court held that absence of the assessing officers signature renders a GST assessment order invalid. The matter was remanded for fresh adjudication after granting proper hearing.
Andhra Pradesh High Court held that a composite GST assessment order covering several financial years violates Sections 73 and 74 of the GST Act. The assessment order was set aside with liberty to initiate separate proceedings year-wise.
The Bombay High Court held that delayed IGST refunds beyond sixty days attract mandatory interest under Section 56 of the CGST Act. The Court ruled that refund claims could not be indefinitely withheld after appellate proceedings attained finality.
The Kerala High Court set aside recovery proceedings for IGST refunds after noting that Notification No. 54/2018 was clarified to operate only from 09.10.2018. Transactions prior to that date were held outside its scope.
ITAT Agra held that reopening beyond three years under Section 149 was invalid because the final escapement of income determined by the Assessing Officer was only Rs.27 lakh. The statutory threshold of Rs.50 lakh was therefore not satisfied.
ITAT Ahmedabad held that outstanding sundry creditors could not be treated as unexplained cash credits when the assessee demonstrated subsequent repayment through banking transactions. The Tribunal found the Revenue’s partial acceptance of the same transactions inconsistent.
Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral oil exploration, small businesses on presumptive basis, professions, goods carriage operations, shipping, aircraft operation, turnkey power projects, and royalty income of non-residents. Stay updated on amendments and key details for effective tax planning.
RBI amended governance rules for Rural Co-operative Banks after observing that some directors were briefly resigning and returning to Boards to bypass statutory tenure restrictions. The new rules impose a mandatory three-year cooling-off period after ten years of continuous service.
RBI amended governance rules for Urban Co-operative Banks after finding directors briefly resigning and rejoining boards to bypass tenure limits. The new directions mandate a three-year cooling-off period after completion of ten years’ continuous tenure.
SEBI has proposed a framework for managing strike prices of options contracts to address issues arising from sharp intraday market volatility. The proposal seeks to ensure continuous availability of options contracts near prevailing market prices.
