Section 154 permits rectification of mistakes apparent from the record in assessment orders, intimations, and TDS/TCS processing statements to ensure accuracy in tax administration. The key takeaway is that only obvious and undisputed errors can be corrected within prescribed time limits, while taxpayers must be given an opportunity of being heard if the rectification increases tax liability or reduces refunds.
The article examines whether merely uploading notices on the GST portal amounts to valid service under Section 169 of the CGST Act. Recent High Court rulings have emphasized actual or constructive communication and natural justice.
The article explains how delayed or incorrect filing of TDS/TCS returns attracts a late filing fee under Section 234E and penalties under Section 271H. The key takeaway is that deductors must file returns on time, as delays can lead to significant financial consequences, though limited relief is available where statutory conditions or reasonable cause are established.
The article explains how dealings with shell companies, accommodation-entry providers, and fake invoice operators can trigger income tax and GST proceedings. It highlights key legal provisions, penalties, and compliance measures taxpayers should understand.
The article explains how Short-Term Capital Gains are classified, computed, and taxed under the Income-tax Act, 1961, as amended by the Finance Act, 2026. The key takeaway is that the holding period, nature of the asset, and applicability of Section 111A determine whether gains are taxed at a concessional 20% rate or normal income-tax slab rates.
CESTAT Chennai held that concessional CVD on imported cement cannot be denied merely because 50 kg bags carried printed RSP. The Tribunal ruled that the department must establish actual retail sale or misuse of the exemption.
ITAT Chennai condoned a 311-day delay in filing the appeal and restored the matter for fresh adjudication. The Tribunal held that the assessee should receive one final opportunity to explain the source of cash deposits with supporting documents.
ITAT Chennai held that indexation on construction cost cannot be denied when details of the building are already contained in the registered sale deed and its annexure. The Tribunal directed recomputation of capital gains after allowing indexed construction cost.
The Kerala High Court remanded the matter after finding that the ITAT failed to expressly adjudicate the challenge to the validity of approval under Section 153D. The ruling underscores the need for tribunals to address every material issue raised before them.
The Karnataka High Court quashed the order rejecting revocation of GST registration because documents submitted by the taxpayer were not considered. The matter was remanded for fresh adjudication after a personal hearing.
