The ITAT held that the Supreme Court’s COVID-19 limitation extension did not apply to statutory timelines for completing income-tax assessments. It dismissed the Revenue’s recall application and upheld the earlier order quashing the assessment as time-barred.
The ITAT Raipur held that estimated gross profit addition on unrecorded sales cannot be sustained when the Assessing Officer has not rejected the books of account under Section 145(3). The Tribunal deleted the addition after finding the assessment contrary to settled legal principles.
The Karnataka High Court set aside the impugned order after finding that the entire tax demand had been recovered despite an interim judicial stay. It directed refund of the amount recovered beyond the 20% pre-deposit and remitted the matter for fresh consideration.
The ITAT Mumbai held that the assessee’s convertible debentures lacked the liability component required for classification as Compound Financial Instruments. Consequently, they could not be treated as transition amount under Section 115JB(2C).
The Karnataka High Court set aside an assessment order after finding that the assessee was given only three hours’ notice for a video conference despite seeking a later hearing. The matter was remanded with directions to provide a proper opportunity to reply and participate in a fresh hearing.
The Tribunal ruled that tax demand cannot be raised against an employee where TDS was deducted from salary but not deposited by the employer. The decision reiterates the protection available under Section 205 of the Income-tax Act.
The High Court held that a GST penalty order passed without issuing a prior show cause notice violates Section 75(4) of the CGST Act and principles of natural justice. The penalty was quashed with liberty to initiate fresh proceedings in accordance with law.
The Delhi High Court held that uploading an SCN only under the ‘Additional Notices’ tab without effective communication does not amount to valid service. The GST demand was quashed as the taxpayer was denied a fair opportunity to respond.
The article examines how dollar-backed stablecoins may become the next pillar of US monetary influence as traditional petrodollar dominance weakens. It argues that digital dollars could extend global demand for US Treasury securities while creating new systemic financial risks.
The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalments, and excess refunds. The FAQs also clarify interest rates, calculation methods, timelines, and important statutory exceptions.
