The “Authorized Operations” requirement for SEZ refunds is not retrospective and applies only from October 1, 2023. The Dispute: Retrospective vs. Prospective Law The Conflict: The petitioner, a unit in a Special Economic Zone (SEZ), claimed a refund of GST paid on services received between March 2020 and June 2023. The Tax Department rejected/challenged the… Read More »
Form 59 Income Tax Rules 2026 pdf download and Key points Form 59 Income Tax Rules 2026 pdf download and Key points FORM NO. 59 [See rule 124(3)] COUNTRY-BY-COUNTRY REPORT Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of section 511(2) or… Read More »
Section 16(5) Retrospectively Cures Belated ITC Claims for FY 2017-18 to 2020-21. The Dispute: The “Dead” Credit revived by Law The Conflict: For the period April 2018 to March 2019, the Petitioner had claimed ITC after the deadline prescribed under Section 16(4). The Department issued a Show-Cause Notice (SCN) and passed an order demanding the… Read More »
Statutory disclosures (FSSAI/Metrology) and disclaimed generic graphics do not constitute a “brand” for GST. I. The “Branding” Dispute: Identity vs. Compliance The Conflict: The petitioner sold unbranded maida and sooji. The bags displayed a generic picture of farmers and the company’s full corporate name. The Department alleged this was “branded” because it looked like the… Read More »
Form 58 Income Tax Rules 2026 pdf download and Key points Form 58 Income Tax Rules 2026 pdf download and Key points FORM NO. 58 [See rule 124(2)] Intimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India, for the purposes of section… Read More »
Important Income Tax Case Laws 22.04.2026 Section Case Law Title Key Ruling Summary Citation Sec 22 Sambhau Tirth CHS Hoarding Income: Charges received by a housing society for advertisements on its walls are “Income from House Property,” allowing for a 30% deduction under Sec 24(a). Click Here Sec 115BAA Vinmar India (P.) Ltd. Form 10-IC… Read More »
Benami attachment can be confirmed even if the related criminal case results in an acquittal or discharge. The Dispute The Adjudicating Authority refused to confirm the provisional attachment because a criminal case regarding online betting and gambling (the source of the funds) had not resulted in a conviction. The Verdict The court set aside this… Read More »
Profits from Asset Sales Must Be Routed Through P&L for MAT Computation Under Section 115JB. The Dispute: Capital Reserve vs. P&L Account The Conflict: The assessee company sold fixed assets and realized a capital profit. Instead of reflecting this profit in the P&L Account, the company credited the amount directly to “Reserves & Surplus” (specifically… Read More »
Choosing the concessional rate in the tax return fulfills the substantive requirement; Form 10-IC is a directory follow-up. The Conflict The assessee-company opted for the 22% tax rate (plus surcharge and cess) under Section 115BAA. While they correctly ticked the option in the ITR-6 form, they missed filing the standalone Form 10-IC by the due… Read More »
Interest from Co-operative Banks is eligible for Section 80P(2)(d) deduction as they remain Co-operative Societies. The Dispute The Assessing Officer (AO) argued that because Section 80P(4) excludes “Co-operative Banks” from the general benefits of Section 80P, any interest earned by a society from such a bank should be taxable. The Verdict The Tribunal, following Supreme… Read More »