Updated Return: New Change by Budget 2025 in Income Tax Background In a significant move towards fostering a culture of voluntary tax compliance, the Indian government introduced the concept of updated returns through the Finance Bill, 2022. This initiative aimed to provide taxpayers who might have missed filing their income tax returns or inadvertently underreported… Read More »
OpenAI Launches “Deep Research” Feature as Global AI Competition Heats Up OpenAI has announced a new “deep research” feature for its popular ChatGPT platform, aiming to significantly enhance the chatbot’s ability to conduct in-depth research tasks. This development comes amid a backdrop of intensifying global competition in the artificial intelligence (AI) field, highlighted by the… Read More »
India’s CAG Embraces AI to Revolutionize Auditing, Assumes ASOSAI Leadership New Delhi, India’s Comptroller and Auditor General (CAG) is pioneering a significant shift in public sector auditing with the development of a new Artificial Intelligence (AI) protocol. This initiative, announced by CAG G.C. Murmu, aims to dramatically accelerate the audit process while enhancing accuracy and… Read More »
Gemini 2.0 Pro Experimental “Gemini 2.0 Pro Experimental” isn’t a publicly released or officially defined product from Google. The name suggests a hypothetical future version of Google’s Gemini models (like Gemini Pro, Gemini Ultra, etc.)e “Gemini 2.0 Pro Experimental” represents a significantly advanced, but still testing-phase, multimodal language model. Think of it as a cutting-edge… Read More »
Apportionment of Common Expenditure based on based on the cost of goods sold instead of Turnover Acceptable Summary in Key Points: Issue: Was the assessee’s method of apportioning common expenditure between its own production and trading of seeds acceptable? Facts: The assessee-company engaged in seed production and trading claimed an agricultural income deduction for its… Read More »
9 IMPORTANT GST CASE LAWS 03.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Bio Veda Action Research Company v. Union of India State GST authorities had no jurisdiction to issue show cause notice after CGST authorities had already issued show cause notice on same subject matter. Click Here… Read More »
Detention of Second-Hand Car and GST penalty Upheld: Conflicting Documents and Evasion of GST Summary in Key Points: Issue: Was the detention of the second-hand car and the penalty imposed under Section 129(3) justified, given the discrepancies and contradictions in the documents presented by the petitioner? Facts: The petitioner from Mumbai purchased a second-hand car… Read More »
Bank Guarantee Released: Detention Order Set Aside in Related Case Summary in Key Points: Issue: Should the bank guarantee furnished by the consignee for the release of detained goods be released, given that the related demand and penalty order against the consignor has been set aside? Facts: The consignee filed a writ petition challenging the… Read More »
GST Appeal Stayed: Interim Relief Granted Due to Non-Constitution of Tribunal Summary in Key Points: Issue: Should interim relief be granted to the assessee who is unable to file an appeal due to the non-constitution of the Appellate Tribunal? Facts: The assessee sought to appeal an order passed by the first appellate authority. However, the… Read More »
Ex-Parte Order Set Aside if Assessee filed a belated reply and supporting documents before the ex-parte order Opportunity to Present Defense Granted Summary in Key Points: Issue: Was the ex-parte order justified, even though the assessee filed a belated reply before the order was passed? Facts: The assessee received a show cause notice with a… Read More »