Stay order on recovery proceedings based on Rule 96(10) pending further orders Summary in Key Points: Issue: Whether recovery proceedings based on Rule 96(10) of the CGST Rules can be stayed considering the Kerala High Court’s decision in Sance Laboratories (P.) Ltd. v. Union of India and the subsequent amendment to Rule 86(4B)(b). Facts: The… Read More »
Stay order on the operation of Circular No. 204/16/2023-GST, which levied tax on corporate guarantees. Summary in Key Points: Issue: Whether providing a corporate guarantee by a holding company to its subsidiary company constitutes a supply of services liable for GST. Facts: The revenue department issued a notice to the petitioner seeking information regarding corporate… Read More »
9 IMPORTANT INCOME TAX CASE LAW 23.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Act and Section 1 Dy. CIT v. Max Life Insurance Co. Ltd. ITAT has the power to entertain new grounds under Section 254 even if not raised earlier CLICK HERE Section 10(15)(iv) Income Tax Act, 1961 2 Dhananjay Sanjogta… Read More »
Prosecution proceedings quashed as the delay in depositing TDS and TCS was justified due to the COVID-19 pandemic. Summary in Key Points: Issue: Whether prosecution for delay in depositing TDS/TCS can be quashed when the assessee demonstrates reasonable cause for the delay due to the impact of the COVID-19 pandemic. Facts: The assessees collected TDS/TCS… Read More »
Deputy Commissioner can rectify a mistake in the challan if Assessee Deposited Tax by TAN instead of PAN Summary in Key Points: Issue: Whether the Deputy Commissioner can rectify a mistake in the challan (tax payment receipt) by correcting the PAN number to enable the release of the refund due to the assessee. Facts: The… Read More »
Assessing Officer who issued the original notice under Section 148 retains jurisdiction to continue the reassessment proceedings u/s 148A Summary in Key Points: Issue: Whether the same Assessing Officer (AO) who issued the original notice under Section 148 of the Income-tax Act, 1961 (old regime) retains jurisdiction to continue the reassessment proceedings under the amended… Read More »
Addition for Undisclosed Investments in Shares During Block Assessment is valid if Assessee failed to discharge burden of Proof Summary in Key Points: Issue: Whether the assessee can be held liable for undisclosed investments in shares found during a search operation when they claim the investment was made outside the block assessment period, but fail… Read More »
Reopening notice was invalid because the AO relied solely on the information from the insight portal without applying their independent mind Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in reopening the assessment solely based on information from the insight portal, without forming an independent opinion and considering the materials already… Read More »
Section 54F Deduction allowed Despite Related Party Transaction and Delayed Sale Deed : ITAT Summary in Key Points: Issue: Whether the assessee can claim a deduction under Section 54F of the Income-tax Act, 1961 for capital gains invested in a residential house purchased from a company where the assessee and their family are shareholders, and… Read More »
Opportunity to be Granted to Provide Documents for Trust Registration and 80G Approval Summary in Key Points: Issue: Whether the Commissioner (Exemption) should provide the assessee with an opportunity to submit supporting documents for registration under Section 12AB and approval under Section 80G of the Income-tax Act, 1961, even though the applications were initially rejected… Read More »