Section 10A deduction allowed; STP unit held to be a “New Undertaking” not formed by splitting up Issue Whether the assessee’s new Software Technology Park (STP) unit was formed by the splitting up or reconstruction of an existing business, thereby disqualifying it from the tax deduction under Section 10A, or if it constituted a distinct… Read More »
Demand quashed for ignoring reply & DRC-03 payment; Rectification rejection set aside Issue Natural Justice: Is an adjudication order valid if the authority confirms the demand without considering the taxpayer’s written reply and evidence of voluntary payment (DRC-03)? Rectification: Does the failure to consider a reply constitute a “mistake apparent from the record” under Section… Read More »
Gifts received “on occasion of marriage” are exempt even if credited later Issue Whether gifts received by an assessee are exempt from tax under Section 56(2)(vii) (now Section 56(2)(x)) as gifts received “on the occasion of marriage,” even if the cheques were credited to the bank account after the date of the wedding. Facts Event:… Read More »
Addition u/s 69A deleted; Cash deposits explained by Contract Receipts declared u/s 44AD and Wedding Gifts Issue Whether cash deposits can be treated as “unexplained money” under Section 69A when the assessee has declared income on a presumptive basis under Section 44AD, furnished details of the contract receipts/gifts, and the Assessing Officer (AO) failed to… Read More »
Holding period of previous owners included for gifted shares; Asset treated as Long-Term for Section 54F Issue Whether shares received by an assessee as a gift from a relative (who had also received them as a gift) should be treated as Short-Term or Long-Term Capital Assets, considering the provisions of Section 49(1) regarding the inclusion… Read More »
Delay condoned as Order uploaded in ‘Additional Notices’ tab; Taxpayers not expected to check wrong tab Issue Whether the delay in filing a statutory appeal under Section 107 should be condoned when the delay occurred because the Adjudication Order was uploaded by the Department under the “View Additional Notices And Orders” tab instead of the… Read More »
Authorising the Securities and Exchange Board of India as the authorised agency MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 8th December, 2025 S.O. 5684(E).— In pursuance of clause (b) of sub-section (3) of section 79 of the Information Technology Act, 2000 (21 of 2000) read with clause (d) of sub-rule (1)… Read More »
The Banking Laws (Amendment) Act 2025 MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 8th December, 2025 S.O. 5659(E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Banking Laws (Amendment) Act, 2025 (16 of 2025), the Central Government hereby appoints the 15th day of December, 2025… Read More »
Proceedings against recipient without prior action against supplier for ITC mismatch impermissible; SCN Quashed Issue Whether the Department can initiate proceedings under Section 73 to reverse Input Tax Credit (ITC) from a bona fide purchasing dealer solely because the suppliers failed to upload returns or remit tax, without first invoking the discrepancy-matching mechanism and taking… Read More »
Supreme Court upholds refund of unutilized Compensation Cess ITC despite export on payment of IGST Issue Whether an assessee is entitled to a refund of unutilized Input Tax Credit (ITC) of Compensation Cess paid on inputs (coal), when the final goods are exported on payment of IGST (which is subsequently refunded), and the Department denies… Read More »