Depreciation can be claimed on assets acquired through a gift. I. Depreciation on Passive Infrastructure Assets (PIAs) Acquired Through Gift (Section 32, 43(1)) Issue: Whether the assessee can claim depreciation on PIAs acquired through a court-approved merger scheme, where the initial transfer to Tower Companies (TowerCos) was considered a “gift.” Decision: The court held that… Read More »
Reopening Notice Quashed; No Failure to Disclose Material Facts; Change in Residential Status in Subsequent Year Not Grounds for Reopening Issue: Whether a reopening notice under Section 148 of the Income-tax Act, 1961, is valid when it is based solely on a change in the assessee’s residential status in a subsequent assessment year, and there… Read More »
Income Tax Guide for AY 2025-26 Computation of Tax for Individual for AY 2025-26 Deduction of tax in case of Specified Senior Citizen AY 2025-26 Advance Tax provsions for AY 2025-26 Exemptions from Capital Gains AY 2025-26 Exemption to Capital Gains on Transfer of Agricultural Land AY 2025-26 SET OFF AND CARRY FORWARD OF LOSS… Read More »
Computation of Tax for Individual for AY 2025-26 The income taxable in the hands of an individual and tax liability thereon shall be computed according to his residential status. The income taxable under the Income-tax Act is computed under the five heads of income, and tax thereon is computed as per the tax slab rates… Read More »
12 IMPORTANT GST CASE LAWS 01.03.2025 Here’s a table summarizing the key points from the case laws: Section Case Law Title Brief Summary Citation 2 Nand Kishore Gupta v. Additional Director General Cash is not a ‘good’ under the CGST Act. Click Here 16 Shiv Construction Company v. Additional Commissioner ITC claims can be reconsidered… Read More »
Important GST Case Laws February 2025 11 IMPORTANT GST CASE LAWS 26.02.2025 14 Important GST Case Law 25.02.2025 15 IMPORTANT GST CASE LAWS 24.02.2025 13 Important GST Case Law 22.02.2025 8 IMPORTANT GST CASE LAWS 21.02.2025 17 IMPORTANT GST CASE LAW 20.02.2025 10 IMPORTANT GST CASE LAW 19.02.2025 14 IMPORTANT GST CASE LAW 18.02.2025 10… Read More »
6 IMPORTANT GST CASE LAWS 27.02.2025 Section Case Law Title Brief Summary Citation 29 Faisal Construction Company v. Union Territory of J&K Registration can be restored upon payment of tax, interest, and penalty. Click Here 73 Sarens Heavy Lift India (P.) Ltd. v. Assistant Commissioner DGST An assessment order without proper reasoning is invalid. Click… Read More »
A penalty order passed within seven days of issuing a show-cause notice is invalid. Penalty Order Quashed; Violation of Natural Justice and Statutory Time Limit Issue: Whether a penalty order confirming a previously collected penalty amount is valid when it was passed within the statutory seven-day period provided to the assessee to respond to the… Read More »
Interim Stay Granted; Non-Constitution of Tribunal; Additional Deposit Required Issue: Whether an interim stay should be granted against an order passed by the first appellate authority when the GST Tribunal, where the assessee intends to file an appeal, has not yet been constituted. Facts: The assessee was aggrieved by an order passed by the first… Read More »
Appeal Restored; Shortfall in Pre-Deposit Requires Opportunity to Rectify Issue: Whether an appeal should be rejected due to an alleged shortfall in the pre-deposit required under Section 107(6) of the CGST Act, 2017, without providing the petitioner an opportunity to rectify the shortfall. Facts: The petitioner challenged an order made by the Commissioner (Appeals) rejecting… Read More »