Author: administrator

Advisory for FORM GSTR-1A- Form and manner of furnishing details of outward supplies GSTN has issued an advisory for FORM GSTR-1A- Form and manner of furnishing details of outward supplies. Salient feature of Form GSTR-1A The Government vide notification No. 12/2024 – Central Tax dated 10.07.2024, has introduced …

Penalty u/s 271E can not be imposed on cash repayment of advances treated as unexplained cash credits. In a recent judgment, the ITAT Nagpur has held Penalty u/s 271E can not be imposed on cash repayment of advances treated as unexplained cash credits. Any repayment of such alleged …

Mining Royalty is not a tax – Supreme Court Nine Judges Bench approves decision In Kesoram Industries and held that observation in India Cement to the effect that royalty is a tax was incorrect. In a recent judgment, the Hon’ble Supreme Court has held that Mining Royalty is …

Assessee has right to get complete statements recorded against him and relied upon by the Income Tax Department  during the assessment proceedings  In a recent order, the Hon’ble High Court of Karnataka directed that complete statements recorded against assessee and relied upon by the Income Tax Department  during …

CBDT issues 13 FAQs on new Capital Gain Tax Regime proposed in Union Budget 2024-25 Union Budget 2024-25 has proposed rationalisation of Capital Gain Tax Regime by revising the rates of tax on capital gain and abolishing indexing of cost of acquisition for Long term Capital Gains. CBDT …

Payment by corporate guarantor does not extinguish liability of corporate debtor to pay the entire amount payable – SC In a recent judgment, the Hon’ble Supreme Court has held that payment by corporate guarantor does not extinguish liability of corporate debtor to pay the entire amount payable. A …

Under Section 69, AO is under obligation to give reasons for not accepting explanations given by the assessee – ITAT In a recent judgment, ITAT Lucknow has held that under section 69 if the explanation furnished by the assessee not found to be satisfactory, the AO is under …

ITAT remitted case for verification of Transporter’s declaration u/s 194C(6) and decide the issue of addition on account of non deduction of TDS afresh In a recent judgment, ITAT Patna has remitted the issue of disallowance u/s 40(a)(ia) to CIT(A) for verification of Transporter declaration u/s 194C(6) and …

Customs duty payable even after confiscated goods redeemed after payment of fine – SC In a recent judgment, Hon’ble Supreme Court had held that the owner of goods has a liability to pay customs duty, even after confiscated goods are redeemed after payment of fine under Section 125 …

Limit of allowable partners remuneration u/s 40(b) increased from AY 2025-26 onwards Finance Bill 2024 has increased the limit of allowable partners remuneration u/s 40(b) from AY 2025-26 onwards. Under the provisions of section 40(b) of the Income Tax Act, 1961 (the Act), the salary/remuneration paid to partners of …