section 54

GST Refund allowed for inverted duty structure despite same inward & outward supplies

Income Tax - Explore the Kerala High Courts landmark decision in M/s. Malabar Fuel Corporation case, affirming the right to claim refunds under Inverted Duty Structure even with identical inward and outward supplies....

Important Income Tax Amendment Applicable For F.Y. 2023-24 (A.Y. 2024-25)

Income Tax - Introduction: The financial year 2023-24, corresponding to the assessment year 2024-25, introduces significant amendments that impact taxability, exemptions, and deductions. These changes are pivotal for taxpayers aiming to navigate the altered fiscal landscape effectively. Understanding these amendments is crucial for optimizing tax plan...

Income Tax Case: Section 54F Deduction Upheld for Property in Spouse’s Name

Income Tax - Explore the ITAT Delhi's landmark decision in Simran Bagga vs. ACIT, clarifying eligibility for income tax deduction under section 54F. Insightful analysis and precedent set for property in the spouse's name....

Supplies To and FRO SEZ Unit Vis A Vis DTA Unit Under GST

Income Tax - Explore GST provisions for supplies between Special Economic Zone (SEZ) and Domestic Tariff Area (DTA) units. Learn tax implications, analysis, and conclusions....

New house purchased in the name of spouse, eligible for section 54 deduction

Income Tax - ITAT Delhi Bench ruling on eligibility for income tax deduction under Section 54. Learn why a house purchased in the spouse's name qualifies and understand key considerations....

Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date

Income Tax - Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha Industries Association has made a Representation against recent CBDT Circular No. 1/2023 Dated 06.01.2023 by which time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the ...

Representation to FM on Concerns of Chartered Accountants

Income Tax - We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....

Request to extend time limits under section 54 to 54GB

Income Tax - KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act, 1961 (the Act). It is requested that various due dates for compliance and completion of specified actions under sections 54 to 54GB of the Act which falls between 20.03.2020 to 30.03.2021 (as against […...

Request for extension of due dates of Tax Audit Reports/ITR

Income Tax - All India Federation of Tax Practitioners (CZ) has requested CBDT that due date of filing return of income u/s 139(1) for all the assesses be suitably extended, to 28.02.2021,from the current extended due date of 31.12.2020 for AY 2020-21. Simultaneously, the ‘specified date’ for filing tax audit reports be extended from 31.12...

ICAI requests for extension of various Income-tax due dates

Income Tax - Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit Reports and related returns including Income Tax Return Forms for AY 2020-21 to Chairman, Central Board of Taxes.  Full text of the Representation is as follows:- Request(s) for extension of various due dates u...

Denial of exemption u/s. 54 due to mistake committed by developer unjustified: ITAT Mumbai

Mukesh Harilal Mehta Vs ITO 16(3)(1) (ITAT Mumbai) - ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act unjustified as appellant cannot be penalized for the mistake committed by the developer/seller in allocating the flat. Thus, exemption u/s. 54 granted as all the conditions satisfied....

Transitional credit u/s. 140 admissible on unutilized ITC availed on purchase tax: Madras HC

Sri Sasthaa Constructions Vs Assistant Commissioner (ST) (Madras High Court) - Madras High Court held that valid ITC availed on purchase tax which remained unutilized is entitled for the transitional credit under section 140 of TNGST Act, 2017...

GST Refund admissible on receiving export proceeds via authorized dealers like Paypal: Madras HC

Afortune Trding Research Lab LLP Vs Additional Commissioner (Appeals I) (Madras High Court) - Madras High Court held that receipt of export proceeds through authorized dealers like Paypal is in accordance with the direction issued by RBI and hence refund duly admissible....

Calcutta HC Directs Assessee to Apply for Refund of Alleged Forced GST Recovery

Usha Jaiswal Vs Senior Intelligence Officer (Calcutta High Court) - In Usha Jaiswal Vs Senior Intelligence Officer, Calcutta HC directs the petitioner to apply for GST refund within 10 days. Details here....

