Month: February 2025

Government appoints Shri Tuhin Kanta Pandey, IAS as Chairman, Securities and Exchange Board of India, for three years. MINISTRY OF FINANCE(Department of Economic Affairs)(Financial Markets Division) NOTIFICATION New Delhi, the 28th February 2025 S.O. 1018 (E). — In exercise of the powers conferred by sub-section (1)(a) and sub-section …

Order u/s 148A(d) quashed as show cause notice u/s 148A(b) was issued to the email address of demised director after his death In a recent judgment, Hon’ble Karnataka High Court quashed the order u/s 148A(d) and the show cause notice u/s 148A(b) of the Income Tax Act, 1961 …

Constitutional validity of GST arrest provisions upheld by Supreme Court together with power of courts to grant anticipatory bail  In a recent judgment, Hon’ble Supreme Court upheld the constitutional validity of arrest under GST Act and also upheld the powers of courts to grant anticipatory bail and prohibiting …

Adjustment under Section 50C of the Act is not possible in processing of return under section 143(1) of the Income Tax Act, 1961 – ITAT In a recent judgment, ITAT Guwahati has held that adjustment under Section 50C of the Income Tax Act, 1961 is not possible within …

Action already taken u/s 73 of CGST Act, 2017 no ground to restrain Department from conducting audit under section 65 – High Court In a recent judgment, Hon’ble High Court of Punjab and Haryana has held that action / proceedings taken under Section 73 of the CGST Act, …

SEBI permits opening of Demat Account in the name of Association of Persons. SEBI in view of the representations to permit opening of demat accounts directly in the name of Association of Persons (AoP) has decided to allow opening of demat account in the name of the AoP …

No Revision u/s 263 can be done on the ground that documents/material not looked into and analyzed by AO not in a particular manner In a recent judgment, ITAT Raipur has held that the exercise of revisional jurisdiction u/s 263 based on a conviction that the documents/material ought …

There is a difference between CBDT or its authorised member making an order u/s 119(2)(b) and some other officers making an order with the approval, even of the member of the CBDT.  In a recent judgment, Hon’ble Bombay High Court while quashing the order passed u/s 119(2)(b) by …

Entire gross receipts of the Trust not registered u/s 12AA can not be taxed without giving allowance of expenditure incurred.  In a recent judgment, ITAT Visakhapatnam in a case where the assessee trust was not registered u/s 12AA and not entitled for the benefit u/s 11 remitted the …

Onus is on assessee to prove and substantiate that he is in retail business, and eligible to claim presumptive of taxation u/s 44AD – ITAT In a recent judgment, ITAT Agra has held that onus is on the assessee to prove and substantiate that the assessee is in …