GST CASE LAWS 02.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 Ram Constructions v. Union of India Assessee held eligible to take Input Tax Credit for delayed returns filed for FY 2017-18. Click Here Section 16 Central Goods and Services Tax Act, 2017 2 Gateway Paradise Assam (P.) Ltd. v. State… Read More »
12 IMPORTANT GST CASE LAWS 31.01.2025 Re Sr No Case Law Title Brief Summary Citation Relevant Act And Section 1 Prayash Construction v. State of Odisha Department directed to ensure refund of differential GST amount. Click Here Section 9 Central Goods and Services Tax Act, 2017 2 Winet Communications v. Superintendent Amendment made by Finance… Read More »
AGRICULTURE IS THE FIRST ENGINE FOR INDIA’S DEVELOPMENT JOURNEY: BUDGET 2025-26 MAKHANA BOARD TO BE ESTABLISHED IN BIHAR NATIONAL MISSION ON HIGH YIELDING SEEDS TO BE LAUNCHED SECOND GENE BANK WITH 10 LAKH GERMPLASM LINES TO BE SET UP FIVE- YEAR MISSION FOR COTTON PRODUCTIVITY ANNOUNCED KISAN CREDIT CARD LOAN LIMIT RAISED FROM Rs. 3… Read More »
HIGHLIGHTS OF ECONOMIC SURVEY 2024-25 Posted On: 31 JAN 2025 2:20PM by PIB Delhi INDIA’S REAL GDP AND GVA GROWTH ESTIMATED AT 6.4 PER CENT IN FY25 (FIRST ADVANCE ESTIMATES) THE REAL GDP GROWTH TO GROW BETWEEN 6.3 AND 6.8 PER CENT IN FY26 THRUST ON GRASSROOTS-LEVEL STRUCTURAL REFORMS AND DEREGULATION TO BOOST MEDIUM-TERM GROWTH… Read More »
7 IMPORTANT INCOME TAX CASE LAWS 30.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Torna Rajgad Parisar Samajonnati Nyas v. Commissioner of Income-tax (Exemptions) Commissioner (Exemption) directed to treat the application under clause (iii) of Section 12A(1)(ac). Application for Trust Registration under Section 12AB Allowed Despite Assessee mistakenly filed… Read More »
GSTR 9 and GSTR 9C Late Fees Calculations CBIC Clarify late fee Applicability for delay in furnishing of FORM GSTR-9C by CBIC Circular No. 246/03/2025-GST Dated 30th January, 2025 You’re absolutely right! I apologize for the previous examples where I didn’t accurately reflect the late fee structure under section 47 of the CGST Act and… Read More »
Self-Certified Copy of Order not required while filing GST Appeal When Order Is Available on GST Portal Summary in Key Points: Issue: Whether the Appellate Authority can dismiss an appeal for non-submission of a certified copy of the order when the order is available on the common portal. Facts: The assessee’s appeal against an order… Read More »
Addition under Section 68 deleted as the share capital contribution was genuine. Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in treating the share capital and share premium received by the assessee company as unexplained credits under Section 68 of the Income-tax Act, 1961. Facts: The assessee company raised capital through… Read More »
Assessee entitled to additional depreciation for plant and machinery used in the process of accelerated freeze drying. Summary in Key Points: Issue 1 (Additional Depreciation): Whether the assessee, engaged in the business of exporting food products, is entitled to additional depreciation under Section 32(1)(iia) of the Income-tax Act, 1961, for plant and machinery used in… Read More »
Auditing and Assurance Standards Board The Institute of Chartered Accountants of India 24th January, 2025 Announcement The Auditing and Assurance Standards Board (AASB) of ICAI is releasing the publication “Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 3)”. Please click here to download the publication.