IGST Refund Interest Cannot Be Denied even if interest not claimed: Delhi HC

Raghav Ventures Vs Commissioner of Delhi Goods & Services Tax (Delhi High Court) - Delhi High Court orders IGST refund with interest under Section 56 of DGST/CGST Act, clarifying entitlement even if not claimed in the refund application....

Extension of time limit for compliance under section 54 to 54GB

Circular No. 1 of 2023-Income Tax - (07/01/2023) - For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 may be completed on or before 31st March 2023....

Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax [S.O. 2033(E)] and Press Release ID: 1634070 - (24/06/2020) - Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 ...

Amendments to Capital Gains Accounts Scheme, 2012

Notification No. 44/2012-Income Tax - (25/10/2015) - Notification No. 44/2012-Income Tax In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B sub-section (2) of section 54D sub-section (4) of section 54F sub-section (2) of section 54G and sub-section (2) of section 54GB of the Income-tax Act, 1961 (43 of...

Recent Posts in "section 54"

Denial of exemption u/s. 54 due to mistake committed by developer unjustified: ITAT Mumbai

Mukesh Harilal Mehta Vs ITO 16(3)(1) (ITAT Mumbai)

ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act unjustified as appellant cannot be penalized for the mistake committed by the developer/seller in allocating the flat. Thus, exemption u/s. 54 granted as all the conditions satisfied....

Transitional credit u/s. 140 admissible on unutilized ITC availed on purchase tax: Madras HC

Sri Sasthaa Constructions Vs Assistant Commissioner (ST) (Madras High Court)

Madras High Court held that valid ITC availed on purchase tax which remained unutilized is entitled for the transitional credit under section 140 of TNGST Act, 2017...

GST Refund admissible on receiving export proceeds via authorized dealers like Paypal: Madras HC

Afortune Trding Research Lab LLP Vs Additional Commissioner (Appeals I) (Madras High Court)

Madras High Court held that receipt of export proceeds through authorized dealers like Paypal is in accordance with the direction issued by RBI and hence refund duly admissible....

Calcutta HC Directs Assessee to Apply for Refund of Alleged Forced GST Recovery

Usha Jaiswal Vs Senior Intelligence Officer (Calcutta High Court)

In Usha Jaiswal Vs Senior Intelligence Officer, Calcutta HC directs the petitioner to apply for GST refund within 10 days. Details here....

IGST Refund Interest Cannot Be Denied even if interest not claimed: Delhi HC

Raghav Ventures Vs Commissioner of Delhi Goods & Services Tax (Delhi High Court)

Delhi High Court orders IGST refund with interest under Section 56 of DGST/CGST Act, clarifying entitlement even if not claimed in the refund application....

GST Refund Eligibility for PayPal Payments: HC Verdict

Afortune Trading Research Lab LLP Vs Additional Commissioner (Appeals I) (Madras high court)

Madras High Court rules exporters receiving payments through PayPal eligible for GST refunds, emphasizing compliance with foreign exchange regulations....

Procedural deficiencies in filing appeals cannot invalidate claims filed within limitation

Yogesh Rajendra Mehra Vs Principal Commissioner CGST & Central Excise (Bombay High Court)

Bombay High Court rules procedural deficiencies in filing appeals cannot invalidate claims filed within limitation, ensuring justice in CGST refund cases....

GST Refund allowed for inverted duty structure despite same inward & outward supplies

Explore the Kerala High Courts landmark decision in M/s. Malabar Fuel Corporation case, affirming the right to claim refunds under Inverted Duty Structure even with identical inward and outward supplies....

Declared values can be rejected on solid evidence & not on arbitrary comparisons or databases

Deeplalit Enterprise P Ltd Vs C.C.-Ahmedabad (CESTAT Ahmedabad)

CESTAT Ahmedabad emphasizes the importance of evidence in rejecting bill of entry values in Deeplalit Enterprise P Ltd Vs C.C.-Ahmedabad case....

Delhi HC Directs Consideration of ITC Refund in Light of CBIC Circular

Bharti Enterprises Vs Commissioner (Delhi High Court)

Explore the Delhi High Court's directive to reconsider ITC refund application in light of CBIC circular, impacting Bharti Enterprises' case. Full analysis inside....

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