Income Tax Act 1961
ITAT Delhi Ruling: M/s Sanmati Jewellers vs. DCIT, Central Circle-7, Delhi (ITA No. 3031/Del/2022, dated 28.02.2025) Background of the Case M/s Sanmati Jewellers, a partnership firm engaged in trading bullion,...
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GST
The West Bengal Authority for Advance Ruling (AAR) has recently ruled that GST exemption is not applicable for manpower services provided to Webel Technology Limited (WTL). This decision is a crucial clarification for businesses engaged...
Read MoreThe Income Tax Department does not mandate the filing of ITR for previous years to claim Section 89(1) relief. Even if a taxpayer did not file an ITR for the...
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Income Tax Act 1961
Introduction to Capital Gains Tax Capital Gains Tax is levied on the profit earned from the sale of a capital asset during a financial year. The taxability of such gains falls under the head “Capital Gains” in...
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Income Tax Act 1961
In a landmark ruling, the Supreme Court of India has overturned the Gujarat High Court’s 2017 judgment, which had upheld the rejection of a compounding application for Assessment Year (AY) 2013-14 due to the late...
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Capital Gain
ITAT Allows Taxpayer to Offset STCL Against LTCG, Rejecting Tax Evasion Claims The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has upheld the right of taxpayers to offset...
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BLACK MONEY ACT
The Indian Income Tax Department has intensified its focus on foreign assets held by resident taxpayers. With advanced data-sharing mechanisms and stringent laws like the Black Money (Undisclosed Foreign Income and...
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Bogus Transactions
Notice Under Section 148A(b): Gauhati High Court Upholds Validity in Case of Bogus Transactions The Gauhati High Court recently addressed the validity of notices issued under Section 148A(b) of the...
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Allahabad High Court
Funds Temporarily Held in One Account Before Transfer to Another Doesn’t Qualify as Unexplained Money: Allahabad High Court The Allahabad High Court has clarified that funds temporarily placed in one...
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Income Tax Act 1961
To mark the 75th anniversary of India as a Republic and the adoption of its Constitution, the Department of Justice has launched a transformative, year-long, nationwide campaign titled ‘Hamara Samvidhan, Hamara...
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