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 …

Penalty u/s 271CA for non collection of TCS on Parking Lot quashed by ITAT In a recent judgment, ITAT Delhi has quashed penalty u/s 271CA for non collection of TCS on Parking Lot by Nagar Palika as it was a non-profit organization and has constraints in correct understanding …