The Tribunal emphasized that detailed quantitative reconciliation and accepted export realizations carried substantial evidentiary value in the diamond trade. In the absence of discrepancies in stock records or sales, the alleged bogus purchase addition was deleted in full.
The Supreme Court refused anticipatory bail, holding that the High Court had rightly found prima facie material indicating involvement in the alleged liquor syndicate. The Court emphasized that serious corruption allegations warranted an unhindered investigation.
The article explains how Section 118 mandates the preparation and preservation of meeting minutes to ensure transparency and accountability. Properly maintained minutes serve as legally recognized evidence of corporate decisions.
The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It highlights the importance of timely planning, proper structuring, and full utilisation of available deductions.
The article examines how NGTP classifications are increasingly being used as standalone grounds for ITC blockage and fraud proceedings against genuine taxpayers. It underscores that statutory action must be supported by tangible evidence rather than backend labels or assumptions.
Missing GST return deadlines triggers late fees under Section 47 and interest under Section 50, both calculated separately. Understanding the applicable rates, caps, and filing sequence can help taxpayers avoid unnecessary compliance costs.
The Court reaffirmed that taxpayers are entitled to due process before coercive recovery measures are initiated. Recovery actions undertaken before determination of liability were declared unenforceable.
Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in another eligible residential property within prescribed timelines.
The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt for it voluntarily. Understanding the applicable challans, eligible payment methods, and compliance requirements is essential for seamless tax payments and accurate credit of taxes.
Form 16 and Form 16A serve distinct purposes under the TDS framework, with Form 16 relating to salary income and Form 16A covering most other TDS deductions. Understanding their applicability, due dates, contents, and issuance requirements is essential for correct tax return filing.
