Extension of time period for filing of GST Tran-1 & Input tax credit

Landmark Judgement : Credit on input materials/services used for construction of shopping malls is available against CGST/OGST payable on rent – Orissa HC

Capital gain exemption not restricted to construction expenditure which is incurred after the sale of original asset. Even amount paid towards structure purchased is eligible for exemption.

Purchase and sale of property exceeding Rs. 1 Cr to be on hit list

CBDT Proposes to amend Trust Audit Report in Form No. 10B

Promotion and posting of CCIT

Unaccounted money allegedly claimed as exempted long-term capital gain & allowability thereof

Interesting judgement : Serving of assessment order beyond limitation period is null and void

Validity of Seizure of goods on allegation that goods were not accompanied by tax invoice and E-Way Bill

Eligibility to avail input tax credits – Landmark Judgement

Eligibility of deduction towards Housing Loan Interest: Interest on capital borrowed vs. Payment to builder in installment with interest – CA Naresh Jakhotia

Conditions on tax compliances of undisclosed foreign income and assets

Addition of premium amount cannot be made solely on the basis of valuation of loss-making company

Usance interest for delayed payment to holding company liable to TDS

Section 142A: Reference of matter to DVO by AO for valuation of property is not mandatory

Be cautious : Exempt agricultural income can not be accepted in the absence of evidences regarding the performance of agricultural activity or expenditure or sale of the agriculture produce

Penalty u/s 271(1)(c) is to be imposed if the assessee’s disclosure is not voluntary but under compulsion and he fails to offer any explanation at the assessment stage or at the penalty proceedings

Assessee is liable for penalty u/s 271B if no reason is furnished in respect of any reasonable cause for not getting the accounts audited as required u/s 44AB