In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, in the case of Gujarat Technological University vs. DCIT (order dated 19 August 2025), held that a mere procedural lapse such as delay in filing Form 10 and Form 10B cannot be the sole …
Leave encashment is a monetary benefit received by an employee for the leave days not availed during the period of service. The Income-tax Act, 1961 provides exemption on such receipts under Section 10(10AA). The scope of exemption depends upon the nature …
Gratuity is a retirement benefit payable by an employer to an employee in recognition of long and continuous service. To provide relief to employees, the Income-tax Act, 1961 grants exemption on gratuity receipts under Section 10(10). The extent of exemption depends …
Railways remain one of the most reliable and cost-effective modes of transporting goods across India. With the implementation of GST, businesses must ensure proper compliance while sending consignments through the railway network. This involves maintaining the right documentation, generating e-way …
In India, life insurance and health insurance are not just tools for financial protection but also provide significant tax-saving opportunities under the Income-tax Act, 1961. Life insurance safeguards the financial security of dependents in case of an unfortunate event, while …
In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, held that a trust cannot be denied registration under Section 12AB of the Income-tax Act, 1961 merely on the ground that it was created for the benefit of a particular caste …
The Madras High Court, in its judgment dated 5 August 2025 in Chandrasekar Balasubramanian v. Superintendent of CGST & Central Excise (W.P. No. 29038 of 2025), addressed the issue of GST registration cancellation on account of prolonged non-filing of returns. The petitioner, a sole …
In a significant relief to real estate developers, the Pune Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that Section 43CA of the Income Tax Act, 1961 cannot be invoked when the agreement value at the time of booking exceeds the stamp …
The Central Board of Indirect Taxes and Customs (CBIC), through a recent update on its official “X” (formerly Twitter) handle, has issued an advisory cautioning businesses, industry stakeholders, and the general public against engaging in speculation regarding Goods and Services …
The Supreme Court of India, in a significant ruling on 26 August 2025, has directed the Directorate General of Foreign Trade (DGFT) and the Central Board of Indirect Taxes and Customs (CBIC) to upgrade and align their technology systems so that genuine exporters are not …
The Allahabad High Court in Shree Maa Trading Company & Ors. v. State of U.P. & Ors. (2025) addressed an important issue under the GST framework concerning the powers of State GST officers. The petitioners had challenged a penalty imposed under Section 129(1)(b) …
India has emerged as one of the world’s fastest-growing startup ecosystems, with the government actively promoting innovation and entrepreneurship through the Startup India initiative. Recognizing that newly established businesses face funding challenges and high compliance costs, the Income-tax Act, 1961 provides …
Retirement brings financial security in the form of pensions. However, many retirees and their families are often unsure about how pensions are taxed in India. The Income-tax Act distinguishes between different types of pensions—uncommuted pension, commuted pension, and family pension—and …
Odisha AAR held that a company with Head Office (HO) in Maharashtra must take separate GST registration in Odisha where its field service engineers (FSEs) operate and spare parts/tool-kits are stored for carrying out repair/maintenance services under AMCs/CMCs for Odisha customers. The ruling squarely turns on whether …
The Income Tax Appellate Tribunal (ITAT), Surat Bench, in its order dated 31 July 2025, delivered an important ruling on the scope of Section 69A of the Income-tax Act, 1961. The Tribunal held that no addition can be made under Section 69A in …
A recurring issue in income-tax litigation is whether, in cases of bogus purchases, the entire purchase amount should be disallowed or whether only the profit element embedded therein can be added to income. In a recent judgment dated 07 April 2025 in PCIT v. Drisha …
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 …
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 …
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 …
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 …