Tag Archives: Section 74

Fraudulent Non-Filing: Inapplicability of the ‘Escape Clause’ Under Section 74

By | May 7, 2026
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Fraudulent Non-Filing: Inapplicability of the ‘Escape Clause’ Under Section 74 Facts The Default: For the Financial Year 2017-18, the assessee raised invoices totaling ₹20.92 crores, which included a GST component of ₹3.19 crores. Non-Compliance: Despite collecting/raising invoices for these amounts and receiving partial payments from clients, the assessee failed to file monthly GSTR-3B returns and… Read More »

Deemed short term capital gain from Sale of depreciable assets allowed to be set off against brought forward long term capital losses and unabsorbed depreciation

By | February 25, 2016
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Issue Assessee had for the subject assessment year inter alia disclosed an amount of Rs.7.12 Crores as deemed short term capital gain under Section 50 of the Act. This deemed short term capital gain arose on account of the sale of depreciable assets. This deemed short term capital gain was set off against brought forward… Read More »