Writ Petition On “Cross-Empowerment of tax Authorities” Allowed   In a recent decision where writ petition was filed on the issue of cross empowerment of tax authorities, it was held that “if an assessee has been assigned administratively with the Central Authorities, pursuant to the decision taken by the GST Council as notified by Circular... The post Writ Petition On “Cross-Empowerment of tax Authorities” Allowed appeared first on The Tax Talk ..read more

Assessee’s Responsibility to Monitor GST Portal: Madras HC   The Madras High Court recently rendered a significant judgment in the case of Bajrang & Bajrang Vs State Tax Officer (FAC). The case revolves around the responsibility of registered individuals to monitor the GST portal and respond to tax demands promptly. The Bench of Justice Senthilkumar... The post Assessee’s Responsibility to Monitor GST Portal: Madras HC appeared first on The Tax Talk ..read more

Mere providing identity of the investors without proving the creditworthiness and genuineness would result into addition U/S 68: Calcutta HC   The Principal Commissioner Of Income Tax, (Central) -2, Kolkata Versus M/S. BST Infratech Limited Case No.: ITAT/67/2024 Facts: The assessing officer (A.O.) while completing the assessment, noted that the assessee issued shares to five... The post Mere providing identity of the investors without proving the creditworthiness and genuineness would result into addition U/S 68: Calcutta HC appeared first on The Tax Talk ..read more

GST Rate for Gases & inorganic Chemicals     Rates (%) Products Description NIL Dicalcium phosphate (DCP) of animal feed grade conforming to IS specification No.5470 : 2002 5% Thorium oxalate 5% Enriched KBF4 (enriched potassium fluoroborate) 5% Enriched elemental boron 5% Nuclear Fuel 5% Heavy water and other nuclear fuels 5% Compressed air 5%... The post GST Rate for Gases & inorganic Chemicals appeared first on The Tax Talk ..read more

WhatsApp images, piece of paper, without corroborative evidences , cannot be the basis of additions: ITAT Surat     ACIT Vs Shanker Nebhumal Uttamchandani (ITAT Surat) Appeal Number : ITA No. 321/SRT/2022   Facts: The AO added Rs. 5.31 lakhs as unexplained expenditure on furniture, solely based on a WhatsApp image, without confirming whether the... The post WhatsApp images, piece of paper, without corroborative evidences , cannot be the basis of additions: ITAT Surat appeared first on The Tax Talk ..read more

Does SEZ unit need to pay GST on RCM basis?   Case Name : In re Waaree Energies Limited Ms Waaree Energies Limited is engaged in the manufacture of solar modules and are registered under the category of taxpayer as an “SEZ unit”. Applicant avails services such as Goods Transport Agency (GTA), legal services from... The post Does SEZ unit need to pay GST on RCM basis? appeared first on The Tax Talk ..read more

Non Linking of PAN with Aadhar: Relaxation from demand if linked subsequently     The CBDT With a view to redressing the grievances faced by deductors/collectors who have collected TDS/TCS at normal rate but was required to deduct /collect at double the rate on account of PAN of the deductee being inoperative due to non... The post Non Linking of PAN with Aadhar: Relaxation from demand if linked subsequently appeared first on The Tax Talk ..read more

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