Bombay High Court’s landmark ruling confirms that only the profit element of bogus purchases can be added to taxable income, emphasizing the requirement for reconciliation of stock in cases of alleged accommodation entries.
ITAT Kolkata orders reassessment of Mohammed Meraj’s case due to the lack of substantiating evidence regarding a mismatch in Form 26AS and Profit & Loss Account in TDS deduction.
The case between the Commissioner of Customs (Air) and RBR Knit Process Pvt Ltd, regarding the eligibility for custom duty exemption of imported membrane systems, concluded with a favorable verdict for the latter by CESTAT Chennai.
The bail application of Rajnish Jain, accused in a GST intelligence case involving fake invoices and ineligible input tax credit, has been rejected by the Sessions Judge in Meerut. The judge cited the seriousness of the charges and the gravity of the offense as reasons for the rejection.
Court dismissed petitioner’s argument that a show cause notice was invalid due to parallel investigations, noting the investigations concerned a different individual.
he State Goods and Services Tax Department has introduced a new Reference Number (RFN) system to replace the existing Document Identification Number (DIN) for all communications issued to taxpayers and individuals. Circular No. 14/2023 provides guidelines for the implementation and exceptions to this new system. Circular No. 14/2023 highlights the transition from the DIN to […]
Explore the critical decision in Souvik Mukherjee Vs ITO (ITAT Delhi) regarding taxation of a bonus received abroad, and how it impacts Foreign Tax Credit regulations.
ICSI decided to launch the ECSIN Special Amnesty Scheme, 2023 effective from July 21, 2023 to July 31, 2023 with a view to facilitate the members.
India’s Supreme Court orders the conclusion of a decade-old case involving CENVAT credit demand within eight weeks. Learn more about the historic ruling of Commissioner vs Swati Menthol and Allied Chemicals Ltd.
The Supreme Court’s ruling sets a precedent on reassessment proceedings, stating no action will be taken on completed or unabated assessments without incriminating material.
