The Mumbai ITAT held that reassessment initiated beyond three years was invalid because the alleged escaped income was only ₹5 lakh, far below the ₹50 lakh requirement under Section 149(1)(b). As a result, the reassessment and consequential assessment order were quashed.
Gross GST collections reached ₹1.94 lakh crore in May 2026, registering 3.2% growth. The increase was driven largely by a 19.1% rise in GST revenue from imports despite a decline in domestic collections.
Following representations from the Bharat InvITs Association, SEBI has proposed amendments to NDCF computation rules. The draft includes safeguards such as unitholder approval and enhanced disclosures.
Section 12(3) of the Companies Act, 2013 mandates specific disclosures on company letterheads. Failure to mention the CIN and other prescribed details can result in statutory penalties.
The court ruled that using a registered trademark as a keyword to divert online traffic can amount to trademark infringement. The key takeaway is that invisible keyword use may attract liability when it exploits a brand’s commercial reputation.
The assessee had fully disclosed the share transactions and claimed exemption under Section 10(38) in the original return. The ITAT ruled that reopening was unsustainable because the reasons recorded did not demonstrate how any income had actually escaped assessment.
The High Court held that using Input Tax Credit for the mandatory 10% GST appeal pre-deposit is not a criminal act. It ruled that professional advice given within the framework of GST law cannot be prosecuted as cheating or conspiracy.
Introduction: In India, GST has disrupted the traditional methods of managing compliance and taxation in most industries. For the ceramic and sanitaryware industry, a segment of the construction and housing value chain, the advent of GST has brought advantages as well as complications. For producers, traders, and customers, appreciation of its implications is critical. Key […]
Income tax notices are often issued for verification, mismatches, or compliance checks and do not always indicate wrongdoing. Understanding the notice, verifying its authenticity, and responding on time are crucial to avoiding penalties.
The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed conditions are satisfied. This relief helps prevent unfair tax additions arising solely from a later increase in circle rates.
