• May 14, 2025

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 […]

• May 13, 2025

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 […]

• May 12, 2025

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 […]

• May 11, 2025

Amit Sharma – [2025] 174 taxmann.com 283 (Article) Recently, the government has become strict with timely compliance and in order to promote the same, we have observed that the deductions/lower rate benefits are generally linked to timely filing of return and relevant forms. And with this spirit, when in the year 2020 the government introduced […]

• May 10, 2025

Case Details: Union of India v. Access Diamonds (P.) Ltd. - [2025] 174 taxmann.com 182 (SAFEMA-New Delhi) Judiciary and Counsel Details G.C. Mishra & Rajesh Malhotra, Member Pranav Mishra, Adv. for the Appellant. Apoorv Singhal, Adv. for the Respondent. Facts of the Case In the instant case, the Respondent Company had exported diamonds but failed to […]

• May 9, 2025

Under Section 270A of the Income Tax Act, 1961, penalties are imposed for under-reporting and misreporting of income. Introduced by the Finance Act, 2016, and effective from Assessment Year 2017–18, this section aims to enhance tax compliance and deter tax evasion. Table of Contents Introduction Fact Book Check out Taxmann's Law Relating to Under-reporting & […]

• May 8, 2025

Section 148A of the Income-tax Act, 1961 (inserted by the Finance Act, 2021) lays down the preliminary procedure that the Assessing Officer (AO) must follow before issuing a notice under Section 148 for reassessment of income that is believed to have escaped assessment. Table of Contents Introduction The Provision The Provision in Brief Charge of […]

• May 7, 2025

Case Details: Smt. Asha R vs. Assistant Commissioner of Commercial Taxes - [2025] 173 taxmann.com 863 (Karnataka) Judiciary and Counsel Details S.R. Krishna Kumar, J. V. Raghuraman, Senior Counsel, C. R. Raghavendra, Bhanu Kumar, Raghavendra C. R., Bhanumurthy J.S., Cherian Punnoose, Anil Kumar B., Kum. Krishika Vaishnav, A. Mahesh Chowdhary & Kumari. Krishika Vaishnav, Advs. for the Petitioner. K. Hema Kumar, AGA for the Respondent. […]

• May 6, 2025

GST Instruction No. 04/2025, Dated 03-05-2025 The Central Board of Indirect Taxes and Customs (CBIC) has issued a formal instruction to implement a structured grievance redressal mechanism aimed at resolving issues arising during the processing of Goods and Services Tax (GST) registration applications. This initiative is a proactive measure to enhance transparency, accountability, and timely […]