Handing over possession of Rolls Royce car with original documents to broker constitutes a concluded sale on 29.09.2017. Handing over possession of Rolls Royce car with original documents to broker constitutes a concluded sale on 29.09.2017. Issue Whether handing over the physical possession of a vehicle along with original documents (RC and insurance) and a… Read More »
Assessment and DRC-7 Exceeding SCN Scope and Rejection of GST Cancellation Pending Dues Are Untenable Issue Whether an assessment order and Summary of Order (Form GST DRC-7) that quantify tax demands beyond the scope proposed in the Show Cause Notice (SCN) and fail to record appropriations of tax already paid are legally sustainable, and whether… Read More »
Supreme Court Dismisses Review Petition Under Section 68 As Publicly Available Documents Do Not Constitute New Evidence Supreme Court Dismisses Review Petition Under Section 68 As Publicly Available Documents Do Not Constitute New Evidence Issue Whether a review petition can be entertained under Order XLVII Rule 1 of the Code of Civil Procedure, 1908 to… Read More »
Violation of Section 13 Taxes Only Non-Conforming Investment Income at MMR, Not Entire Trust Income Issue Whether a violation of Section 13 of the Income-tax Act, 1961 results in the total forfeiture of Section 11 exemption for the entire income of a charitable trust, or if the denial and application of the maximum marginal rate… Read More »
SEZ units are eligible to claim a refund of unutilized input tax credit under Section 54 and Rule 89. Issue Whether a Special Economic Zone (SEZ) Unit is eligible to apply for a refund of unutilized Input Tax Credit (ITC) under Section 54 read with Rule 89 of the CGST Rules and Section 16 of… Read More »
Tax Demands Not Included In An NCLT-Approved Insolvency Resolution Plan Are Extinguished And Cannot Survive Issue Whether tax arrears and demand claims of the Income Tax Department survive against a corporate debtor after a resolution plan has been approved by the NCLT without including such tax claims. Facts The assessee-petitioners were corporate debtors undergoing insolvency… Read More »
Taxpayer-Bank With Sufficient Surplus Funds Needs No Section 14A Disallowance On Exempt Income Issue Whether disallowance under Section 14A of the Income-tax Act, 1961, read with Rule 8D of the Income-tax Rules, 1962, can be sustained or estimated by the Department when the assessee, a banking company, possesses sufficient and adequate surplus interest-free funds to… Read More »
Primary Co-operative Society Entitled to Section 80P Deduction Despite Filing Belated Return Subject to Paying Nominal Costs Issue Whether a Primary Co-operative Society can be granted the substantive benefit of deduction under Section 80P of the Income-tax Act, 1961, read with Section 80AC, despite having filed its return of income beyond the statutory due date.… Read More »
Assessee-Trust Created with Both Charitable and Religious Objects Is Fully Entitled to Section 12AA Registration Issue Whether Section 12AA differentiates between trusts created for charitable vs. religious purposes, and whether a trust established with both charitable and religious objects is eligible for registration under Section 12AA of the Income-tax Act, 1961. Facts Nature of Trust:… Read More »
Tribunal Rules in Favor of Scheduled Bank on Bad Debts, Broken Period Interest, and Section 80M Deductions Issue Section 80M & Rule 8D Disallowance: Whether expenditure can be estimated and attributed under Rule 8D for Section 80M / 14A computations when the assessee-bank possesses sufficient interest-free own funds to cover investments. Bad Debts Write-off: Whether… Read More »