Madhya Pradesh High Court rules that share of profit from taxable AOPs cannot be taxed again in the member’s hands, upholding ITAT’s order in Principal Commissioner vs. Ramesh Chandra Rai.
Learn why businesses can claim input tax credit on GPA insurance under GST, as it is classified as general insurance, not life or health insurance.
The Supreme Court restored the ITAT’s order, ruling that a temporary lull in business due to the absence of a contract does not constitute cessation if the intention and efforts to continue (like correspondence and bidding) exist. The decision allows the non-resident company to claim business expenditure under Section 37(1) and set-off unabsorbed depreciation under Section 32(2).
CBIC extends the due date for filing GSTR-3B for September 2025, providing relief to monthly and quarterly filers. Returns can now be filed until 25th October 2025.
Bombay HC grants Akshay Kumar ad-interim relief, restraining misuse of his name, image, and voice against deepfakes and unauthorized AI content, citing public safety concerns.
GSTN portal wrongly calculates interest on delayed GSTR-3B by including pre-existing ECL funds. Taxpayers must manually compute interest per Rule 88B to avoid overpayment.
The ITAT confirmed the deletion of a ₹72 crore addition made under Section 143(1) by the CPC, which resulted from a tax auditor’s inadvertent reporting error in Form 3CD (using the opening instead of the closing inventory). The ruling established that the CIT(A) can directly verify evidence and grant relief for such genuine clerical mistakes without remanding the case to the AO.
The Tribunal deleted the unexplained investment (Section 69) and cash interest (Section 69A) additions, emphasizing that unsigned, vague slips and digital data, where the parties were not confronted and no independent verification was done, have no evidentiary value in search assessment law. This aligns with Supreme Court rulings on the invalidity of additions based on non-speaking loose sheets.
Punjab & Haryana High Court warns lawyers against using mobile phones to search Google/AI for answers to court queries, urging them to prepare in advance or face strict action.
A summary of Tax Deducted at Source (TDS) rates under various sections of the Income-tax Act, 1961, covering payments to resident and non-resident individuals and companies.
