Month: July 2025

CBDT further clarifies circular on waiver of interest on account of failure to collect or pay the collected tax to the credit of the Central Government by the collector.  F. No. 275/92/2024-IT (B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes Circular No. 8/2025 Subject: Clarification …

High Court grants regular bail to the accused of availing and utilization of fraudulent Input Tax Credit. In a recent judgment, Hon’ble High Court granted regular bail to the accused of availing and utilization of fraudulent Input Tax Credit of Rs. 18.22 crores as the accused had already …

Return can be revised under section 139(5) to claim rebate u/s 87A not claimed in original return due to error and omission. In a recent judgment, ITAT Bengaluru has held revision of return of income u/s 139(5) was valid as there was error and omission in the original …