Flavored Milk Classified Under Tariff Heading 0402 Taxable @ 5% in GST Summary in Key Points: Issue: Under which tariff heading does flavored milk fall—0402 (milk and milk products) or 2202 (beverages, spirits, and vinegar)? Facts: The assessee initially paid tax on flavored milk under tariff entry 2202 under the old Central Excise Act. After… Read More »
State GST authorities had no jurisdiction to issue show cause notice after CGST authorities had already issued show cause notice on same subject matter. Summary in Key Points: Issue: Could both Central GST (CGST) and State GST (SGST) authorities issue show cause notices on the same subject matter? Facts: The petitioner challenged the jurisdiction of… Read More »
Penalty under Section 270A Deleted: Notice issued for under reporting of income but Penalty levied for misreporting of income Summary in Key Points: Issue: Was the penalty levied under Section 270A valid, given the vague nature of the notice and the lack of specific mention of ‘misreporting of income’? Facts: The assessee filed a… Read More »
Reassessment Notice Valid Despite Being Issued in Name of Amalgamated Company Summary in Key Points: Issue: Was the reassessment notice issued under Section 148 invalid because it was issued in the name of a company that had already been amalgamated with the assessee-company? Facts: The assessee-company challenged a notice issued under Section 148 for AY… Read More »
Deduction under Section 80P(2)(d) Allowed for Interest Income from Cooperative Bank Summary in Key Points: Issue: Was the assessee, a cooperative society, entitled to a deduction under Section 80P(2)(d) for interest earned on fixed deposits with a cooperative bank? Facts: The assessee claimed a deduction under Section 80P(2)(d) for interest income earned from investments in… Read More »
SLP Dismissed: Tax Effect Below Threshold for Challenging Section 80-IB Deduction Summary in Key Points: Issue: Should the Supreme Court entertain the Special Leave Petition (SLP) challenging the High Court’s decision allowing a deduction under Section 80-IB for the process of filling mushroom powder in gelatin capsules? Facts: The High Court held that filling mushroom… Read More »
Section 80G Approval: Inadvertently mentioned the wrong clause in the application , Matter Remanded for Reconsideration Summary in Key Points: Issue: Should the assessee-trust be granted final approval under Section 80G(5) for its educational activities, despite an error in the application form and the lack of a hearing opportunity? Facts: The assessee-trust, engaged in providing… Read More »
Broken Period Interest on Securities Held as Stock-in-Trade Allowed as Deduction Summary in Key Points: Issue: Was the broken period interest paid on the purchase of securities held as stock-in-trade allowable as a deduction under Section 37(1)? Facts: The assessee, a banking company, claimed a deduction for broken period interest paid on the purchase of… Read More »
Exemption under Section 11 Allowed even if Audit Report Filed after due date but Within Extended Due Date Summary in Key Points: Issue: Was the assessee’s claim for exemption under Section 11 valid, even though the audit report was filed after the original due date but within the extended due date provided by the Taxation… Read More »
8 IMPORTANT INCOME TAX CASE LAWS 04.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 Principal Commissioner of Income Tax4 v. Prabhat Agri Biotech Ltd. Apportionment of Common Expenditure based on based on the cost of goods sold instead of Turnover Acceptable Click Here Section 10(1) Income Tax Act, 1961 2 Pavai… Read More »