Tax Guru25m
Section 147/148 Proceedings Not Permissible During Pendency of Section 154 Proceedings: SC
The High Court later reversed the ITAT’s decision, stating that the Section 154 proceedings were invalid because the notice ...
Tax Guru25m
Compensation Must Not Be Whimsical or Result in Unjust Windfall: SC
Supreme Court, in the case of Batliboi Environmental Engineers Limited Vs Hindustan Petroleum Corporation Limited And Another ...
Tax Guru37m
Ind AS 115 and IFRS 15: Performance Obligations in Contracts
When analysing revenue recognition under Ind AS 115 and IFRS 15, one fundamental question needs to be considered which is ...
Tax Guru1h
Chhattisgarh HC grants Bail in GST ITC Fraud Case citing delayed trial
The Chhattisgarh High Court considered a bail application filed by Rohit Singla, who was arrested for offenses under the ...
Tax Guru25m
Section 56(2)(viib) Applies to Share Premium Exceeding FMV, Regardless of Shareholder Relationship or Status
4. From the grounds of appeal, it is noted that the appeal pertains to a solitary issue of Addition under Section 56 (2) (viib) on account of share premium exceeding the fair market value (FMV), ...
Tax Guru16m
ITAT Mumbai Dismisses Appeal as Assessee Opts for Vivad Se Vishwas
Considering that the assessee had voluntarily chosen to resolve the dispute through the VSV Scheme, the Tribunal accepted the withdrawal and dismissed the appeal in limine. However, the Tribunal ...
Tax Guru47m
Stamp Duty Refund Cannot Be Denied on Technical Grounds or Post-Facto Amendments: Allahabad HC
The Allahabad High Court addressed a writ petition filed by Rahul Sahai, challenging an order that rejected their application for a stamp duty refund. The petitioners had purchased stamp papers in ...
Tax Guru50m
ITAT Delhi Remands Loan Addition Case to AO for Fresh Review of Assessee’s Creditworthiness
The Income Tax Appellate Tribunal (ITAT) in Delhi addressed an appeal filed by the revenue against an order by the Commissioner of Income Tax (Appeals) (CIT (A)). The dispute centered on an addition ...
Tax Guru16m
No Section 69C Addition When Cash Purchases Duly Recorded in Books: Delhi HC
This case involves an appeal by the Principal Commissioner of Income Tax (PCIT) against an order by the Income Tax Appellate Tribunal (ITAT), which had deleted an addition of ₹23,03,77,859 made by the ...
Tax Guru1h
Gujarat HC Quashes ITC Denial Under Sec 16(4), Remands Case Citing Retrospective Sec 16(5)
Gujarat High Court recently reviewed a petition filed by Shiv Construction Company challenging an appellate order that upheld the denial of Input Tax Credit (ITC) claimed by the firm. The dispute ...
Tax Guru1h
Revenue Cannot File Appeals Before HC If Income Tax Effect Is Below ₹2 Crores; CBDT Circular Applies Retrospectively
IPL Loan Trust, which were initially slated for withdrawal due to CBDT Circulars 05/2024 and 09/2024. These circulars pertain to cases where the tax effect is less than Rs. 2 crores. The Revenue ...
Tax Guru1h
Flavored Milk Taxable at 5% GST Under Tariff Heading 0402 9990: AP HC
2. This Court, by an order dated 10.12.2024, in W.P.No.254 of 2024 had held that flavored milk would have to be classified under Tariff Heading No.0402 9990 attracting tax at the rate of 2.5% for CGST ...