Section 269SS intended to curb Black Money, does not extend to Genuine Final Consideration: ITAT quashes ₹20 Lakh Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cochin Bench, has set aside a penalty of ₹20 lakh levied under Section 271D of the Income Tax Act, 1961, in a property transaction case,…

Continue ReadingSection 269SS intended to curb Black Money, does not extend to Genuine Final Consideration: ITAT quashes ₹20 Lakh Penalty [Read Order]

ITAT Applies Test of Human Probabilities, Rejects ₹84.8 Lakh Penny Stock LTCG Claim as ‘Unnatural and Pre-Arranged’ [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition of Rs. 84,79,100 after rejecting the assessee’s claim of long-term capital gains (LTCG) on penny stock transactions, holding that…

Continue ReadingITAT Applies Test of Human Probabilities, Rejects ₹84.8 Lakh Penny Stock LTCG Claim as ‘Unnatural and Pre-Arranged’ [Read Order]

Delayed GST ITC Claim: Karnataka HC Holds Reply to SCN Not Necessary when Records available with Dept [Read Order]

The Karnataka High Court has recently clarified that the absence of a reply to a show-cause notice (SCN) cannot by itself justify an adverse adjudication order if all relevant records are already available with…

Continue ReadingDelayed GST ITC Claim: Karnataka HC Holds Reply to SCN Not Necessary when Records available with Dept [Read Order]

Supreme Court reaffirms Illegality of Cash Seizures in GST Search Operations [Read Order]

The Supreme Court of India has rejected the Revenue Department’s review petition against a Delhi High Court order that termed the seizure of cash from a trader’s residence as unlawful. A bench comprising Chief…

Continue ReadingSupreme Court reaffirms Illegality of Cash Seizures in GST Search Operations [Read Order]

No Constitutional Violation in GST RCM u/s 17(2) and 17(3) of CGST Act on Security Services: Bombay HC [Read Order]

The Bombay High Court has dismissed a writ petition challenging the constitutional validity of Sections 17(2) and 17(3) of the Central Goods and Services Tax (CGST) Act, 2017, in the context of…

Continue ReadingNo Constitutional Violation in GST RCM u/s 17(2) and 17(3) of CGST Act on Security Services: Bombay HC [Read Order]

IGST Credit in Electronic Ledger Can Be Utilised for CGST and SGST Liabilities and Vice Versa: Kerala HC [Read Order]

In a recent ruling, the Kerala High Court held that Input Tax Credit (ITC) available in the electronic credit ledger can be used across CGST, SGST, and IGST liabilities, with IGST credit…

Continue ReadingIGST Credit in Electronic Ledger Can Be Utilised for CGST and SGST Liabilities and Vice Versa: Kerala HC [Read Order]

Delhi HC Refuses Bail to 64 Years Old Senior Citizen in PMLA Case, Holds Health Grounds Alone Cannot Justify Release [Read Order]

In a recent ruling, the Delhi High Court held that health grounds alone cannot justify bail in serious money laundering cases under the Prevention of Money Laundering Act, 2002. Arvind Dham, the…

Continue ReadingDelhi HC Refuses Bail to 64 Years Old Senior Citizen in PMLA Case, Holds Health Grounds Alone Cannot Justify Release [Read Order]

Supreme Court Slams NGO’s Counsel for Placing Fake MCA Letter on Record, Dismisses Smartworks IPO Appeal

In a recent ruling, the Supreme Court dismissed an appeal filed by New Delhi–based NGO Infrastructure Watchdog against the Securities and Exchange Board of India (SEBI) in connection with the Rs. 560-crore…

Continue ReadingSupreme Court Slams NGO’s Counsel for Placing Fake MCA Letter on Record, Dismisses Smartworks IPO Appeal