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High Court restored the appeal as it was dismissed only due to no provision under GST Act to condone delay In a recent judgment, Hon’ble Madras High Court quashed the impugned order in DRC-07 and remanded the case as assessee’s appeal was rejected only on the ground that …
NFRA imposed a penalty of Rs. 10 crores on CA firm in Cafe Coffee Day company Scam In a recent judgment, NFRA has imposed a heavy exemplary penalty of Rs. 10 crores on CA firm and Rs. 50 lakhs on engagement partner and ban for 10 years for misconduct …
No express bar to opt other tax rate when tax rate u/s 115BAA was opted – ITAT In a recent judgment, ITAT Mumbai has held that there is no express bar on the assessee to opt for tax rate under other provision when it had opted tax rate …
Jewellery found in search can not be apportioned equally among family members – ITAT In a recent judgment, ITAT Delhi has held that when jewellery found in house cohabited by various family members, AO can not apportion jewellery in equal proportion without identifying the person to whom the …
TDS not required on year end provisions created which were reversed in next year – ITAT In a recent judgment, ITAT Delhi has held that no TDS was required on provisions created on year end as per accrual basis of accounting and reversed in subsequent assessment year and …
Assessment order quashed as SCN gave less than seven days time to submit response to proposed variation to income In a recent judgment, the Hon’ble Bombay High Court quashed assessment order as show cause notice gave less than seven days time to assessee to submit response to proposed …
No addition can be made on account of cash credit if department accepted repayment of loan in subsequent year In a recent judgment, ITAT Surat has held that where Income Tax Department had accepted repayment of loan in subsequent year, no addition was to be made in current …
Finance Act (No. 2) 2024 receives assent of the President, gets notified. The Finance Act (No. 2) 2024 has been notified by the Ministry of Law and Justice. The Finance Act (No. 2) of 2024 received the assent of the President on 16th August 2024. The Finance (No. …
Skip to main content Para 2(g) of Instruction No. 01/2023-24-GST to apply to Audit matters also with respect to a prevalent trade practice int he sector/industry Instruction No. 03/2024-GST F. No. GST/INV/Instructions/2023-24 Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes and …
No bar under law to claim deduction u/s 54 and u/s 54F simultaneously in respect of the same asset – ITAT In a recent judgment, ITAT Pune has held that there is no bar under law to claim deduction u/s 54 and u/s 54F simultaneously in respect of …
