[Opinion] Storage Tank in Not Building or Land

Meenakshi Subramaniam – [2024] 160 taxmann.com 420 (Article) One income tax officer and a taxpayer were stranded on an island. Nothing was there, except a storage tank. The income tax officer pointed to it, ” That is a building.” The taxpayer said: “No, sir.” The income tax officer said: ” That’s land, alright.” The taxpayer […]

ICAI Granted Grace Period for the Peer Review Mandate Under Phase II and III

The Institute of Chartered Accountants of India (ICAI) on 16.03.2024 has decided to defer the applicability of the Peer Review Mandate for the Practice Units covered under Phase II and III. Multiple requests have been received from practice units to extend the deadline. Considering the above requests the ICAI has decided to defer the applicability […]

GSTN Advisory on GSTR-1/IFF | Introduction of New 14A and 15A Tables

GSTN Update dated March 12th, 2024 The GSTN has issued an advisory to inform all taxpayers that two new Table 14A and Table 15A have been introduced in GSTR-1 to capture the amendment details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 or […]

Delhi ITAT Dismisses Congress Party’s Appeal to Stay Recovery of Outstanding Demand

Case Details: Indian National Congress All India Congress Committee v. DCIT – [2024] 160 taxmann.com 260 (Delhi-Trib.) Judiciary and Counsel Details G.S. Pannu, Vice President & Anubhav Sharma, Judicial Member Vivek Krishna Tankha, Sr. Adv. Vipul Tiwari & Inder Dev Singh, Advs. for the Appellant. Zoheb Hossain, Vipul Agarwal, Sr. Standing Counsel, Sanjeev Menon, Jr. Standing Counsel, Vivek Gurnani, Rajat Sen & Waseem […]