Important GST Case Laws 30.04.2026 Relevant Act Section Case Law Title Citation Brief Summary CGST Act, 2017 Sec 54 CBF Component (P) Ltd v. Union of India Click Here Refund Rights: Rejection order set aside because the authority failed to grant the statutory 15-day period for a reply and denied a personal hearing. IGST Act,… Read More »
Admission of Liability in SCN Reply: Finality of Demand and Non-Maintainability of Writ Facts The Period: The dispute pertained to the period from April 2019 to December 2019. The Notice: The Department issued a Show Cause Notice (SCN) proposing a demand related to delayed tax remittance. The Admission: In its formal reply to the SCN,… Read More »
SBI For operationalizing In-operative NRE / NRO account SBI For operationalizing In-operative NRE / NRO account The document NRI-18.5 is an official State Bank of India (SBI) form designed for “Re-KYC diligence” and for the operationalization of “In-operative” NRI accounts. 1. Account Operationalization If an account is marked as “In-operative,” the holder can request its… Read More »
Conversion or Succession of Entities Not Regarded as Transfer Introduction Transfers of capital assets during the conversion or succession of entities are not considered “transfer” under Section 47 of the Income-tax Act, subject to specific conditions. If conditions are not complied with, the exemption shall be withdrawn. Key Transactions Exempt from Capital Gains Succession of Firm by… Read More »
Transfer of Capital Asset Between Holding and Subsidiary Companies Introduction Transfers of capital assets between a holding company and its subsidiary (or vice-versa) are not regarded as “transfer” under Section 47 of the Income-tax Act, subject to specified conditions. Such transactions are exempt from capital gains tax unless certain conditions are breached. Conditions for Exemption Transfer by… Read More »
ITR FILING ONLINE 2026 2026-27 बड़ा बदलाव ! INCOME TAX NOTICE से बचें BANK ! LATEST UPDATE ITR This video explains a major update in ITR Filing for AY 2026-27 (FY 2025-26) concerning bank account reporting. It highlights that taxpayers must now disclose all active bank accounts held during the financial year, including those closed… Read More »
Transfer of Capital Asset Introduction “Transfer” refers to the passage of rights in a property from one person to another. It is defined inclusively under Section 2(47) of the Income-tax Act. Meaning of Transfer Transfer of a capital assets includes: Sale, exchange or relinquishment of the assets Extinguishment of any rights Compulsory acquisition under any law Conversion… Read More »
Capital Asset Introduction A capital asset includes movable and immovable property held by an assessee, excluding certain personal assets and rural agricultural land. Definition [Section 2(14)] A capital asset includes: Any kind of property held by an assessee (movable, immovable, tangible, or intangible), whether used for business purposes or not. Securities held by FIIs or Category I/II… Read More »
Improper Service of SCN and Order Vitiates Adjudication and Recovery Facts The Parties: The petitioner is a private company engaged in construction and logistics with a principal place of business in Mumbai and an additional place in Pune. The Conflict: A Show Cause Notice (SCN) issued in December 2020 led to an Order-in-Original (OIO) dated… Read More »
Chargeability of Capital Gains Introduction Section 45 of the Income Tax Act, 1961, governs the taxation of profits or gains arising from the transfer of a capital asset. Such income is generally taxable in the year of transfer unless specified otherwise. Key Provisions General Rule (Section 45(1)):Profits or gains from the transfer of a capital asset… Read More »