Explanation 2 to section 263 inserted w.e.f. 01.06.2015 is prospective and applicable with effect from 1st June, 2015.

AO cannot change the valuation method from DCF to NAV: ITAT Chennai.

Karnataka HC directs Dept. to follow procedure prescribed in Circular to allow ITC for bonafide mistakes in returns for FY 19-20 as well

Delhi High Court set aside Section 148A(d) order passed without considering reply of Assessee

Reassessment proceedings under section 148 of Income-tax Act, 1961 cannot be initiated merely for verification of the information reflected on the Insight Portal.

Accusation of fake credit by the supplier could not be a ground for rejecting the exporter’s ITC refund application

Orissa HC allowed the taxpayer to rectify GSTR-1 even after the time limit has lapsed when the details were wrongly entered in B2C instead of B2B

e-Verification Scheme of CBIT is another initiative facilitating voluntary compliance

Entire purchase amount of such bogus purchases cannot be added at best, the addition limited to the extent of G. P. Rate

Bombay HC quashes reassessment proceedings on account of mere change of opinion

Assessment Order based on an uncertain issue of treaty benefit is not a fit case for revision U/S 263

“Corporate Compliance Calendar for the m/o March, 2023”.

Bogus Purchase: Compilation of few cases wherein addition is restricted to the GP Ratio

Whether income from sale of milk of cows is an agricultural income exempt from tax?

No purchases can be rejected without disturbing the sales in case of a trader

Reassessment notice send ‘only’ to ‘secondary email id’ of taxpayer is held invalid by Bombay High Court

No more exemption to Life Insurance Policies above Rs. 5 Lakh

Notice U/S 148 cannot be issued to non existing entities: HC