Month: July 2024

Enhancements to Address-Related Fields in GST Registration Functionalities GSTN has made the following enhancements to address-related fields in the registration functionalities: New Registration, Amendment Application (Core & Non-Core), and Geocoding Business Addresses. These enhancements are based on the analysis of tickets and user feedback. The details are as …

Month wise receipt and income slightly more than last year cannot warrant the cash deposited into the bank account as unexplained cash In a recent judgment, ITAT Jaipur has held that month wise receipt and income slightly more than last year cannot warrant the cash deposited into the …

Assessee can maintain two ledger accounts of same person one under the head sundry debtor and another under sundry creditor – ITAT In a recent judgment, ITAT Kolkata has deleted addition u/s 68 for bogus creditors as the assessee maintained two accounts of same person, one under the …

SEBI provides specific timelines for dealing with appeals made by the issuer in respect of rating actions carried out pursuant to periodic surveillance of ratings. SBI has provided specific timelines for disposal and communication of appeals by CRAs against credit rating done in periodic surveillance. SEBI’s Master Circular dated …

There is no statutory obligation upon legal heirs to intimate death of assessee to the Income Tax Department In a recent judgment, Hon’ble High Court Karnataka held that there is no statutory obligation upon legal heirs to intimate death of assessee to the Income Tax Department. ABCAUS Case …

Once Tonnage Tax Scheme is opted, no set off against any deduction allowed – ITAT  In a recent judgment, ITAT Hyderabad has held that once the assessee opts for a Tonnage Tax Scheme, then Tonnage income cannot be set off against any deduction provided under the Act. ABCAUS …

Identity capacity and genuineness of creditors fell apart when shareholder companies was found to be non-existent – High Court  In a recent judgment, Hon’ble High Court of Chhattisgarh has confirmed the addition on account of share application money received from bogus shell companies observing that proof of identity …

List of banks for tax payments available at e-Pay Tax service at e-Filing Portal As of now, 28 banks are available at e-Filing Portal for e-payments of taxes as under:  S. No.  Bank Name Date of enablement at e-Pay Tax Service at e-Filing Portal 1. Axis Bank 01-Nov-22 2. …

Date of order has to be date of personal hearing. Hon’ble High Court quashed GST order passed without personal hearing In a recent judgment, the Allahabad High Court has quashed order passed under Section 74 of the UPGST Act for not affording personal hearing observing that it is …

Addition for unexplained expenditure incurred on election on candidates of Aam Aadmi Party confirmed by ITAT In a recent judgment, ITAT Delhi has upheld the addition for unexplained expenditure incurred on election on candidates of Aam Aadmi Party (AAP). ABCAUS Case Law Citation:ABCAUS 4128 (2024) (07) ITAT In …