Month: July 2024

Supreme Court reprimands Income Tax Department for filing SLPs with considerable delays Supreme Court reprimands the Income Tax Department for filing Special Leave Petitions with considerable delays only to seek an imprimatur of the Apex Court ABCAUS Case Law Citation:ABCAUS 4171 (2024) (07) SC In A recent judgment, …

Issue of notice u/s 148 before approval by CIT is void ab initio- Supreme Court dismissed SLP  In a recent judgment, Hon’ble Supreme Court dismissed the Special Leave Petition of the Revenue against the judgment that Issue of notice u/s 148 before grant of approval by CIT was …

No addition u/s 56(2)(viib) when no money/consideration was received by assessee on issue of shares which were allotted merely on account of conversion of outstanding loans In a recent judgment, Hon’ble High Court of Himanchal Pradesh has held that no addition can be made u/s 56(2)(viib) when no …

In a recent judgment, the Hon'ble Allahabad High Court has quashed the penalty order u/s 129 of UPGST Act 2017 holding that mentioning wrong place of delivery in e-way bill was human error in the absence of finding of mens rea for evading payment of tax

CBDT has clarified the question as to what would be the Cost of Acquisition as on 1.4.2001 for properties purchased prior to 2001 under new Capital Gain Tax Regime. With introduction of new Capital Gain Tax Regime by Union Budget 2024-25, many doubts have arisen. CBDT has recently …

Advisory for FORM GSTR-1A- Form and manner of furnishing details of outward supplies GSTN has issued an advisory for FORM GSTR-1A- Form and manner of furnishing details of outward supplies. Salient feature of Form GSTR-1A The Government vide notification No. 12/2024 – Central Tax dated 10.07.2024, has introduced …

Penalty u/s 271E can not be imposed on cash repayment of advances treated as unexplained cash credits. In a recent judgment, the ITAT Nagpur has held Penalty u/s 271E can not be imposed on cash repayment of advances treated as unexplained cash credits. Any repayment of such alleged …

Mining Royalty is not a tax – Supreme Court Nine Judges Bench approves decision In Kesoram Industries and held that observation in India Cement to the effect that royalty is a tax was incorrect. In a recent judgment, the Hon’ble Supreme Court has held that Mining Royalty is …

Assessee has right to get complete statements recorded against him and relied upon by the Income Tax Department  during the assessment proceedings  In a recent order, the Hon’ble High Court of Karnataka directed that complete statements recorded against assessee and relied upon by the Income Tax Department  during …

CBDT issues 13 FAQs on new Capital Gain Tax Regime proposed in Union Budget 2024-25 Union Budget 2024-25 has proposed rationalisation of Capital Gain Tax Regime by revising the rates of tax on capital gain and abolishing indexing of cost of acquisition for Long term Capital Gains. CBDT …