Profit from Share Trading Treated as Business Income, Not Short-Term Capital Gains Issue: Whether the profit derived from the purchase and immediate sale of shares, using borrowed funds, should be treated as business income or short-term capital gains under the Income-tax Act, 1961. Facts: The assessee-company, incorporated for investment counseling, borrowed Rs. 104.10 crores from… Read More »
A show-cause notice must be issued before rejecting an application for registration under section 12AB. Issue: Whether the rejection of a trust’s application for registration under Section 12AB of the Income-tax Act, 1961, is valid when the order is cryptic, vague, and passed without issuing a show-cause notice, thereby violating the principles of natural justice.… Read More »
I. Reassessment of Anonymous Donations – Reopening Invalid; Trust Exempt Under Section 115BBC(2) Issue: Whether the reassessment of anonymous donations received by a charitable and religious trust is valid, and whether the trust is exempt from taxation under Section 115BBC(2) of the Income-tax Act, 1961. Facts: The assessee-trust, registered under Sections 12AA and 80G, filed… Read More »
Interest/premium paid on capital borrowed outside India is not taxable in India. I. Refund of Excess TDS – Limitation Period in Circular Ultra Vires; Refund Allowed Issue: Whether the limitation period prescribed in Circular No. 7/2007 for claiming a refund of excess TDS is valid, and whether the assessee’s refund applications were wrongly rejected as… Read More »
15 IMPORTANT GST CASE LAWS 24.02.2025 Section Case Law Title Brief Summary Citation 9 Sreedhanya Construction Company v. State of Kerala Contractors cannot claim GST over and above quoted rates when the agreement specifies GST-inclusive rates. Click Here 9 B.K. Chawla Contractor v. State of Chhattisgarh Authorities must process GST refund claims for contracts awarded… Read More »
Detention of Goods and Penalty Order Set Aside; No Intention to Evade Tax Found Issue: Whether the detention of goods and the imposition of a penalty under Section 129 of the GST Act are valid when the quantity and weight of the goods match the invoices, and the inspecting authority conducted a “roving inquiry” beyond… Read More »
Provisional Attachment Under Section 83 Expires After One Year; Fresh Attachment on Same Facts Not Permitted Issue: Whether a fresh order of provisional attachment under Section 83(1) of the CGST Act can be issued on the same set of facts after the expiry of the one-year period from the initial provisional attachment order. Facts: The… Read More »
GST Demand Order Set Aside for Lack of Proper Service and Opportunity to Respond; Matter Remanded with Condition of 25% Deposit Issue: Whether a GST demand order is valid when the show cause notices and the order were not properly served on the assessee and the assessee was unaware of the proceedings. Facts: The allegation… Read More »
GST Demand Order Set Aside for Denial of Personal Hearing; Violation of Natural Justice Issue: Whether a GST demand order is valid when the adjudicating authority failed to consider the assessee’s request for a personal hearing. Facts: The assessee challenged a demand order, arguing that their request for a personal hearing was not considered. The… Read More »
GST Demand Order Set Aside for Lack of Opportunity to Submit Documents; Matter Remanded Issue: Whether a GST demand order is valid when the assessee was not given a fair opportunity to submit required documents to address discrepancies in their returns. Facts: The petitioner, a manufacturer of automobile components, filed returns and paid taxes for… Read More »