Tax
CBDT Extends Deadlines For Filing Of Income Tax Return In Audit Cases For A.Y. 2025-26
The Central Board of Direct Taxes (CBDT) has extended the due date of furnishing of the Return of Income and tax audit reports for the Assessment Year (A.Y.) 2025-26.The revised due dates for submitting audit reports and Income Tax Returns are November 10, 2025 and December 10, 2025, respectively. The CBDT announced that the due date for furnishing the Income Tax Return under Section 139(1)...
Mumbai ITAT Quashes ₹445 Crore Transfer Pricing Adjustment Against Netflix India
The Income Tax Appellate Tribunal (ITAT) Mumbai has recently set aside a Rs 445 crore transfer pricing adjustment on Netflix India for financial year 2021-22, rejecting the Revenue's claim that the company, as a licensee of its streamed content, owed higher taxes.The authorities had imposed the tax because they treated Netflix India, the Indian arm of US-based streaming giant Netflix, as...
AO Cannot Rely Solely On Sales Tax Dept Data To Add Bogus Purchases Without Granting Cross-Examination: Bombay High Court
The Bombay High Court has held that the Assessing Officer (AO) cannot rely solely on Sales Tax Department Data for an income tax addition without granting cross-examination.Justices G.S. Kulkarni and Aarti Sathe stated that, "when the VAT assessment was pending adjudication, merely relying on the information of the Sales Tax Department without granting an opportunity to the Assessee...
Advance Received Towards Sale Of Land Not Liable To Service Tax: CESTAT
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that the amount of advance received by the assessee with respect to the sale of land is out of the scope of applicability of the provisions of the Finance Act, and hence, no service tax is leviable. Dr. Rachna Gupta (Judicial Member) and A.K. Jyotishi (Technical Member) stated that the...
Crowd-Sourced Information Available On Platforms Like Wikipedia Cannot Be Relied Upon To Fasten Tax Liability: CESTAT
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that crowd-sourced information available on platforms like Wikipedia cannot be relied upon to fasten tax liability on the assessee. The Tribunal opined that Wikipedia is an open source information available online and anyone can write about the topic and anyone else can edit...
CGST Rules | GST Registration Can Be Restored After Expiry Of Revocation Period If Rule 22(4) Conditions Are Fulfilled: Gauhati High Court
The Gauhati High Court has held that GST Registration can be restored even after expiry of the revocation period if the assessee complies with Rule 22(4) CGST (Central Goods and Services Tax Rules), 2017 requirements. The Single Bench, consisting of Justice Sanjay Kumar Medhi, opined that if the assessee submits such an application and complies with all the requirements as provided...
Renting/Leasing Residential Premises For Use As Residence Exempt From GST: Delhi High Court
The Delhi High Court has held that GST cannot be levied on renting/ leasing of residential premises for use as residence.Justice Sachin Datta clarified thus while dealing with a plea to quash an order passed by the Collector of Stamps directing the petitioner to pay allegedly deficient stamp duty on a lease deed executed with a private company, in respect of a residential property in...
Automobile Dealers Association Moves Supreme Court Over Compensation Cess Lapse After GST 2.0 Reforms, Claims Loss Of Rs.2500 Cr
The Federation of Automobile Dealers Association has moved the Supreme Court seeking relief related to compensation cess input tax credit worth Rs.2500 crores, which stands locked in dealers ledgers as a consequence of recent revision in the Goods and Services Tax (GST) framework.Briefly put, a notification issued on September 17 scrapped the compensation cess on motor vehicles. This was done,...
S.263 Income Tax Act Can Be Invoked When AO Fails To Address Core Issue In Assessment Order: Kerala High Court
The Kerala High Court held that Section 263 of the Income Tax Act, 1961, can be invoked where the Assessing Officer (AO) fails to address a core issue in the assessment order. The bench opined that the main issue does not appear to have been addressed by the assessing authority while issuing an order under Section 143(3) of the Act. Since the assessment order does not appear to...
Income Tax Commissioner's Order For Reopening Assessment U/S 151 Income Tax Act Can Be In Words "Yes, I Am Convinced": Delhi High Court
The Delhi High Court has held that the Income Tax Commissioner's order granting sanction under Section 151 of the Income Tax Act 1961 for reopening assessment after four years of the relevant Assessment Year (AY) can be in the words— “Yes, I am convinced”.Section 151(1) of the Act categorically provides that no notice for reassessment shall be issued under Section 148 by the...
Customs Authorities Lack Jurisdiction To Issue Directions Under GST Law: Madras High Court
The Madras High Court recently held that Customs authorities have no jurisdiction to issue directions under the Goods and Services Tax (GST) law. The Court struck down a February 2021 public notice issued by the Chennai Customs that sought to regulate the GST treatment on auctioned cargo.A single bench of Justice N Anand Venkatesh ruled that such powers lie exclusively with authorities...
S.36(1)(vii) Income Tax Act | Closing Individual Debtor Accounts Not Mandatory For Bad Debt Deduction: Kerala High Court
The Kerala High Court stated that closing individual debtor accounts is not mandatory for bad debt deduction under Section 36(1)(vii) of the Income Tax Act, 1961. Section 36(1)(vii) of the Income Tax Act, 1961, deals with the deduction of bad debts. It allows the taxpayer to claim a deduction for bad debts that have been written off in the books of accounts during the previous...