Carelessness by Assessing Officer: Hon’ble Court may impose costs to be recovered from his/her salary & place such judicial orders in the career records of such Assessing Officer.
Reasons for blocking e-credit ledger u/r 86A must be communicated by GST Authorities to the taxpayer: Madras High Court in HEC India LLP
Non Resident Taxpayers exempted from the requirement of furnishing a return of income from assessment year 2021 2022 onwards vide
Revision order U/S 263 has to be passed and not necessarily served within the period of 2 years: Supreme Court.
The provision of s. 40A(3) is to be invoked when the Department has evidence with itself that the assessee has made payments in cash exceeding the limits prescribed in the section.
Legislature cannot be presumed to have intended to give blanket powers to the AO under section 147 for making roving enquiry
Flat purchased within 3 years from the builder when it was under construction: Whether Capital Gain Exemption available?
Income Tax Raids in Assam, Meghalaya & West Bengal revels undisclosed income in excess of Rs. 250 crore
Rs.43.58 Crore GST fraud detected, one arrested: GST Commissioners advises all the taxpayers are advised to check the legitimacy of input tax credit before taking such credit
Be Careful: Eway bill and vehicle movement tracking system is readily available with GST field officers.
Income Tax Raids at Bengaluru on contractors revealed inflation of labour expenses amounting to Rs. 382 crore
If assessee converts his capital assets into stock-in-trade, taxable profit must be determined by deducting from the sale proceeds the market value at the date of their conversion into stock
In order to qualify for deduction, the expenditure must be incidental to the business and must have been necessitated or justified by commercial expediency; there must be a direct and intimate connection between the expenditure and the business
