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Sep 23, 20235 min read
[Bombay HC] Reassessment requires approval of a Specific Authority, not the AO’s change of mind
In the case of Siemens Financial Services Pvt. Ltd. v. DCIT, Mumbai and Ors.[i], the Bombay High Court analyzed the arguments presented...
Sep 1, 20233 min read
Precision in Valuation: ITAT Scrutinizes Off-Market Share Transaction and Overturns Addition
ITAT-Delhi rules on Trak Services' LTCG, emphasizing the sanctity of contract prices over market rates in share transfer disputes.
Aug 17, 20234 min read
DLF Homes Panchkula Pvt. Ltd. v. Additional Commissioner of Income Tax
In the case of DLF Homes Panchkula (P) Ltd. v. Additional Commissioner of Income Tax (‘CIT’) & Anr. (supra) (DELHI HIGH COURT – SCC...
Jul 31, 20233 min read
[SC] Person Summoned Under S. 69 of the CGST Act Cannot Seek Anticipatory Bail Under S. 438 of CrPC
India's Supreme Court clarifies that CGST Act summonses exclude anticipatory bail under CrPC.
Jul 29, 20233 min read
The Andhra Pradesh High Court Upholds the Constitutional Validity of S. 16(4) of the CGST Act
Introduction The Andhra Pradesh High Court (‘Court’), in the case of Thirumalakonda Plywoods v. Assistant Commissioner,[i] examined the...
Jul 28, 20232 min read
CBIC Guidelines for Dealing with Input Tax Credit Discrepancies
The Central Board of Indirect Taxes and Customs ( ‘CBIC’ ) has recently issued a significant circular numbered 193/05/2023-GST on July...
Jul 20, 20232 min read
Bogus Purchases: Bombay HC Limits IT Addition [Ashwin Purshotam Bajaj]
[Bombay HC] – Only a profit element can be added in respect of bogus purchases under Section 69 of the Income Tax Act, 1961 when the...
Jul 12, 20234 min read
GST Council recommends 28% GST on online gaming
The Goods and Services Tax Council ('GST Council'), in its 50th meeting held on 11th July 2023, has recommended the levy of 28% GST on...
Jul 3, 20233 min read
[CESTAT] Adjudication liable to be set aside if cross-examination not granted
Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad (‘CESTAT’), recently passed an order in the case of Indu Oversea Private...
Jul 1, 20233 min read
Bombay HC Exempts Directors from Income-tax Liability in Company Dues [Prakash B. Kamat v. PCIT]
[Bombay HC] Income-tax dues of a company cannot be recovered from the Director merely because of his directorship in a company. The...
Jun 30, 20233 min read
Provisional Attachment: 1-Year Limit on Bank Account Freeze - Bharat Parihar v. State of Maharashtra
[Bombay HC] Provisional attachment of a bank account cannot continue after the expiry of a year from the date of the original attachment....
Jun 26, 20233 min read
ITAT Upholds Disallowance On Bogus Purchases
Introduction In Silmohan Gems Pvt. Ltd. v. DCIT[i], the ITAT upheld the disallowance of purchases computed at 5% of the purchases and...
Jun 23, 202311 min read
'Control’ under the new FEMA Overseas Investment regime
Regulating outward investments by Indian residents has been an area of contention under the foreign exchange laws of India. More so, such...
Jun 20, 20233 min read
No Addition Can Be Made in the Absence of Incriminating Material Found During the Search
Introduction The case of Manjeet Kaur Saran v. ACIT [i] involves a search and seizure operation conducted by the Income Tax Department....
Jun 19, 20233 min read
[ITAT – Delhi] Re-Assessment Order Passed Against a Non-Existent Entity is Void Ab Initio
Introduction Income Tax Appellate Tribunal – Delhi (‘ITAT’) in the case of S.S.S Glass Pv.t Ltd. v. ITO[i], quashed the reassessment...
Jun 15, 20233 min read
[ITAT-Delhi] Addition Under S. 68 of the Income-tax Act Was Deleted as the Assessing Officer Found No Incriminating Material
Introduction The Hon’ble Income Tax Appellate Tribunal – Delhi (‘ITAT’) ACIT, Central Circle – 19 v. KRBL Foods Ltd[i]., upheld the...
Jun 6, 20236 min read
An Overview of LRS
Introduction The Reserve Bank of India (‘RBI’) introduced the Liberalized Remittance Scheme (‘LRS’) back in February 2004. The LRS allows...
Jun 1, 20233 min read
[Delhi HC] S. 83 of the CGST Act Cannot Be Invoked to Secure the Revenue of Another Taxable Person
Delhi HC rules in favor of Zhudao Infotech, stating Section 83 of the CGST Act cannot be used to attach assets for others' tax liabilities.
May 19, 20238 min read
An analysis of Karnataka HC's decision in Gameskraft Technologies
This article summarizes and analyzes the recent decision of the Karnataka High Court in the case of Gameskraft Technologies Private...
May 12, 20235 min read
Recent changes in Liberalised Remittance Scheme ('LRS')
Amendments to bring International Credit Card Transactions within the ambit of the Liberalised Remittance Scheme of the RBI On...