Month: December 2024

Finding recorded by lower authorities on the basis of evidence can not be interfered with by the third Appellate Court – High Court In a recent judgment, Hon’ble Guwahati High Court has held that finding once recorded by both the lower authorities on the basis of evidence with …

Maintainability of appeal must be decided at the outset not at fag end – ITAT In a recent judgment, ITAT Chandigarh has observed that whether the appeal is maintainable and is filed within the prescribed time limit must be decided at the outset and not at the fag …

Powers and statutory discretion conferred on the commissioner of income tax to condone delay u/s 119(2)(b) ought to be judiciously exercised so that undue hardship to the assessee is avoided – High Court In a recent judgment, Hon’ble Bombay High Court has observed that powers and statutory discretion …

Recommendations of 55th GST Council Meeting Meeting of the 55th GST Council were held on 21st December 2024. The GST Council inter-alia made the following recommendations relating to changes in GST tax rates, provide relief to individuals, measures for facilitation of trade and measures for streamlining compliances in GST. 1. …

Excise classification of coconut Oil in small packings. Pure coconut oil sold in small quantities as edible oil classifiable under Heading 1513 – Supreme Court In a recent judgment, a full bench of Hon’ble Supreme Court has held that generally pure coconut oil sold in small quantities as …

Section 271J Penalty on CAs was challenged in Madras High Court. The Court had accepted the writ petition. However, the appeal was dismissed for non appearance of Petitioner In a recent judgment, Madras High Court dismissed the Writ Petition challenging Section 271J Penalty on CAs. The Court had …

CBDT issues revised FAQs on Direct Tax Vivad se Vishwas Scheme, 2024. Taxpayer eligible to apply for DTVSV Scheme, 2024 for appeal pending as on 22.7.2024 even if appeal has been disposed of on merits or dismissed as withdrawn CBDT has issued revised FAQ clarifying that taxpayer eligible …

More than 11 Lakh Women Directors are associated with Public & Private companies The Ministry of Corporate Affairs, with a view to encourage women participation in decision making at various levels in companies, has included the following provisions in the Companies Act, 2013: (i) Second proviso to sub-section …

CBDT launches Electronic Campaign to address income and transaction mismatches for FY 2023-24 and FY 2021-22 The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual Information Statement (AIS) and those …

Assessment order passed u/s 143(3) adopting the income computed by CPC u/s 143(1) does not mean that the challenge to CPC order passed u/s 143(1) will not survive. In a recent judgment, ITAT Delhi held that AO passing the assessment order u/s 143(3) adopting the assessed income as …