5 Game-Changing Uses of Perplexity AI You Should Try TodaY Perplexity isn’t just an AI—it’s your smartest assistant for research and creativity. Here’s how to unlock its power 1️⃣ Lightning-Fast Answers Ask complex questions and get clear, concise responses backed by live web search results. 2️⃣ Verified Source Finder Perplexity cites reliable sources directly, so… Read More »
IMPORTANT GST CASE LAWS 26.09.2025 SECTION / TOPIC CASE LAW / ADVISORY TITLE Brief Summary CITATION / REFERENCE RELEVANT ACT Return Filing GSTN advisory on filing pending returns GSTN advises that returns cannot be filed after three years from their due date. From October 2025, the portal will block filings for returns overdue by… Read More »
IMPORTANT INCOME TAX CASE LAWS 26.09.2025 SECTION CASE LAW TITLE Brief Summary CITATION RELEVANT ACT Sec. 2, 23, 24, 26, PBPT Act Uttam Kumar Saha v. Initiating Officer, DCIT Cash is ‘property’ under the Benami Act. Cash seized from a person was held to be ‘benami property’ after the claimed owner (a SATSANG) denied ownership.… Read More »
Cash is considered “property” under the wide definition in the Benami Act. Issue Does physical cash fall within the definition of “property” under Section 2(26) of the Prohibition of Benami Property Transactions Act, 1988 (PBPT Act), making it subject to the provisions of the Act? Facts The case involved the seizure of a large amount… Read More »
The seven-day minimum reply time for a Section 148A notice is mandatory. Issue Is the requirement under Section 148A(b) of the Income-tax Act, 1961, which provides a taxpayer with a minimum of seven days to respond to a show-cause notice, a mandatory condition that must be strictly followed, or is it merely a directory guideline?… Read More »
Interest on overdue foreign receivables must be benchmarked using the invoice currency. Issue What is the appropriate method for benchmarking the notional interest to be charged on delayed or overdue receivables from a foreign Associated Enterprise (AE) in a transfer pricing assessment? Facts The assessee had outstanding receivables from its US-based Associated Enterprise (AE). The… Read More »
A religious object in a trust deed doesn’t automatically bar 80G approval. Issue Can a trust’s application for registration under Section 80G(5) of the Income-tax Act, 1961, be rejected on the ground that one of its objects is “religious in nature,” without properly examining the true nature of that object and without considering the 5%… Read More »
Interest on overdue foreign receivables must be benchmarked using the invoice currency. Issue What is the appropriate method for benchmarking the notional interest to be charged on delayed or overdue receivables from a foreign Associated Enterprise (AE) in a transfer pricing assessment? Facts The assessee had outstanding receivables from its US-based Associated Enterprise (AE). The… Read More »
A protective addition is unjustified when substantive additions are made on actual beneficiaries. Issue Can a “protective addition” for unexplained cash deposits be legally sustained against a person in whose name a bank account was allegedly opened fraudulently, especially when “substantive additions” for the same amount have already been made against the actual beneficiaries of… Read More »
A history of admitting to bogus transactions with a party justifies a disallowance of purchases from the same party in a later year if the taxpayer fails to provide sufficient new proof of genuineness. Issue Can a taxpayer’s past admission of entering into bogus transactions with a particular supplier be used to justify a disallowance… Read More »