Suncraft Energy Private Limited and Another v. The Assistant Commissioner, State Tax [MAT 1218 of 2023 dated August 02, 2023] In the recent case of Suncraft Energy Private Limited and Others v. Assistant Commissioner, State Tax, the Calcutta High Court issued a landmark decision. Without properly investigating the supplier, the court addressed the matter of […]
Arhaan Ferrous And Non-Ferrous Solutions Pvt Ltd Vs Deputy Assistant Commissioner (Andhra Pradesh High Court) The 1st Petitioner who is the buyer or owner of the goods The 1st Respondent is the Revenue The 4th Respondent is the supplier of the goods The Honourable Court held, It is clear that the proceedings for detention of […]
Singhi Buildtech Pvt. Ltd. Vs Additional Commissioner of Commercial Taxes Enforcement (Karnataka High Court) In a case filed in the High Court of Karnataka at Bangalore, the petitioner, M/S. Singh Builder Technology Pvt. Ltd., is suing the Assistant Commissioner of Commercial Taxes under Section 67(4) of the Karnataka Goods and Services Tax Act, 2017/Central Goods […]
In order to limit the use of Input Tax Credit (ITC) amounts in the Electronic Credit Ledger (ECL), the Goods and Services Tax Network (GSTN) has added a new tab to the GST Portal called Rule-86B. The new tab is accessible from the Services menu. There are restrictions outlined in Rule 86B regarding the utilisation […]
Finance Minister Nirmala Sitharaman while speaking at the 164th Income Tax Day celebrations said that, in situations where assesses have either not submitted income or have underreported income, the income tax department has given one lakh notices. Without going into any detail, she stated that the IT department will finish these notices by March 31, […]
A taxpayer should file the correct ITR by the prescribed due date, i.e. 31st July. Though there is an option to file a Belated return until 31st December, however, if you fail to file your Income Tax Return by 31st July, there could be some financial implications, such as: – i) Penalties – Late fee will […]