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CBDT Notifies Bonds Issued by HUDCO as ‘Long-Term Specified Asset’ for Sec. 54EC Exemption
Notification No. 31/2025, dated 07-04-2025 Section 54EC of the Income-tax Act provides an exemption in respect of capital gains. This section provides an exemption with respect to capital gain arising from the transfer of land or building, or both. The exemption is allowed if the assessee invests in the long-term specified asset ‘Long-term specified asset’ […]
Order to Be Quashed as Parallel Proceedings by CGST and SGST Authorities in Relation to Same Year and Same Issue Are Impermissible | HC
Case Details: Fortune Healthcare Services vs. Assistant Commissioner - [2025] 172 taxmann.com 828 (Karnataka) Judiciary and Counsel Details S.R. Krishna Kumar, J. Smt. Vani H., Adv. for the Petitioner. Smt. Jyoti M. Maradi, HCGP for the Respondent Facts of the Case The assessee filed a writ petition before the Hon’ble High Court challenging parallel proceedings initiated […]
Weekly Round-up on Tax and Corporate Laws | 31st March to 5th April 2025
This weekly newsletter analytically summarises the key stories reported at taxmann.com during the previous week from March 31st to April 05th, 2025, namely: Step-siblings are relatives under Income Tax Act; gifts received from them are exempt: ITAT; RBI issues draft unified export-import norms; ITC not to be denied to purchasing dealer on selling dealer’s failure […]
Writ Dismissed as Assessee Had Alternative Remedy by Way of Appeal Against Ex Parte Order | HC
Case Details: Satyendra Nath Biswas vs. State of Chhattisgarh - [2025] 173 taxmann.com 71 (Chhattisgarh) Judiciary and Counsel Details Deepak Kumar Tiwari, J. Anurag Tripathi, Adv. for the Petitioner. Dilman Rati Minj, GA for the Respondent. Facts of the Case The assessee, a proprietorship firm, was engaged in providing construction services for commercial, industrial buildings and […]
Discrepancy in Shipping Address on E-Way Bill Cannot Be Sole Basis for Seizure of Goods | HC
Case Details: Zhuzoor Infratech (P.) Ltd. v. Additional Commissioner Grade - [2025] 172 taxmann.com 759 (Allahabad) Judiciary and Counsel Details Piyush Agrawal, J. Nitin Kumar Kesarwani, for the Petitioner. Ravi Shanker Pandey, ACSC, for the Respondent. Facts of the Case The petitioner placed an order for 16mm TMT Bars with delivery to New Delhi, and the […]
SEBI Allows Investment Advisers and Research Analysts to Charge Advance Fees for Up to One Year
Circular No. SEBI/HO/MIRSD/ MIRSD-PoD/P/CIR/2025/48, Dated: 02.04.2025 SEBI has relaxed the advance fee restrictions for Investment Advisers (IAs) and Research Analysts (RAs), allowing them to charge fees in advance for up to one year, subject to client agreement. Fee-related provisions apply only to individual and HUF clients (excluding accredited investors). For non-individual and institutional clients, fees […]
EU VAT in the Digital Age (ViDA) Package Rollout Stages and Timeline
Editorial Team – [2025] 173 taxmann.com 40 (Article) Adopted on 11 March 2025, the EU VAT in the Digital Age (ViDA) package will be implemented in stages until 2035. Initially, Member States can introduce mandatory e-invoicing and enhancements to the Import One-Stop-Shop (IOSS) framework. From 1 January 2027, minor clarifications will apply to the One-Stop […]
CBDT Signs 174 Advance Pricing Agreements in FY 2024-25
Publish Date : Monday, March 31, 2025 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1225/Press-Release-CBDT-Signs-174-Advance-Pricing-Agreements-in-FY-2024-25-dated-01-04-2025.pdf source
Travel Agent Not Liable to Deduct Tax Under Section 194-O for Booking Airline Tickets Through CRS System | ITAT
Case Details: Asst. Commissioner of Income-tax (TDS) vs. Riya Travel and Tours (India) (P.) Ltd. - [2025] 172 taxmann.com 652 (Mumbai-Trib.) Judiciary and Counsel Details Ms Kavitha Rajagopal, Judicial Member & Om Prakash Kant, Accountant member Niraj Sheth for the Appellant. R.R. Makwana, Sr. DR for the Respondent. Facts of the Case Assessee was an air travel agent […]
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