[Opinion] Decoding the Supreme Court’s Safari Retreats Pvt. Ltd. Judgment | Implications for ITC Under GST for Real Estate Developers
Manan Doshi & Pratik Trivedi – [2024] 168 taxmann.com 616 (Article) 1. Introduction The Supreme Court’s decision in Chief Commissioner of Central Goods and Service Tax v. Safari Retreats (P.) Ltd. [2024] 167 taxmann.com 73/90 GSTL 3 (SC) has introduced much-needed clarity on the application of Input Tax Credit (ITC) under the GST framework, specifically […]
Extension of due date for furnishing return of income in the case of an assessee who is required to furnish a report referred to in section 92E for the AY 2024-25
Publish Date : Saturday, November 30, 2024 source
CBDT Extends Due Date for Filing Return of Income in the case of an assessee who is required to furnish a report referred to in section 92E, for AY 2024-25
Publish Date : Saturday, November 30, 2024 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1215/Return-of-Income-2024-25-30-11-2024.pdf source
Penalty Order Passed in Co.’s Old Name is Valid and a Curable Defect | HC
Case Details: Commissioner of Income-tax (TDS)-1 vs. ADMA Solutions (P.) Ltd. – [2024] 168 taxmann.com 556 (Delhi) Judiciary and Counsel Details Yashwant Varma & Ravinder Dudeja, JJ. Puneet Rai, Sr. Standing Counsel, Ashvini Kumar, Rishabh Nangia, Standing Counsels & Nikhil Jain, Adv. for the Petitioner. Salil Kapoor & Sumit Lalchandani, Advs. for the Respondent. Facts of the Case The […]
SEBI Introduces Mark-to-Market Basis Valuation for Repurchase (Repo) Transactions by Mutual Funds
Circular No. SEBI/HO/IMD/IMD-I PoD-1/P/CIR/2024/163; Dated: 26.11.2024 SEBI has introduced mark-to-market basis valuation for repurchase (repo) transactions (including tri-party repo, i.e. TREPS) with a tenor of up to 30 days by Mutual Funds. This is done to ensure uniformity in the valuation methodology of all money market and debt instruments and address concerns of unintended regulatory […]
PAN 2.0 Project of the CBDT receives CCEA Approval
Publish Date : Tuesday, November 26, 2024 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1214/Press-Release-PAN-2.0-Project-of-the-CBDT-receives-CCEA-Approval-dated-27-11-2024.pdf source
[Analysis] Market Infrastructure Institutions – SEBI’s New Governance Framework
SEBI’s governance reforms for Market Infrastructure Institutions (MIIs) aim to enhance transparency, accountability, and regulatory oversight. Key proposals include a structured process for the appointment, re-appointment, and termination of Key Managerial Personnel (KMPs) involving independent external agencies, the Nomination and Remuneration Committee (NRC), and SEBI. The reforms also introduce a policy for a minimum cooling-off […]
CA Can Be Held Guilty of Professional Misconduct if He Is ‘Grossly Negligent’ in Duties | HC
Case Details: Institute of Chartered Accountants of India vs. CA Shri Subhajit Sahoo – [2024] 168 taxmann.com 501 (Delhi) Judiciary and Counsel Details Vibhu Bakhru & MS. Swarana Kanta Sharma, JJ. Aldanish Rein, Adv. for the Petitioner. Deep Bisht, Sarthak Gupta, Gaurav Kumar, Ms Pooja Bhardwaj, Advs. & Asheesh Jain, CGSC for the Respondent. Facts of the Case The […]
Taxpayers' Lounge of Income Tax Department set up at IITF, 2024
Publish Date : Monday, November 18, 2024 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1213/Press-Release-Taxpayers-Lounge-of-Income-Tax-Department-set-up-at-IITF-2024.pdf source
Petitioner Can’t Escape Audit Proceedings on the Grounds of Registration Cancellation on Date of Audit | HC
Case Details: LJ-Victoria Properties (P.) Ltd. v. Union of India – [2024] 168 taxmann.com 436 (Bombay) Judiciary and Counsel Details M.S. Sonak & Jitendra Jain, JJ. Mahesh Raichandani & Jasmine Dixit, UBR Legal for the Petitioner. Himanshu Takke, for the Respondent. Facts of the Case After conducting business for three years, the petitioner applied for cancellation of […]