Pre-Decisional Hearing Rule 86A – SC Upholds Credit Unblock
Case Details: State of Karnataka vs. K-9 Enterprises – [2025] 174 taxmann.com 701 (SC) Judiciary and Counsel Details J.B. Pardiwala & R. Mahadevan, JJ. Prateek Krishna Chadha, A.A.G., Naveen Sharma, AOR, Mrs Swati Bhushan Sharma, S. K. Sharma, Sreekar Aechuri, Ms Surbhi Soni & Aniket Chauhaan, Advs. for the Petitioner. Facts of the Case The petitioner, an assessee under the CGST Act […]
ITR-U 48-Month Window – CBDT Extends Updated Return Time
Notification No. 49/2025, dated 19-05-2025 1. Legislative Update at a Glance Finance Act 2025 has amended Section 139 (8A) of the Income-tax Act, 1961, extending the window to furnish an Updated Return (ITR-U) from 24 months to 48 months after the end of the relevant assessment year (AY). The change takes effect 1 April 2025. […]
GSTR-3B Table 3.2 to Stay Editable for Now | GSTN
GSTN Advisory, Dated 16-05-2025 In response to feedback and concerns raised by taxpayers and industry stakeholders, the Goods and Services Tax Network (GSTN) has issued a clarification regarding the editability of Table 3.2 in Form GSTR-3B. 1. Background – Earlier Advisory Proposed Non-Editable Format On April 11, 2025, the GSTN released an advisory stating that […]
[World Tax News] OECD Updates GloBE Model Rules Commentary
Editorial Team – [2025] 174 taxmann.com 584 (Article) World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week – 1. OECD updates GloBE Model Rules commentary The OECD has released the 2025 update to the Consolidated Commentary on the […]
Form 10-IE | ITAT Says Re-Filing Not Needed Next Year
Case Details: Arun Gopilal Samnani vs. Income-tax Officer – [2025] 174 taxmann.com 33 (Ahmedabad-Trib.) Judiciary and Counsel Details Sanjay Garg, Judicial Member & Smt. Annapurna Gupta, Accountant Member Biren Shah, AR for the Applicant. Ashok Kumar Suthar, Sr. DR for the Respondent. Facts of the Case The issue before the Tribunal was as follows: “Form No. 10-IE was […]
Section 54F Deduction – ITAT Allows Independent First Floor Construction
S. Krishnan – [2025] 174 taxmann.com 454 (Article) 1. Introductory Remarks The provisions of section 54 and section 54F of the Income-tax Act (the Act) provide for deduction from capital gains in case of reinvestment in residential property (house) subject to fulfilment of certain conditions. But the principal question to be answered is what is a […]
[Opinion] Creditor‑vs‑Debtor Control – Comparative Insolvency Analysis
Ritika Singh – [2025] 174 taxmann.com 372 (Article) The creditor-in-control model and the debtor-in-possession model represent two competing paradigms in corporate insolvency law, each with distinct implications for creditor rights, business viability, and economic efficiency. Considering global insolvency frameworks, which model better facilitates optimal debt resolution while balancing stakeholder interests? Critically evaluate the theoretical foundations, […]
[Opinion] Madras HC Clarifies Section 48(i) Capital Gains Deduction
S. Krishnan – [2025] 174 taxmann.com 361 (Article) 1. Introductory Remarks The Legislature while taxing capital gains, arising from transfer of a capital asset, apart from providing deductions under section 54 of the Income-tax Act (the Act) and other allied sections, firstly provides deduction under section 48(i) of the Act in respect of expenditure incurred […]
Special Audit Without AO’s Independent Satisfaction Held Void | ITAT
Case Details: Income DCIT vs. Patanjali Ayurved Ltd. – [2025] 174 taxmann.com 170 (Delhi-Trib.) Judiciary and Counsel Details Anubhav Sharma, Judicial Member & S. Rifaur Rahman, Accountant Member S.S. Nagar, Adv. & Gaurav Sachdeva, CA for the Appellant. Javed Akhtar, CIT-DR for the Respondent. Facts of the Case The assessee-company was engaged in trading and manufacturing […]
MSME Registration for Startups – Criteria and Dual Benefits
Start-ups and MSMEs, both play a vital role in innovation, employment, and entrepreneurship. But a common question arises—can a start-up also register as an MSME to unlock dual benefits under both regimes? With revised definitions, expanded thresholds, and overlapping eligibility, the distinction between the two has become more nuanced than ever. This article demystifies the […]