Assessee was a medical professional, filed his returns for the Assessment Year (AY) 2018-19. The appeal concerned an addition of over Rs. 179 crore made by AO under section 68 alleging unexplained cash credits in the assessee’s hands.
Gujarat High Court directs refund of Rs. 40,00,000 GST deposit made by mistake, ruling that limitation cannot apply but interest is not eligible.
It would be unjust to deny benefit to petitioner merely because petitioner filed return prior to the issuance of amnesty notification dated 31.03.2023, confined to amnesty only to those who filed return between 01.04.2023 and 30.06.2023.
NCLAT Delhi held that imposition of 5% penalty on average turnover/ receipt related to EWS by Competition Commission of India [CCI] under section 27 of the Competition Act, 2002 cannot be termed as unreasonable or excessive.
CIRP against the Corporate Debtor commenced vide order dated 09.04.2024. On 17.04.2024, Resolution Professional issued public announcement calling upon creditors to submit their claims.
AO, based on the information, found that both suppliers were subject to proceedings and were found guilty of economic offenses punishable under the relevant CGST Act, 2017, and KGST Act, 2017.
Entire cash deposits made during demonetization could not be treated as unexplained credit and a reasonable addition of 20% of total cash deposit would be sufficient to avoid the possibility of revenue leakage.
The notice u/s. 148A(b) of the Income Tax Act, 1961 was issued to the assessee, along with the notice reasons recorded for reopening assessment were also supplied to the assessee.
Held that the shareholding of the assessee (voting right) has continued to remain not less than 50% as prescribed in clause (b) of proviso to 47(xiv) of the Act, even after issuing of new shares by the above said company.
Assessee was registered under GST Act, had its original GSTIN cancelled in September 2018 and was later assigned a new GSTIN in September 2019. Assessee had filed its monthly returns in GSTR-1 and GSTR-3B through the common portal.
