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GST Demand Proceedings: Time Limits, Exceptions, and Penalty Framework

Stricter timelines and penalties for demand proceedings are introduced under Sections 73 and 74 of the Goods and Services Tax (GST) Act, 2017, for...

ICAI Revises Eligibility Criteria for Empanelment of Industrial Training Organisations

Telangana HC strikes down GST Rule 39(1)(a), Holds Mandatory Same-Month ITC Distribution Ultra Vires...

GST Notifications Extending Limitation u/s 168A Stand Vitiated and Illegal: Madras HC Sets Aside...

AO Cannot make Additions on Issues Unrelated to Recorded Reopening Reasons: ITAT [Read Order]

India’s Net Direct Tax Revenues Rise 8.82% Till Mid-January

India’s net direct tax collections has grown by 8.82% so far in this financial year, as per official data released by government. The figures is for tax collections up to 11 January 2026,...

STT-Paid STCL Set-Off allowed against 30% STCG Despite 15% Rate: ITAT Quashes Denial [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) set aside denial of set-off ruling that short-term capital loss (STCL) arising from transactions on which Securities Transaction Tax (STT)...

Schedule BP Adjustment Ignored: ITAT Sets Aside ₹33.83 Cr Disallowance u/s. 37 & MAT Addition u/s. 115JB [Read Order]

set aside a disallowance of ₹33.83 crore made under Section 37 of the Income TaxAct, 1961, along with the corresponding addition to book profits under Section 115JB, after noting that the Assessing...

No Hierarchy in STCL Set-Off u/s 70(2): ITAT Strikes Down AO’s Computation Method

The Income Tax Appellate Tribunal, Mumbai Bench (ITAT) held that Section 70(2) of the Income Tax Act, 1961 does not prescribe any hierarchy for setting off short-term capital losses (STCL) against...

Date of Share Transfer Determines “Holding Period”, Not Allotment Date: ITAT allows LTCG Exemption [Read Order]

The Mumbai Bench, Income Tax Appellate Tribunal (ITAT) held that for the purpose of determining the “holding period” of shares concerning eligibility for long-term capital gains (LTCG) exemption,...

Multiple Cheques from Same Transaction can give Rise to Separate S. 138 NI Act Prosecutions: Supreme Court [Read Order]

In a recent ruling, the Supreme Court held that multiple cheques issued in relation to the same transaction can give rise to separate prosecutions under Section 138 of the Negotiable Instruments Act,...

Brought-Forward Losses Cannot be Set Off against DTAA-Exempt LTCG: ITAT Bars Adjustment [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that long-term capital gains (LTCG) which are exempt from tax in India under a Double TaxationAvoidance Agreement (DTAA) do not form...

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