Tax Guru3h
ITSC cannot Grant immunity under Section 245H(1) without recording its satisfaction
The review petitions were filed by the petitioners seeking a reconsideration of the court’s earlier order, which set aside an order by the Income Tax Settlement Commission (ITSC) that had granted ...
Tax Guru3h
Clarification on Late Fee for Delay in FORM GSTR-9C Filing
The Government of India has issued a circular (Circular No. 246/03/2025-GST) clarifying the applicability of late fees for delays in filing the reconciliation statement in FORM GSTR-9C. The ...
Tax Guru3h
RBI Introduces Updated Framework for Payment Penalties
Reserve Bank of India (RBI) has updated its framework for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act, 2007 (PSS Act). The revisions, which come ...
Tax Guru3h
Gujarat HC Quashes Faceless Assessment for denying Personal Hearing
Gujarat High Court quashed the faceless assessment order in the case of Panchvati Ship Breakers Through Its Partner Rameshkumar Shivlal vs. National Faceless Assessment Centre & Anr. due to the denial ...
Tax Guru3h
Retrospective Cancellation of Supplier’s GST Registration Doesn’t Invalidate Recipient’s ITC Claim: Calcutta HC
Whether the Show Cause Notice (SCN) issued under Section 74 of the CGST and WBGST Act is valid, given the petitioners’ claims that they fulfilled all requirements for ITC and the suppliers’ GST ...
Tax Guru4h
CoC’s Approval of Resolution Plan Not Reviewable unless Statutory Violations Occur
The CIRP for Jason Dekor commenced on December 19, 2019, and initially, the CoC decided to seek liquidation due to the absence of a viable Resolution Plan. However, after a legal challenge and a ...
Tax Guru4h
Financial Creditor’s can Invoke Pledge; IBC Application can e Admitted Despite Settlement Attempts: NCLAT
Financial Creditor had the discretion to invoke the pledge – IBC application can be admitted despite appellant’s ongoing attempts at settlement ...
Tax Guru5h
ITAT Excludes Inter-Branch Transfers from Turnover, Grants 25% Concessional Tax Rate
The dispute centers on the applicability of a concessional tax rate of 25% available to domestic companies under the Finance Act, 2017, for companies whose turnover in FY 2015-16 does not exceed ₹50 ...
Tax Guru5h
Deduction u/s. 10A not admissible based on defective Form 56F: ITAT Chennai
ITAT Chennai held that Form 56F not signed by an accountant, as referred in section 10A (5) of the Income Tax Act, is defective and hence deduction under section 10A of the Income Tax Act not ...
Tax Guru5h
Tips to Use Credit Cards for Better Money Management
Responsible Credit Card use contributes to a strong credit score. Check your score regularly to ensure it reflects your financial habits accurately. A good score opens doors to better Credit Cards and ...
Tax Guru5h
Availability of wrongfully utilized credit in credit ledger not necessary for blocking credit under rule 86A of CGST Rules
Andhra Pradesh High Court held that rule 86A of the Central Goods and Services Tax Rules permits blocking of credit which has ...
Tax Guru6h
Common Grounds for Rejection of DRHP – Measures to avoid them
In case of rejection of DRHP by SEBI, minimum cooling-off period of 6 months will have to be kept for resubmission of rejected DRHPs. Further for rejected DRHPs no refund of filing or processing fees ...