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ITAT Allows Interest on Borrowed Funds in Capital Gains Calculation

July 18, 2024 702 Views 0 comment Print

Read ITAT Chennai’s decision on deductibility of interest paid on borrowings for property acquisition from sale consideration. Full text order included.

ITAT Chennai Upholds Section 54F Deduction for Property Purchase in Wife’s Name

July 18, 2024 546 Views 0 comment Print

Read the detailed analysis of ITAT Chennai’s decision to grant full S.54F deduction for property purchase in wife’s name out of a bank loan. Understand the legal implications and arguments presented.

Undisclosed Money Lending Business Income Taxable as Business Income; Section 69 & 115BBE Provisions Inapplicable

July 18, 2024 270 Views 0 comment Print

Read the detailed ITAT Chennai order on Rameshlal Kailash Vs ITO for AY 2017-18. Money lending business income added, upheld as business income despite challenges. Full text of the order included.

Shares Sale/Purchase Not a Colourable Transaction Based on Mere Suspicion

July 18, 2024 537 Views 0 comment Print

Read the detailed analysis of ITAT Calcutta decision in CIT vs. Lakshmangarh Estate & Trading Co Ltd regarding disallowance of capital losses on share transactions.

Retrospective GST Registration Cancellation: Delhi HC Remands Matter

July 18, 2024 204 Views 0 comment Print

Read the full text of the judgment by Delhi High Court on retrospective cancellation of GST registration for non-existence at principal place, after the rejection of amendment application.

Form 10IE Directory Not Mandatory: ITAT Allows New Income Tax Regime benefit

July 18, 2024 1959 Views 0 comment Print

Read the full text of the ITAT Pune order in Akshay Devendra Birari Vs DCIT regarding the allowance of benefits under the new income tax regime. Learn about Form 10IE requirements and its impact on income tax assessments.

GST: Madras HC Directs Production of Documents to prove Goods Movement

July 18, 2024 411 Views 0 comment Print

Read the detailed analysis of Ravi Chitra Vs Assistant Commissioner (ST) at Madras High Court. Case involves GST liability due to lack of proof of goods movement.

Reversal of ITC without verifying invoices, e-way bills: HC remands Order

July 18, 2024 378 Views 0 comment Print

Read the detailed judgment of Madras High Court criticizing the GST Department’s handling of e-invoice and e-way bills in M. R. V. Traders Vs Assistant Commissioner (ST)(FAC).

Madras HC Defers adjudication on GST on Mining Lease Pending SC’s Ruling

July 18, 2024 159 Views 0 comment Print

Read the full judgment of P. Saravanan Vs State Tax Officer where Madras High Court defers GST adjudication on mining lease payments pending SC’s ruling on royalty. Detailed analysis included.

GST Taxpayer liable to reply to SCN Despite Dropping of Scrutiny Proceedings

July 18, 2024 330 Views 0 comment Print

In Sri Velavan Traders Vs State Tax Officer (Madras High Court), understand why GST-registered entities must respond to show cause notices despite scrutiny proceedings being dropped.

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