The Tribunal held that the maintainability of the appeal must be based on the correct tax effect and not erroneous figures in Form 36. Since the actual tax effect was below the CBDT threshold, the appeal was dismissed, reinforcing strict adherence to monetary limits.
Courts and firms are harmed by AI-generated fake laws and citations. The Bombay HC, ITAT, and Deloitte incidents prove human verification is essential to maintain integrity.
Summary of Section 44AB, 44AD, and 44ADA tax audit provisions, detailing turnover thresholds (₹1 Cr to ₹10 Cr), presumptive income rates (6%/8%/50%), and the impact of digital transactions (95% rule).
A detailed guide to audit obligations under Section 44AB and presumptive taxation schemes under Sections 44AD and 44ADA. Explains turnover limits, digital transaction benefits, lock-in rules, and when tax audit becomes compulsory
Kerala High Court declares GST levy on club members’ contributions unconstitutional, citing violation of Articles 246A, 366(12A), and 265 due to the principle of mutuality. (159 Chars)
ITAT Mumbai resolves the controversy on surcharge for trusts/AOPs taxed at MMR. Learn about the decision favoring slab-based rates over a flat high surcharge.
Discover the highlights of the Form 3CD amendments effective April 1, 2025, including new clauses for cruise ships and MSMEs.
Section 87A tax rebate on STCG led to disputes after ITD software changes. Bombay HC & CIT(A) rulings clarify eligibility. Learn about legal and tax implications.
Bombay High Court, in Chamber of Tax Consultants v. Director General of Income Tax (Systems) (2025), ruled that flaws in the ITR utility should not prevent taxpayers from making valid claims, particularly rebate under Section 87A of Income Tax Act.
Bombay HC allows refund of ₹78.65 lakhs in stamp duty, despite delay in filing. Court prioritizes substantive justice over technical lapses in cancellation case.
