Bonus paid before ITR deadline deductible despite unpaid status in Tax Audit; Double addition in 143(1) deleted Case I: Section 43B Disallowance (Bonus) Issue Whether the disallowance of bonus payable to employees under Section 43B is sustainable when the amount was unpaid on the date of the Tax Audit Report but was actually paid before… Read More »
Remand granted for 12AB registration and 80G approval due to missed notice and condonable delay Issue Section 12AB Registration: Whether the rejection of a registration application is valid when the assessee complied with the initial notice but missed the subsequent one due to inadvertence. Section 80G Approval: Whether the delay in filing Form 10AB should… Read More »
Withdrawal of 10(23C) approval quashed; exemption denial limited to specific violations, not entire entity Issue Whether the Commissioner (Exemptions) is justified in withdrawing the entire approval granted under Section 10(23C)(vi) to an educational society based on allegations of applying income for the personal benefit of trustees (rent, travel, etc.), or if the denial of exemption… Read More »
Excise duty waiver excluded from Transfer Pricing PLI; Backward area subsidy held as Capital Receipt Case I: Transfer Pricing – Computation of Operating Margins Issue Whether excise duty and sales tax/CST should be excluded from the computation of Operating Profit/Operating Revenue for Transfer Pricing benchmarking, particularly when the assessee enjoys a waiver of these duties… Read More »
Verification of agricultural status and source of deposits essential before confirming additions under Section 50C and 69A Case I: Capital Gains on Agricultural Land Issue Whether the provisions of Section 50C (adopting stamp duty value) are applicable to the sale of land claimed to be agricultural land situated outside municipal limits, which is excluded from… Read More »
Auto Suspension of GST Registration due to Non-Furnishing of Bank Account Details as per Rule 10A Dec 5th, 2025 Dear Taxpayers, As per Rule 10A, taxpayers (except those registered under TCS, TDS, or Suo-moto registrations) must furnish their bank account details within 30 days of grant of registration or before filing details of outward supplies… Read More »
FAQs on GSTR -9/9C for FY 2024-25 Dec 4th, 2025 Additional list of Frequently Asked Question along with the response has been compiled in response to comment received from various channel. The additional FAQ dt 4-12-2025 is intended to further assist the Taxpayer in better understanding of various Tables of GSTR-9/9C and their key aspects… Read More »
Gemini 3.0: 15 Examples of Next-Gen Multimodal AI Advanced Learning and Visualization Scientific Breakdowns: Can take dense research papers and create 3D interactive visuals to explain complex topics like scientific research. Personalized Coaching: Analyzes video and audio of presentation practice to offer constructive, actionable advice. Interactive Concepts: Uses generative UI in Search to create custom… Read More »
IMPORTANT INCOME TAX UPDATE 05.12.2025 Section Case Law Title Brief Summary Citation Relevant Act 4 Maruti Suzuki India Ltd. v. DCIT Sales tax incentives/subsidies received under a State scheme are treated as capital receipts, not taxable as revenue receipts under Section 28(iv). Click Here Income-tax Act, 1961 9 Maruti Suzuki India Ltd. v. DCIT Payments… Read More »
Advisory on reporting values in Table 3.2 of GSTR-3B Dec 5th, 2025 Table 3.2 of Form GSTR-3B captures the inter-state supplies made to unregistered persons, composition taxpayers, and UIN holders out of the total supplies declared in Table 3.1 & 3.1.1 of GSTR-3B and is auto-populated from corresponding supplies declared in GSTR-1, GSTR-1A, and IFF… Read More »