If HSN Code and rate of tax is similar, goods can not be detained for incorrect description of items transported. In a recent judgment, Hon’ble Allahabad High Court has held that when HSN Code and rate of tax is similar, goods can not be detained for mentioning incorrect …

CBDT specifies further forms to be filed electronically as prescribed in Appendix-II of the Income Tax Rules 1962 F. No. 30/DGIT(S)BLR/e-Filing Notification/Forms/2024 Government of IndiaMinistry of FinanceCentral Board of Direct TaxDirectorate of Income Tax (Systems) Notification No. 06/2024 Dated: 19-11-2024 Specifying Forms prescribed in Appendix-II of the Income …

Third party statement taken after recording reasons cannot form basis of Assessing Officer’s “reasons to believe” to reopen the assessment – ITAT  In a recent judgment, ITAT Delhi has held that third party statement recorded subsequent to the reasons recorded, cannot form basis of Assessing Officer’s “reasons to …

Income from renting of shops and other space within Mall held taxable under the head of “income from business” not income from house property. In a recent judgment, Hon’ble Supreme Court income affirmed the judgment of Hon’ble Madhya Pradesh High Court that where letting out the property was …

RBI has cautioned general public on social media deepfake videos of its governor giving financial advice In a Press Release issued, RBI has stated that it has come to the notice of Reserve Bank of India that a fake videos of its Governor is being circulated in social …

CBDT authorises condonation of delay u/s 119(2)(b) in filing Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22 and 2022-23 F. No.173/32/2022-ITA-IGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes Circular No. 17/2024 New Delhi, the 18th November, 2024 Sub: Condonation of delay …