ITAT Mumbai bench: When in an earlier year, the argument of the Revenue that a particular scrip/ stock was 'penny stock', was rejected by the ITAT in the case of the assessee itself, then, principles of judicial consistency and Doctrine of Binding Precedents, would warrant the same view to be taken in a subsequent year as well. Read More ...

ITAT Pune Bench: Once the claim of creation of Goodwill as a result of merger and the depreciation charged thereon in the first year, i.e. F.Y. 2016-17 has been accepted by the AO, then during the subsequent year, there is opening balance of written down value. Once that is so, and the claim for depreciation in the subsequent… Read More ...

ITAT Mumbai: Failure to supply the material on the basis of which addition is made and failure to provide opportunity of cross examination despite the same being sought by the assessee, is violative of principles of natural justice. Additions made were thus liable to be deleted. Read More ...

By CA Milind Wadhwani: as per article attached Read More ...

By Adv. Aaditya Bhatt and Adv. Chandni Joshi: The Input Service Distributor (ISD) mechanism under India's Goods and Services Tax framework was conceived as a practical solution for large businesses that procure common services centrally but consume them across multiple locations. The idea was straightforward — a head office receives a vendor invoice, pays the GST, and then passes on the corresponding Input… Read More ...

By Shreyam Shah, B.Com. F.C.A.,DISA, Partner - B S Shah and Co.: Like the Union Budget itself, our attempt to analyze its proposals under the Direct Tax Laws and GST has also been a yearly phenomenon since last many years. We attempt to make our Analytical Note on Budget Highlights, a unique and comprehensive piece of work, in the sense that, with respect to each important amendment… Read More ...