29 Apr, 2025
Introduction: GAAR and Its Growing Importance India’s approach to tackling aggressive tax avoidance has evolved. The GAAR in India, first rooted in Section 97 of the Income-tax Act, 1961, is now restructured under Clause 180 of the Income Tax Bill, 2025. What is GAAR in India? It empowers tax authorities to deny tax benefits for […]
Read More29 Apr, 2025
Introduction Ex parte tax assessment orders can seriously impact a taxpayer’s rights. Recently, a High Court set aside an ex parte order because improper service of notice violated the principles of natural justice. In this blog, we break down what went wrong, why it matters, and how you can protect yourself during tax proceedings. What […]
Read More29 Apr, 2025
Introduction ITAT rejects price-rigging allegations in penny stock cases, ruling that suspicion alone can’t justify taxation. In a recent judgment, the Income Tax Appellate Tribunal (ITAT) provided much-needed clarity for taxpayers facing scrutiny over low-cap stock gains. What Was the Case About? ITAT’s Observations: Why the Allegations Failed Legal References Quick Table: Genuine vs. Bogus […]
Read More29 Apr, 2025
GST Exemption on Rice Milling By-Products: What Taxpayers Must Know The GST exemption on rice milling by-products has been a debated issue for rice millers and agricultural businesses. A recent High Court ruling brought much-needed clarity — and relief — to the industry. In this article, we simplify the legal position, government stance, and what […]
Read More29 Apr, 2025
Tax Appeal Dismissed: Why Timely Action Matters When it comes to challenging tax assessments, timing is not just important—it’s everything. Recently, a High Court dismissed a tax appeal because it was filed beyond the permitted limitation period. This case is a strong reminder for all taxpayers: miss a deadline, lose your right. Let’s break it […]
Read More29 Apr, 2025
Tax Evasion Arrest: What the DSC Ruling Teaches Indian Taxpayers When it comes to tax matters, procedural compliance can be the thin line between lawful action and an illegal arrest. In a recent key ruling, the Delhi Sessions Court (DSC) upheld the arrest of a petitioner accused of tax evasion, setting an important legal precedent […]
Read More28 Apr, 2025
Introduction: What Does Valid Reassessment Proceedings Mean? Valid reassessment proceedings refer to the lawful reopening of an already completed income tax assessment. Recently, a High Court upheld the reassessment initiated by the Assessing Officer (AO), confirming that the reopening aligned with existing statutory provisions. This brings clarity for Indian taxpayers and businesses navigating reassessment notices. […]
Read More28 Apr, 2025
Revised Return After Compensation: Your Rights Under Income Tax Law Filing your income tax return (ITR) accurately is crucial. But what if you receive legitimate compensation after filing your original return? Can you submit a revised return to update your income details? Yes — and tax authorities must accept it if your claim is genuine. […]
Read More28 Apr, 2025
Introduction: Standardize April 1st ITR release – that’s the strong request from the Karnataka State Chartered Accountants Association (KSCAA) to CBDT. With return filing becoming tighter each year, timely release of forms and utilities is critical for smooth compliance. Why KSCAA Wants April 1st as the ITR Release Standard The KSCAA has formally urged the […]
Read More28 Apr, 2025
When a Firm Sells Land: What’s Taxed and What’s Not? When a firm sells land, confusion often arises — does the firm pay tax, or do the partners?A recent ITAT (Income Tax Appellate Tribunal) decision brings much-needed clarity. In simple terms: This distinction can significantly change your tax liability. Key Legal Principles You Must Know […]
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