GST Demand Order stayed pending clarification on the taxable value of supplies. Summary in Key Points: Issue: Whether a show cause notice (SCN) issued under Section 73 of the GST Act is valid when it contains errors in the quoted provision and fails to address the assessee’s explanation regarding the disputed Input Tax Credit (ITC)… Read More »
GST Refund Allowed for Export Proceeds Realized in Indian Rupees Through a Vostro account. Summary in Key Points: Issue: Whether a GST refund can be denied for export proceeds realized in Indian Rupees instead of freely convertible foreign currency. Facts: The assessee, engaged in the export of goods, had their refund application rejected because the… Read More »
SLP dismissed, Input Tax Credit not carried forward from VAT to GST regime can only be claimed as set-off. Summary in Key Points: Issue: Whether an assessee is entitled to a refund of unutilized Input Tax Credit (ITC) from the VAT regime that was not carried forward to the GST regime through the TRAN-1 form.… Read More »
How to directly save pdf from Internet Brower to Google Drive There are a few ways to directly save a PDF from your internet browser to Google Drive: 1. Using the “Save to Google Drive” Extension: Install the extension: If you don’t have it already, you can add the “Save to Google Drive” extension to… Read More »
7 IMPORTANT INCOME TAX CASE LAWS 29.01.2025 Section Case Law Title Brief Summary Citation Relevant Section and Act 1 Accelerated Freeze Drying Co. Ltd. v. Assistant Commissioner of Income-tax Circle I Assessee entitled to additional depreciation for plant and machinery used in the process of accelerated freeze drying. Click Here Section 32 Income Tax Act,… Read More »
Protection of Bona Fide Purchasers of Property in Court Auction without notice of the prior tax proceedings Summary in Key Points: Issue: Whether the Income Tax Department can proceed against a bona fide purchaser of property in a court auction when the property was subject to prior tax proceedings against the original owner. Facts: The… Read More »
SLP dismissed, Reopening Notice Quashed for Lack of New Information or Tangible Material Summary in Key Points: Issue: Whether the reopening of an assessment under Section 148 of the Income-tax Act, 1961 was valid based on information received from a survey, when the same information had already been used for reopening assessments for earlier years and… Read More »
Commissioner (Appeals) exceeded their power by remanding the matter back to the AO Summary in Key Points: Issue: Whether the Commissioner (Appeals) exceeded their power by setting aside a best judgment assessment order and remanding the matter back to the Assessing Officer (AO). Facts: The assessee, a stamp vendor, had their case selected for scrutiny… Read More »
Addition under Section 68 deleted as the share capital contribution was genuine. Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in treating the share capital and share premium received by the assessee company as unexplained credits under Section 68 of the Income-tax Act, 1961. Facts: The assessee company raised capital through… Read More »
Deduction under Section 54B denied as the land was not used for agricultural purposes. Summary in Key Points: Issue: Whether the assessee can claim a deduction under Section 54B of the Income-tax Act, 1961 for capital gains arising from the sale of agricultural land when the land was not used for agricultural purposes for two… Read More »