Delhi High Court Rules: Appeal is the Correct Remedy in GST Demand Disputes, Not Writ Petition

The Delhi High Court has recently ruled that taxpayers disputing GST demand orders must seek relief through the statutory appellate process rather than filing writ petitions. In a case involving Rama Departmental Store, the Court emphasized that when a proper mechanism for appeal exists under …

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ITAT Mumbai: Section 43CA Inapplicable Where Possession and Full Sale Consideration Received Before Registration

The Income Tax Appellate Tribunal (ITAT), Mumbai, in the case of Navketan Premises Pvt. Ltd. vs. DCIT (AY 2015-16), delivered a significant ruling on 6 August 2025 clarifying the scope of Section 43CA of the Income-tax Act, 1961. The dispute revolved around whether undervaluation provisions under …

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CBDT Notification No. 136/2025: Key Changes to Rule 21AIA Explained

The Central Board of Direct Taxes (CBDT) has notified important changes to the Income-tax Rules, 1962 through Notification No. 136/2025 (G.S.R. 566(E)), dated 21st August 2025. The amendment specifically impacts Rule 21AIA, which deals with procedures relating to the income of certain investment funds. The …

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Notification No. 133/2025 (dated 18 August 2025): Higher Limits for Tax-Free Perks – Explained in Q&A

The Central Board of Direct Taxes (CBDT) has brought welcome relief for salaried employees by revising the income limits for taxation of certain perquisites (benefits provided by employers, like free housing, cars, education, or medical facilities). Until now, the thresholds were outdated and caused …

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CBDT Issues New Guidelines: No Prosecution Under Black Money Act for Small Undisclosed Assets

The Central Board of Direct Taxes (CBDT) has released Instruction No. 01/2025, dated 18 August 2025, easing compliance requirements under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The move brings relief to taxpayers holding minor undisclosed foreign assets by …

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ED Arrests Chartered Accountant in ₹792 Crore “Falcon Invoice Discounting” Fraud

On 20 August 2025, the Enforcement Directorate (ED) of India’s Hyderabad unit arrested Sharad Chandra Toshniwal, a Chartered Accountant, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The arrest is connected to the ongoing probe involving Capital Protection Force …

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Income Tax Bill 2025: Key Corporate Tax Changes (February vs August Drafts)

The Income Tax Bill, 2025 has undergone major revisions between the February Draft and the August Draft, with significant implications for corporate taxpayers, LLPs, NPOs, and professionals. While the August draft addresses several concerns raised earlier, it also expands the tax net in some …

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Online Gaming Bill 2025: Government Proposes Strict Penalties on Illegal Gaming Activities

The Government of India has tabled the much-anticipated Online Gaming Bill 2025, a comprehensive framework designed to regulate, monitor, and control online gaming across the country. The legislation introduces stringent penalties for service providers, advertisers, financial institutions, and repeat offenders found involved in unauthorized or harmful …

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Entry Providers Taxable Only on Commission, Not Entire Accommodation Entries – ITAT Lucknow in ITO Vs Status Vyapaar Pvt Ltd

The Income Tax Appellate Tribunal (ITAT), Lucknow Bench, has recently clarified an important issue concerning “entry providers” and the scope of additions under Section 68 of the Income-tax Act, 1961. In the case of ITO Vs Status Vyapaar Pvt Ltd, the Tribunal …

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Income-Tax Act, 2025 Receives Presidential Assent — Effective from 1 April 2026

On 21 August 2025, the Income-Tax (No. 2) Bill, 2025 officially received the President’s assent, becoming the Income-Tax Act, 2025 — a landmark overhaul of India’s tax code. This modernized legislation is slated to commence from 1 April 2026, ushering in a new unified Tax Year system and supplanting …

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Calcutta High Court: Derivative Trading Loss is Business Loss, Not Speculative; Eligible for Set-Off Against Business Income (28 July 2025)

The Calcutta High Court, in its landmark judgment dated 28 July 2025 in the case of Asian Financial Services Ltd. v. CIT, settled a long-standing controversy regarding the tax treatment of losses incurred from trading in derivatives. The Court categorically held that such losses …

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Next-Generation GST Reform: India Moves Towards Two-Slab System with Simplified Compliance

On 15 August 2025, during his Independence Day address, Prime Minister Narendra Modi announced a landmark reform of India’s Goods and Services Tax (GST) regime, positioning it as the “Next-Generation GST.” The reform aims to simplify India’s indirect tax system through structural …

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