13 May, 2025
License Fees from Commercial Spaces: House Property or Business Income? In a recent ruling dated May 12, 2025, the Income Tax Appellate Tribunal (ITAT) reinforced a key principle: license fees from commercial spaces like small offices and warehouses may be taxed under “Income from House Property” if consistently treated that way in past years. The […]
Read More13 May, 2025
Understanding the ITAT Ruling on Property Valuation Dispute The property valuation dispute ruling by the Income Tax Appellate Tribunal (ITAT) dated May 12, 2025, offers important clarity on the interpretation of Sections 50C, 56(2)(vii), and 69B of the Income-tax Act, 1961. What Was the Core Issue? Tribunal’s Key Observations Point Finding Section Applied AO wrongly […]
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Introduction:The ITR forms for AY 2025–26 have been officially notified by CBDT via Notifications No. 40 to 42/2025 dated 29.04.2025. These forms introduce important changes aligned with the updated tax regime, income disclosures, and compliance requirements for individuals and businesses. This blog breaks down the changes in a simple format—whether you’re filing ITR-1 or ITR-5, […]
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High Court Slams 160% Tax on Tobacco Exports What It Means for Indian Traders In a major blow to tax authorities, the High Court recently slammed the 160% tax on tobacco exports. The ruling sheds light on GST classification disputes and exposes deep flaws in the indirect tax structure for exporters in India. Here’s what […]
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Husband & Wife Allowed Section 54 Exemption for Buying Joint Property from Two Sales This case brings relief and clarity to taxpayers involved in joint property transactions and challenges the conventional interpretation of Section 54. What Is Section 54 of the Income Tax Act? Section 54 provides exemption from long-term capital gains tax when an […]
Read More13 May, 2025
₹1,549 Cr Fake GST Billing Scam What It Means for Indian Taxpayers In a major crackdown, the Punjab Government has exposed fake GST transactions amounting to ₹1,549 crore. This incident once again highlights the importance of compliance and vigilance in GST reporting. What Happened in Punjab? According to official statements: [Source: Punjab Government Press Release […]
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₹4.2 Crore GST Fraud in Gujarat What Happened and What You Should Know Two individuals in Gujarat were recently arrested for fraudulently claiming fake Input Tax Credit (ITC) worth ₹4.2 crore by floating bogus firms. The case is a clear reminder of the ongoing misuse of GST structures and the CBIC’s tightening scrutiny. How the […]
Read More13 May, 2025
Benami Property Case: Tribunal Upholds ₹52 Cr Order on Buldhana Co-op Society In a key ruling under the Prohibition of Benami Property Transactions Act, the Appellate Tribunal upheld the provisional attachment of assets worth ₹52 crore belonging to the Buldhana Urban Co-operative Credit Society. The verdict sharpens the enforcement stance on benami assets and sends […]
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Legal heir GST liability clarified: Key update for taxpayersThe focus keyphrase legal heir GST liability is at the centre of a crucial legal clarification that affects thousands of families dealing with tax notices after the death of a business owner. According to recent case law and statutory interpretation, a legal heir is not liable for […]
Read More13 May, 2025
April 2025 GST Collections Top States That Drove India’s Tax Engine India’s indirect tax system has seen a strong performance yet again. GST collections for April 2025 set a record, powered by a few major states. Understanding state-wise contributions is crucial for businesses, consultants, and policymakers alike. Let’s break down the top 10 contributors by […]
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