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Precision in Valuation: ITAT Scrutinizes Off-Market Share Transaction and Overturns Addition
ITAT-Delhi rules on Trak Services' LTCG, emphasizing the sanctity of contract prices over market rates in share transfer disputes.
Sep 1, 20233 min read
DLF Homes Panchkula Pvt. Ltd. v. Additional Commissioner of Income Tax
In the case of DLF Homes Panchkula (P) Ltd. v. Additional Commissioner of Income Tax ( ‘CIT’ ) & Anr. ( supra ) (DELHI HIGH COURT – SCC...
Aug 17, 20234 min read
Clarification on Charging of Interest for Wrong Availment of IGST Credit
Introduction: The Indian Goods and Services Tax ( ‘GST’ ) system, established in 2017, has witnessed continuous refinement and...
Jul 31, 20233 min read
[SC] Person Summoned Under S. 69 of the CGST Act Cannot Seek Anticipatory Bail Under S. 438 of CrPC
India's Supreme Court clarifies that CGST Act summonses exclude anticipatory bail under CrPC.
Jul 31, 20233 min read
The Andhra Pradesh High Court Upholds the Constitutional Validity of S. 16(4) of the CGST Act
Introduction The Andhra Pradesh High Court ( ‘Court’ ), in the case of Thirumalakonda Plywoods v. Assistant Commissioner , [i] examined...
Jul 29, 20233 min read
CBIC Guidelines for Dealing with Input Tax Credit Discrepancies
The Central Board of Indirect Taxes and Customs ( ‘CBIC’ ) has recently issued a significant circular numbered 193/05/2023-GST on July...
Jul 28, 20232 min read
CBIC clarifies Refund Issues under the provisions of GST
The Central Board of Indirect Taxes and Customs (‘CBIC’) has recently issued circular No. 197/09/2023 – GST (’circular’) to provide...
Jul 26, 20234 min read
Bogus Purchases: Bombay HC Limits IT Addition [Ashwin Purshotam Bajaj]
[Bombay HC] – Only a profit element can be added in respect of bogus purchases under Section 69 of the Income Tax Act, 1961 when the...
Jul 20, 20232 min read
GST Council recommends 28% GST on online gaming
The Goods and Services Tax Council ('GST Council'), in its 50th meeting held on 11th July 2023, has recommended the levy of 28% GST on...
Jul 12, 20234 min read
Bombay HC Exempts Directors from Income-tax Liability in Company Dues [Prakash B. Kamat v. PCIT]
[Bombay HC] Income-tax dues of a company cannot be recovered from the Director merely because of his directorship in a company. The...
Jul 1, 20233 min read
ITAT Upholds Disallowance On Bogus Purchases
Introduction In Silmohan Gems Pvt. Ltd. v. DCIT [i] , the ITAT upheld the disallowance of purchases computed at 5% of the purchases and...
Jun 26, 20233 min read
No Addition Can Be Made in the Absence of Incriminating Material Found During the Search
Introduction The case of Manjeet Kaur Saran v. ACIT [i] involves a search and seizure operation conducted by the Income Tax Department....
Jun 20, 20233 min read
[ITAT – Delhi] Re-Assessment Order Passed Against a Non-Existent Entity is Void Ab Initio
Introduction Income Tax Appellate Tribunal – Delhi (‘ITAT’) in the case of S.S.S Glass Pv.t Ltd. v. ITO [i] , quashed the reassessment...
Jun 19, 20233 min read
[ITAT-Delhi] Addition Under S. 68 of the Income-tax Act Was Deleted as the Assessing Officer Found No Incriminating Material
Introduction The Hon’ble Income Tax Appellate Tribunal – Delhi (‘ITAT’) ACIT, Central Circle – 19 v. KRBL Foods Ltd [i] . , upheld the...
Jun 15, 20233 min read
[Delhi HC] S. 83 of the CGST Act Cannot Be Invoked to Secure the Revenue of Another Taxable Person
Delhi HC rules in favor of Zhudao Infotech, stating Section 83 of the CGST Act cannot be used to attach assets for others' tax liabilities.
Jun 1, 20233 min read
An analysis of Karnataka HC's decision in Gameskraft Technologies
This article summarizes and analyzes the recent decision of the Karnataka High Court in the case of Gameskraft Technologies Private...
May 19, 20238 min read
[SC] No service tax on corporate guarantees by parent companies on behalf of its subsidiaries
The Hon’ble Supreme Court has recently held in Commissioner v. M/s Edelweiss Financial Services Ltd., that no service tax would be levied...
May 11, 20234 min read
No Vicarious Liability: Jharkhand HC Quashes Charges Against Finance Advisor in TDS Remittance Case
Jharkhand HC rules financial advisors are not liable for a firm's TDS defaults.
Apr 22, 20233 min read
CBDT Notifies New Consequences for Inoperative PAN
The Income-tax (Fourth Amendment) Rules, 2023 - Amendment in Rule 114AAA Notification G.S.R. 227(E) [No. 15/2023/F.NO....
Mar 23, 20233 min read
Charitable Trusts: New Audit Report Format for Greater Transparency and Compliance
Introduction: The Central Board of Direct Taxes (CBDT) recently issued notification No. 07/2023, dated 21.02.2023, introducing...
Mar 15, 20234 min read