Ministry of Finance Frequently Asked Questions-3 (FAQs-3) on the decisions of the 56th GST Council held in New Delhi Posted On: 18 SEP 2025 11:00AM by PIB Delhi Q1. In which notification will I find the CGST rates changes for goods? Is a new Notification being issued? You will find the changes in CGST rates… Read More »
Ministry of Finance Frequently Asked Questions (FAQs) on the decisions of the 56th GST Council held in New Delhi Posted On: 03 SEP 2025 11:28PM by PIB Delhi When will the changes in GST rates come into force? As per recommendations of the GST Council in its 56th meeting, the changes in GST rates on services… Read More »
Ministry of Finance India’s Sovereign Rating Upgraded to BBB+ (Stable) by Rating and Investment Information, Inc. (R&I), Japan This is third such upgrade of India by a sovereign credit rating agency this year, following S&P’s upgrade to ‘BBB’ (from BBB-) in August 2025 and Morningstar DBRS’ upgrade to ‘BBB’ (from BBB (low)) in May 2025Three… Read More »
IMPORTANT INCOME TAX CASE LAWS 18.09.2025 Section Case Law Title Brief Summary Citation Relevant Act 12AB Hatkeshwar Mahadev Trust v. Commissioner of Income-tax (Exemption) Denial of registration to charitable trust unjustified; objects catering to a religious caste are permissible if income isn’t applied for that specific benefit and no violation inquiry was made. Click Here… Read More »
Section 153C Proceedings Quashed Due to Defective Satisfaction Note Lacking Reference to Incriminating Material A valid satisfaction note is the jurisdictional bedrock for a Section 153C assessment; without it, the entire proceeding collapses. Issue The central issue is whether proceedings under section $153C$ of the Income-tax Act, 1961, can be legally sustained if the satisfaction… Read More »
Reopening of Assessment Quashed as the Underlying Transaction Pertained to a Different Assessment Year Issue The central issue is whether a reopening of assessment under section $147$ of the Income-tax Act, 1961, is legally valid if the transaction that forms the basis for the reopening was completed in a financial year different from the one… Read More »
Search Assessment Quashed Due to Mechanical Approval Under Section 153D Without Examining Records Issue The central issue is whether assessment orders passed under section $153A$ of the Income-tax Act, 1961, are legally valid if the mandatory prior approval under section $153D$ is granted by the higher authority in a mechanical manner, without having access to… Read More »
Addition for Bogus Purchases Must Be Restricted to the Profit Element When Corresponding Sales Are Accepted Issue Can the entire amount of purchases be disallowed as “unexplained expenditure” under section $69C$ of the Income-tax Act, 1961, based on third-party statements, especially when the corresponding sales have been accepted as genuine by the Assessing Officer and… Read More »
Assessment Order Set Aside for Violating Principles of Natural Justice by Denying a Hearing Issue The central legal question is whether an assessment order passed on a “best judgment basis” under section $153C$ of the Income-tax Act, 1961, can be sustained if the assessee was not provided with a reasonable opportunity of being heard, even… Read More »
Reassessment Quashed as AO Ignored Evidence Proving the Genuineness of a Loan Transaction Issue Can a reopening of assessment under section $148$ of the Income-tax Act, 1961, be sustained if the Assessing Officer (AO) completely disregards documentary evidence submitted by the assessee to prove the genuineness of a transaction and instead jumps to a conclusion… Read More »