All about Slump Sale: 1. What is slump sale? Slump sale also referred as business transfer is where the assessee transfers the entire undertaking/ division for lumpsum consideration without assigning value/ selling price of individual asset. 2.  Taxability: The capital gains are taxed in the year an undertaking is transferred and the capital gains tax... The post All about Slump Sale: appeared first on The Tax Talk ..read more

CBDT again amends Form 3CD for 43B(h) Reporting     – Disclosure to be made in Clause 22 instead of Clause 26 – So instead of reporting along with other Section 43B matters, it is now to be reported in Clause 22 related to MSMED Interest disallowance. – Clause 22 now to contain both Principal... The post CBDT again amends Form 3CD for 43B(h) Reporting appeared first on The Tax Talk ..read more

Manual cash book reconciles with the books of accounts, income tax addition not sustainable: ITAT   Bijender Singh Lohia (ITAs No.1528 & 1529/Del/2022) Facts of the Case: A search and seizure operation under section 132(1) of the Income Tax Act was conducted on 29/05/2018, targeting the assessee and a company called Lion Manpower Solutions Pvt.... The post Manual cash book reconciles with the books of accounts, income tax addition not sustainable: ITAT appeared first on The Tax Talk ..read more

Madras High Court rejects GST Demand for Separate Tamil Nadu Branch’s Balance Sheet and Profit and Loss Accounts   An assessment order dated 29.12.2023 is challenged on the ground that the petitioner’s reply was disregarded. Pursuant to an audit under Section 65 of applicable GST enactments, a show cause notice was issued to the petitioner... The post Madras High Court rejects GST Demand for Separate Tamil Nadu Branch’s Balance Sheet and Profit and Loss Accounts appeared first on The Tax Talk ..read more

No Tax Relief for Person with Disabilities in the New Tax Regime   Query 1] Is there any special provision of tax exemption for permanently disabled employees?  Tax exemption under section 80DD & 80U is admissible for private sector salaried employees under the new tax regime?  Opinion: In today’s society, advocating for inclusivity & support... The post No Tax Relief for Person with Disabilities in the New Tax Regime   appeared first on The Tax Talk ..read more

Can GST liability be recovered from the former Director (who resigned) from the Company?     The Bombay HC HELD that – 1. Recovery sought to be made under the impugned order dated 27th November 2020 is for the period 1st April 2018 to 31st March 2019. However, from March 2018, the former Director had... The post Can GST liability be recovered from the former Director (who resigned) from the Company? appeared first on The Tax Talk ..read more

WhatsApp Image cannot be sole ground to make additions.   In a recent case, the Surat Tribunal has made a significant ruling that could potentially change the way digital evidence is treated in tax cases. The case, Shanker Nebhumal Uttamchandan v. ACIT, revolved around the use of digital images found on an iPhone during a... The post WhatsApp Image cannot be sole ground to make additions. appeared first on The Tax Talk ..read more

Bombay High Court Quashed GST Recovery proceeding initiated against Director of a Company   Pleased to share an important judgment of the Hon’ble Bombay High Court quashing recovery proceedings initiated against Director of the Company for recovering GST dues of the Company. The Hon’ble High Court observed that no show cause notice was issued to... The post Bombay High Court Quashed GST Recovery proceeding initiated against Director of a Company appeared first on The Tax Talk ..read more

TDS Credit will be allowed to the assessee/deductee even if the same is not reflecting in the form 26AS of the assessee:-   Recently, Delhi High Court held that TDS credit is allowed even if the same is not reflecting in the form 26AS. A. Facts of the case are as under:- – The assessee/... The post TDS Credit will be allowed to the assessee/deductee even if the same is not reflecting in the form 26AS of the assessee:- appeared first on The Tax Talk ..read more

Penalties should not be Imposed solely for technical errors lacking any intent to evade tax     Facts: Rawal Wasia Yarn Dying, referred to as “the Petitioner,” failed to complete Part ‘B’ of the E-way Bill, a mandatory requirement under the GST rules. Despite the omission in the E-way Bill, the accompanying invoice for the... The post Penalties should not be Imposed solely for technical errors lacking any intent to evade tax appeared first on The Tax Talk ..read more