Generation Date for Draft GSTR 2B for December 2024 Jan 14th, 2025 This is to inform you that, in light of the extended due dates for filing GSTR-1 and GSTR-3B returns for the month of December 2024 (Quarter Oct-Dec 2024) as per Notifications No. 01/2025 and 02/2025 dated 10th January 2025, the Draft GSTR-2B for… Read More »
No Addition for Explained Cash Deposits : No Addition for Explained Investments Fact I Section: 69A of the Income-tax Act, 1961 Title: No Addition for Explained Cash Deposits with Supporting Evidence Summary in Key Points: The Assessing Officer made an addition for cash deposits in the assessee’s bank account, considering the source unexplained. The assessee,… Read More »
No Addition for Explained Purchases Even if Suppliers are do not appear before AO : If interest expenditure is disallowed under Section 40(a)(ia) for not furnishing Form 15G/15H, the matter can be remanded for verification of the forms. Fact -1 Section: 69C, read with section 145, of the Income-tax Act, 1961 Title: No Addition for… Read More »
Contribution to Unrecognized PF Allowable as Business Expenditure : Sec 43B Liability can be Discharge by allotting Equity Shares Fact -1 Section: 37(1) of the Income-tax Act, 1961 Title: Contribution to Unrecognized Provident Fund Allowable as Business Expenditure Summary in Key Points: The case dealt with the allowability of contributions made by a company to… Read More »
Provision for Leave Salary Disallowed Under Section 43B; 8-Year Limit for Setting Off Unabsorbed Depreciation Upheld Summary in Key Points: Issue 1: Whether a provision for leave salary is deductible under Section 43B of the Income Tax Act. Decision 1: The High Court held that a provision for leave salary is not deductible under Section… Read More »
Voluntary Transfer Pricing Adjustment Eligible for Deduction Under Section 10AA for SEZ Units Summary in Key Points: Issue: Whether a voluntary transfer pricing (TP) adjustment made by an assessee operating in a Special Economic Zone (SEZ) is eligible for deduction under Section 10AA of the Income Tax Act. Facts: The assessee made a voluntary TP… Read More »
No Penalty Under Section 271-I for Non-filing of Form 15CA/CB for Import of Goods Not Subject to Withholding Tax Summary in Key Points: Issue: The assessee, engaged in diamond manufacturing, faced a penalty under Section 271-I for not furnishing Form 15CA/CB for outward remittances to a Belgium-based entity for raw material imports. Decision: The ITAT… Read More »
Finality of Settlement Under Vivad Se Vishwas Act: Designated Authority Cannot Reopen Concluded Cases Summary in Key Points: Issue: The assessee challenged the Designated Authority’s attempt to reopen a settled tax dispute under the Direct Tax Vivad Se Vishwas Act, 2020, by issuing a modified Form No. 3 after the final settlement (Form No. 5)… Read More »
GUIDELINES FOR ARREST AND BAIL IN RELATION TO OFFENCES PUNISHABLE UNDER THE CGST ACT 2017- REG. Summary in key points: The Hon’ble High Court of Delhi has held that the grounds of arrest have to be communicated in writing to the arrested person. The Hon’ble Supreme Court has made a distinction between ‘reasons for… Read More »