Penalty for “Concealment” Deleted; Disallowance of a Claim is not “Inaccurate Particulars” Issue Whether a penalty for “concealment of income” or “furnishing inaccurate particulars” under Section 271(1)(c) can be levied merely because the Assessing Officer (AO) disallowed a deduction claimed by the assessee (u/s 42 and 80-IB), even though all factual details furnished were correct.… Read More »
Set-off of Capital Losses Allowed Despite Differing Tax Rates; “Similar Computation” refers to Head of Income Issue Whether an assessee can set off Short-Term Capital Loss (STCL) and brought-forward Long-Term Capital Loss (LTCL) against current year Long-Term Capital Gains (LTCG) under Section 70(2), even if the tax rates applicable to the gains and losses are… Read More »
Empowering Tax Certainty: ICAI’s Revised Handbook on Advance Ruling Strengthened Guidance for Tax Clarity The Institute of Chartered Accountants of India (ICAI), through its GST & Indirect Taxes Committee, has released the revised December 2025 Edition of the “Handbook on Advance Ruling under GST.” This comprehensive guide is aimed at enhancing taxpayer awareness, reducing litigation,… Read More »
ICAI Releases Revised Handbook on GST Registration (Nov 2025 Edition) Updated Comprehensive Guide for GST Registration The Institute of Chartered Accountants of India (ICAI) has released the Third Revised Edition (November 2025) of its “Handbook on Registration under GST.” This edition incorporates all statutory amendments, notifications, and procedural changes made up to 31st October 2025,… Read More »
Demystifying Blocked Credits: ICAI’s New Guide for Flawless GST Compliance Comprehensive Update on Input Tax Credit Restrictions The Institute of Chartered Accountants of India (ICAI) has released a revised edition of the “Handbook on Blocked Credit under GST,” updated up to November 10, 2025. This publication is designed to enhance clarity for taxpayers and… Read More »
IMPACT OF GST RATIONALISATION ON COOPERATIVES Posted On: 10 DEC 2025 6:38PM by PIB Delhi The impact of recent GST rationalisation on cooperatives, particularly those operating in the dairy, food processing, agriculture and rural enterprises sectors throughout the country is as follows:- Dairy Sector i. The GST on Milk & Paneer has been made ‘nil’… Read More »
Writ petition not entertained due to Alternative Remedy; Petitioner relegated to Appellate Authority with interim protection Issue Whether the High Court should entertain a Writ Petition challenging an adjudication order on the grounds of natural justice violation (non-supply of documents/denial of cross-examination) when an effective statutory remedy of appeal under Section 107 of the GST… Read More »
Negative blocking of Electronic Credit Ledger under Rule 86A held impermissible; Restriction limited to available balance Issue Whether the Department can validly invoke Rule 86A to block an amount exceeding the available balance in the Electronic Credit Ledger (ECL), thereby creating a “negative balance,” or if the power to restrict is limited only to the… Read More »
Government Tightens Noose on Tax Evasion with E-Way Bill System Overhaul Systemic Overhaul InitiatedThe Government of India has implemented comprehensive corrective measures to strengthen the GST e-way bill ecosystem. This action follows observations by the Comptroller and Auditor General of India (CAG) regarding systemic deficiencies in the framework. Key Flaws IdentifiedMinister of State for Finance,… Read More »
Unlocking the Vault: A Five-Year Review of India’s Income Tax Litigation Landscape Government Transparency on Tax Disputes In response to a Rajya Sabha Unstarred Question (No. 1038), the Ministry of Finance disclosed comprehensive data regarding income tax disputes over the last five years. Minister of State for Finance, Shri Pankaj Chaudhary, confirmed that the Income… Read More »