Relief for Salary Arrears under Section 89(1) and Reconciliation of Form 26AS Facts The Assessee: An individual taxpayer who received salary arrears during the Financial Year 2019-20 (AY 2020-21). Issue I: Section 89(1) Relief: The Assessee claimed tax relief under Section 89(1) to mitigate the higher tax bracket impact caused by receiving past years’ salary… Read More »
Reopening of Assessment Based on Change of Opinion (Section 147/148) Facts Original Assessment: For AY 2013-14, the Assessee’s case was subjected to scrutiny under Section 143(3). During these proceedings, the Assessing Officer (AO) raised specific queries regarding cash deposits and the transfer of Transferable Development Rights (TDR). Assessee’s Compliance: The Assessee provided the cash book… Read More »
Deletion of Additions Based on GSTR-1 Discrepancies and Ind-AS Notional Interest Facts The Assessee: An engineering and infrastructure construction company. Issue 1: Turnover Variance (Section 145): For AY 2020-21, the Assessing Officer (AO) identified a discrepancy of Rs. 218.61 crores between the turnover reported in the Profit & Loss (P&L) account and the turnover reflected… Read More »
Treatment of Surplus from Unlisted Shares: Capital Gains vs. Business Income (Section 263 Revision) Facts The Transaction: The Assessee-company sold 34 unlisted preference shares of ICICI Bank in March 2018. These shares were acquired in June 2012 and held for nearly six years. Assessee’s Position: The surplus of approximately Rs. 12.98 crores was treated as… Read More »
Invalidation of Rectification Order Withdrawing Section 11 Exemption (Section 154) Facts The Assessee: A charitable trust registered under the Income-tax Act. The Filing: For AY 2021-22, the trust filed its return claiming exemption under Section 11. Due to technical issues on the income tax portal, its Form 10B (Audit Report) was refiled on 19-2-2022 after… Read More »
IMPORTANT GST CASE LAWS 24.03.2026 Relevant Act Section Case Law Title / Authority Brief Summary Citation CGST Act, 2017 Section 29 Trillion Lead Factory v. Superintendent An SCN for cancellation is not “vague” if it includes annexed communications (like DGGI reports) that allow the taxpayer to understand and reply to the charges. Click Here CGST… Read More »
IMPORTANT INCOME TAX CASE LAWS 24.03.2026 Relevant Act Section Case Law Title / Authority Brief Summary Citation Income Tax Act Sec 11 & 154 Tehmina K. Katrak Trust v. ITO Exemption under Section 11 accepted in a 143(1) intimation cannot be withdrawn via Section 154 (rectification) as it amounts to an impermissible review of a… Read More »
Personal Liability of Directors for Company GST Dues (Section 89) Facts The Parties: The Petitioner is a director of M/s Trans Car India Pvt Ltd, a private limited company. The Dispute: Following an Order-in-Original issued by the DGGI, the GST department sought to recover the company’s tax dues directly from the director. The Action: The… Read More »
Income tax slabs for FY 2025-26 AY 2026-27 For Financial Year (FY) 2025-26 (Assessment Year 2026-27), the income tax slabs were significantly revised in the Union Budget 2025. The New Tax Regime remains the default choice and offers a higher tax-free threshold compared to previous years. New Tax Regime Slabs (Default) This regime is the… Read More »
IMPORTANT GST CASE LAWS 23.03.2026 Relevant Act Section Case Law Title / Authority Brief Summary Citation CGST Act, 2017 Section 9 Hi Care Remedy (P.) Ltd., In re Medical Disposables: Probe covers, cable covers, and laparoscopy camera covers are classified under HSN 9033 (Accessories) at 18% GST, rather than medical instruments (9018). Click Here CGST… Read More »