Bombay Chartered Accountants Society (BCAS) urges the government to implement next-generational GST reforms, focusing on structural changes, rate rationalization, and simplification of compliance for taxpayers.
ITAT Pune dismisses an assessee’s appeals, confirming that interest on borrowed capital used to compensate tenants for relinquishing their rights is not deductible under Section 24(b) of the Income Tax Act.
ITAT Ahmedabad ruled that advance tax is only payable on undisputed income, not on disputed additions. A lack of advance tax payment cannot be a precondition for an appeal.
ITAT Cochin sent a case back to the tax officer for review. The Tribunal ruled that cash payments made on Sundays and public holidays may be exempt from disallowance under Section 40A(3), per Rule 6DD.
The Supreme Court dismissed the Income Tax Department’s appeal regarding a reassessment notice, affirming that notices issued by a Jurisdictional Assessing Officer after the faceless regime was introduced are invalid.
ITAT rules in favor of Mariamma Kurian, deleting a Rs.30 lakh tax addition. The court traced the cash deposit to the sale of agricultural land.
ITAT Kolkata ruled that the relinquishment of a tenancy right is a capital gain, and exemptions under sections 54 and 54F can be claimed simultaneously.
The Competition Commission of India (CCI) dismisses a case against Bishal Juice Corner, stating that the allegations of unfair practices and illegal occupation do not fall under the Competition Act.
The Andhra Pradesh High Court ruled that a best judgment assessment is deemed withdrawn when the taxpayer files returns, and any recovery based on the withdrawn order is illegal.
Learn about new business codes (21009, 21010, 21011) for share trading. Understand which ITR form to use and the applicability of Section 44AD for various trading activities.
