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Final Order beyond Limitation Period: Approach of ITAT to Section 153(4) read with Sections 143(3), 144C and 144B
By Adv. Chandni Joshi: This paper considers the contentious issue of extending the statutory time limits under Section 153 to complete tax assessment through the DRP facility under Section 144C of the Income Tax Act. However, recent judgments of various tribunals as well as judgments of prominent high courts, such as the Madras, Bombay, and Delhi high courts, indicate… Read More ...
Section 80P(2)(d): Deduction of Interest on Statutory Investments with Cooperative Banks – An In-depth Legal Analysis
By Adv. Aaditya Bhatt: The Gujarat High Court has made a landmark decision on the matter, ruling that cooperative societies can satisfactorily claim tax deductions under Section 80P(2)(d) Income Tax Act for the interest income generated through their investments in cooperative banks. According to the court decision, cooperative banks, because they fall under the state cooperative societies Acts, fall… Read More ...
Right-Angled Input Tax Credit (ITC) Claim: How to Avoid GST Departmental Assessments, Mismatch Notices & Penalties.
By Rakesh Kushwah: Input Tax Credit (ITC) remains one of the most litigated and closely monitored areas under the Goods and Services Tax (GST) framework. With increasing reliance on system-driven matching, auto-generated statements such as GSTR-2B, and data analytics by tax authorities, incorrect or unsupported ITC claims frequently result in mismatch notices, reversals, interest demands, and assessments under… Read More ...
Law of evidence vis-a-vis the CGST Act, 2017
By P. V. Subba Rao, Advocate, Hyderabad: 'सतां हि सन्देहपदेषु वस्तुषु प्रमाणमन्तःकरणप्रव्रुत्तयः ॥ --from ‘Abhijnaana Saakuntalam’ of Mahaakavi Kaalidas ‘For the virtuous, in matters where doubt arises, the actions of one’s inner conscience are the true evidence.’ Read More ...
Artificial Intelligence – Boom Or Bubble
By Firoze Andhyarujina, Senior Advocate: Artificial intelligence – AI is the future. It will replace or locked of way of thinking and the way things are being done and the entire approach of people towards better technological future. Big Tech companies are investing hundreds of billions of Dollars in data centre. However, an important problem remains as to whether the… Read More ...
Whether Section 115BAA Override LTCG Concessional Rate
By CA Harshil Shah: A recent ruling by the SMC Bench of the ITAT Delhi in the case of Maharishi Education Corporation Pvt. Ltd. has created significant discussion — and confusion — around whether opting for the concessional corporate tax regime under Section 115BAA results in losing concessional tax rates on capital gains under Sections 111A, 112 and 112A.… Read More ...
Section 194T…. A Viewpoint
By CA Dr Vardhaman L. Jain: The Union Budget of 2024 brought in Section 194T in the Income Tax Act, 1961 effective from April 1, 2025. This section imposes an obligation for Tax Deducted at Source (TDS) on certain payments made to partners of a firm, in the nature of salary, bonus, commission, interest, or remuneration. The aim of introduction of… Read More ...
Income-tax Act, 2025- Penalties – Chapter XXI – Sections 439 to 472 (Other than Sections 448 and 449 Penalties relating to tax deduction at source) by Dr. K. Shivaram, Senior Advocate.
By KSA LEGAL CHAMBER: Income-tax Act, 2025- Penalties - Chapter XXI - Sections 439 to 472 (Other than Sections 448 and 449 Penalties relating to tax deduction at source) by Dr. K. Shivaram, Senior Advocate. Read More ...
CORRESPONDING ANALYSIS OF PENALTY PROVISIONS UNDER THE INCOME TAX ACT, 2025
By Ms. Neelam C. Jadhav Advocate: CORRESPONDING ANALYSIS OF PENALTY PROVISIONS UNDER THE INCOME TAX ACT, 2025 Read More ...
PUBLIC CHARITABLE TRUSTS AND PTEC IN MAHARASHTRA
By CA Anilkumar Shah: It is decided under 1. The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975, clearly that the trusts which do not carry out any business or trade etc. are not liable to pay the profession tax (PTEC) and cannot be forced, as the PT Act itself is not applicable to them. There… Read More ...