Section 56(2)(vii)(b)(ii) not applicable to transactions before 1-4-2014. , No addition for Agricultural land purchased less than FMV 

By | January 28, 2025
0 Comment

Section 56(2)(vii)(b)(ii) not applicable to transactions before 1-4-2014. , No addition for Agricultural land purchased less than FMV Title: Non-Applicability of Section 56(2)(vii)(b)(ii) for Transactions Prior to its Effective Date Summary in Key Points: Issue: Whether Section 56(2)(vii)(b)(ii) of the Income-tax Act, 1961, which deals with the taxation of certain transactions as income from other… Read More »

Section 50C Income Tax not applicable to transfer of development rights.

By | January 28, 2025
0 Comment

Section 50C Income Tax not applicable to transfer of development rights. Summary in Key Points: Issue: Whether Section 50C of the Income-tax Act, 1961, which deals with the computation of full value consideration for capital gains purposes, applies to the transfer of development rights in land. Facts: The assessee and another co-owner entered into a… Read More »

CSR expenditure allowed as business expenditure

By | January 28, 2025
0 Comment

Allowability of CSR Expenditure, Determination of Indexed Cost of Acquisition, and Disallowance of Penalty CSR expenditure allowed as business expenditure. Penalty paid for VAT violation not allowed as deduction. FMV of land at the time of acquisition considered for capital gains calculation. Summary in Key Points: Issue 1 (CSR Expenditure): Whether Corporate Social Responsibility (CSR)… Read More »

Revocation of GST Registration Cancellation Allowed Upon Payment of Dues

By | January 28, 2025
0 Comment

Revocation of GST Registration Cancellation Allowed Upon Payment of Dues Summary in Key Points: Issue: Whether the cancellation of an assessee’s GST registration can be revoked when the assessee has not filed returns for a continuous period but is willing to comply by filing returns and paying outstanding dues. Facts: The assessee’s registration was cancelled… Read More »

Category: GST

 Interim Bail Granted in GST Evasion Case Due to Lack of Established Liability and Absence of Flight Risk

By | January 28, 2025
0 Comment

 Interim Bail Granted in GST Evasion Case Due to Lack of Established Liability and Absence of Flight Risk Summary in Key Points: Issue: Whether interim bail should be granted to an assessee arrested for GST evasion by falsely claiming Input Tax Credit (ITC), when the liability for the offense has not yet been determined. Facts:… Read More »

Category: GST

Non-Applicability of Section 129 Penalty for if E-way Bill is Incomplete due to Part B missing  as  Tax is Duly Paid

By | January 28, 2025
0 Comment

Non-Applicability of Section 129 Penalty for if E-way Bill is Incomplete due to Part B missing  as  Tax is Duly Paid Summary in Key Points: Issue: Whether penalties under Section 129 of the GST Act can be levied for transportation of goods under an incomplete e-way bill when the taxes on those goods have been… Read More »

Category: GST