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Bombay High Court allows Parellel GST Proceedings in Two States [Read Order]

The Bombay High Court has allowed parallel Goods and Services Tax ( GST ) proceedings in two states. This petitioner has challenged an enquiry...

Depreciation being Statutory Allowance can’t be disallowed by invoking S. 40(a)(ia): ITAT [Read...

VAT not leviable on Medicines, Consumables and Implants provided to In-patients by Hospitals, rules...

Delay in filing Tax Audit Report is a Technical Venial Breach: ITAT deletes Penalty [Read Order]

Service Tax Audit Post-GST Primafacie Permissible: Calcutta High Court [Read Order]

S. 54F Relief allowable Even If there was Delay in Investing Money within Time due to Dispute in Property: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that the relief under section 54F of the Income Tax Act would be available to the assessee even if there was a delay in investing...

Sale of Under-Construction Property is not Sale of Residential Property: Bombay High Court allows S. 54F Benefit [Read Judgment]

A division bench of the Bombay High Court has held that the sale of 'under construction property' cannot be regarded as the sale of residential unit fo0r the purpose of denying the benefit of...

Loss incurred on Sale of Shares of Subsidiary Companies is Business Loss: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the loss incurred on the sale of the shares of the subsidiary companies would amount to business loss under the provisions of...

Income Tax Returns filing and Refund is a One-day Affair from 2020

The income tax department to implement pre-filled income tax returns from the year 2020 making the return filing and refund process a one-day affair. The cabinet last day cleared an ambitious Rs...

Frequency, Magnitude of Transaction in Systematic Manner not a Criteria to treat Share Transaction a Business Activity: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad bench has held that the frequency, magnitude of the transaction in a systematic manner cannot be the criteria to hold that the assessee is engaged...

Income Tax Dept sends Notices to Multinational Companies

In order to compensate the revenue leakage in the direct taxes, the income tax department has issued prosecution notices to the directors of several multinationals, ET reported. According to the...

Interest to Partners by Firm as per Partnership Deed can’t be disallowed: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the payment of interest to partners by a partnership firm according to the partnership deed cannot be disallowed by invoking...

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