SET OFF AND CARRY FORWARD OF LOSS UNDER THE INCOME-TAX ACT 1961 Loss from exempted source of income cannot be adjusted against taxable income If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax. E.g., Agricultural income… Read More »
14 IMPORTANT INCOME TAX CASE LAWS 05.03.2025 Section Case Law Title Brief Summary Citation Relevant Act 2(9)(d) (PBPTA) DCIT v. SRS Mining Properties attached were classified as Benami Properties due to corroborative evidence of concealment. Seized Assets Deemed Benami Due to Concealment and Retracted Statements. Click Here Prohibition of Benami Property Transactions Act, 1988 10(23C)(vi)… Read More »
Cross-Objections Not Maintainable in Section 260A Appeals. Issue: Whether a cross-objection is maintainable in an appeal filed under Section 260A of the Income-tax Act, 1961. Facts: An appeal was filed under Section 260A of the Income-tax Act, 1961. A cross-objection was filed by the respondent. Decision: The court held that cross-objections are not maintainable in… Read More »
14 IMPORTANT GST CASE LAWS 03.03.2025 Section Case Law Title Brief Summary Citation 11 Kerala Khadi & Village Industries Board v. Union of India Exemption from GST cannot be claimed based on pre-GST tax laws. Click Here 14 Firstmove Logistics (P.) Ltd. v. Union of India Revised normative rates can be applied retrospectively. Retrospective Revision… Read More »
29 IMPORTANT INCOME TAX CASE LAWS 04.03.2025 Section Case Law Title Brief Summary Citation Relevant Act 2(15) Income-tax Officer (Exemption) v. St. John Ambulance Association Matter restored to Assessing Officer to determine if first aid training activities are charitable. Click Here Income-tax Act, 1961 2(19AA) Reckitt Benckiser Healthcare India (P.) Ltd. v. Deputy… Read More »
IMPORTANT INCOME TAX CASE LAWS 03.03.2025 Section Case Law Title Brief Summary Citation 2(9) Initiating officer v. Ramesh Chand Sharma Provisional attachment order cannot be confirmed if the funds were not transferred by the alleged beneficial owner. Click Here 2(47) M. S. Ananthamurthy v. J. Manjula A sale deed executed by a general power of… Read More »
27 IMPORTANT INCOME TAX LAWS 01.03.2025 Section Case Law Title Brief Summary Citation 4 Indus Towers Ltd v. DCIT Reconciliation of income discrepancies can lead to deletion of additions. Click Here 6 Oxford University Press v. Deputy Commissioner of Income-tax, (IT) Reopening of assessment is not justified based on information disclosed during a later assessment… Read More »
New TDS and TCS Rules from 1st April 2025 Beginning April 1, 2025, the Finance Bill 2025 introduces several changes to Tax Deducted at Source (TDS) rules. Here is a table summarizing the key changes: TDS On Salary from 01.04.2025 AY 2026-27 Slab Rates in New Tax Regime AY 2026-27 The tax slab rates for… Read More »
14 Important GST Case Law 25.02.2025 Section Case Law Title Brief Summary Citation 16 Mehul Mamgain v. Union of India A writ petition cannot be filed to address a private grievance regarding ITC claims. Writ can not be filed by Supplier to Audit ITC Claim of Recipient if Payment not made to him Click Here 16… Read More »
15 IMPORTANT GST CASE LAWS 24.02.2025 Section Case Law Title Brief Summary Citation 9 Sreedhanya Construction Company v. State of Kerala Contractors cannot claim GST over and above quoted rates when the agreement specifies GST-inclusive rates. Click Here 9 B.K. Chawla Contractor v. State of Chhattisgarh Authorities must process GST refund claims for contracts awarded… Read More »