Tax authorities cannot dispute a company’s commercial wisdom in securing loans to repay prior debt obligations. Issue Whether the Assessing Officer can disallow finance costs under Section 37(1) by questioning the commercial wisdom or business acumen of an assessee who takes out a new loan to repay an existing bank loan. Whether the finance costs… Read More »
Consolidated Section 74 GST Demands Covering Multiple Years Served via Email are Valid Issue Whether a single Show Cause Notice (SCN) and final assessment order under Section 74 can cover multiple financial years for fraudulent Input Tax Credit (ITC) utilization. Whether an order communicated via email satisfies the limitation period under Section 74(10), even if… Read More »
Assessee Entitled to Interest on Delayed Release of Seized Certificates Plus Interest on Interest Assessee Entitled to Interest on Delayed Release of Seized Certificates Plus Interest on Interest Issue Whether an assessee is entitled to interest on the maturity value of Kisan Vikas Patras (KVPs) and Indira Vikas Patras (IVPs) for the period they were… Read More »
Reassessment notice issued beyond the combined exclusion period under Section 149 provisos is barred by limitation. Issue Whether a reassessment notice issued under Section 148, along with the preceding order under Section 148A(d), is barred by limitation for the Assessment Year (AY) 2017-18 when computed by applying the mutual exclusions under the fifth and sixth… Read More »
An Assessment Order Kept in Abeyance by a Court Interim Order Still Legally Exists for the Vivad Se Vishwas Scheme Issue Whether an assessment order that has been passed but is temporarily held from being implemented due to a High Court’s interim direction can be considered “non-existent,” thereby disqualifying the assessee from opting for the… Read More »
Relevant Date For Refunding Unutilised ITC On Exports Governed By Return Due Dates Not Original Export Timelines Issue Whether the “relevant date” for calculating the two-year limitation period for a refund of unutilized Input Tax Credit (ITC) accumulated from zero-rated exports should be determined by the date of actual export under Explanation 2(a) to Section… Read More »
PCIT Must Apply CBDT Condonation Circular Universally to All Assessment Years to Mitigate Genuine Hardship for Form 10IC Issue Whether a Central Board of Direct Taxes (CBDT) Circular issued under Section 119(2)(b) to condone delays in filing Form 10IC to mitigate genuine hardship is applicable universally to all assessment years (including Assessment Year 2023-24), or… Read More »