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Bogus LTCG Addition Sustained as Tribunal Finds Evidence of Fabricated Share Purchase Records

CA Sandeep Kanoi — Sun, 14 Jun 2026 06:16:23 +0000

The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, including contradictory sale notes and payment receipts. The Tribunal held that the assessee failed to establish the genuineness of the underlying share transactions.

The post Bogus LTCG Addition Sustained as Tribunal Finds Evidence of Fabricated Share Purchase Records appeared first on TaxGuru.

ITAT Lucknow Allows Set-Off of Spouse’s F&O Losses Arising From Gifted Funds

CA Sandeep Kanoi — Sun, 14 Jun 2026 06:05:43 +0000

ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under Section 64(1)(iv). The matter was remanded to verify the actual quantum of eligible losses.

The post ITAT Lucknow Allows Set-Off of Spouse’s F&O Losses Arising From Gifted Funds appeared first on TaxGuru.

Telangana HC Grants Bail in ₹30 Crore GST Fraud Case as No Complaint Filed Despite 60 Days of Custody

CA Sandeep Kanoi — Sun, 14 Jun 2026 06:02:56 +0000

The Telangana High Court granted bail to an accused in a Rs.30 crore fake GST ITC case after noting that no complaint had been filed despite 60 days of custody. The Court also considered the maximum punishment prescribed and imposed conditions while granting relief.

The post Telangana HC Grants Bail in ₹30 Crore GST Fraud Case as No Complaint Filed Despite 60 Days of Custody appeared first on TaxGuru.

JAO Lacked Jurisdiction to Issue Section 148 Notice: Rajasthan HC

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:56:37 +0000

While recognising that earlier judgments had invalidated JAO-issued notices, the Court avoided passing orders that would make the pending appeal redundant. Instead, it directed the appellate authority to decide the matter expeditiously.

The post JAO Lacked Jurisdiction to Issue Section 148 Notice: Rajasthan HC appeared first on TaxGuru.

ITAT Directs GP-Based Addition as Jewellery Purchases Formed Part of Sales & Closing Stock

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:50:23 +0000

The Delhi ITAT held that where purchases are reflected in accepted sales and closing stock, the entire purchase amount cannot be disallowed. The Tribunal directed the Assessing Officer to restrict the addition to the gross profit element by applying the average GP ratio of the preceding five years.

The post ITAT Directs GP-Based Addition as Jewellery Purchases Formed Part of Sales & Closing Stock appeared first on TaxGuru.

Faceless Reassessment Amounting to Best Judgment Assessment Can Be Remitted by CIT(A)

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:48:19 +0000

The Delhi ITAT held that repeated non-compliance with statutory notices transformed the reassessment into a best judgment assessment in substance. Consequently, the CIT(A) was justified in remanding the matter to the Assessing Officer for fresh adjudication.

The post Faceless Reassessment Amounting to Best Judgment Assessment Can Be Remitted by CIT(A) appeared first on TaxGuru.

Low Declared Income Alone Cannot Negate Creditworthiness – Section 68 Addition Deleted

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:43:57 +0000

The Delhi ITAT concluded that the assessee had discharged the burden of proving the three essential ingredients required under Section 68. The Revenue failed to demonstrate that the funds originated from the assessee itself. The decision resulted in the deletion of the entire addition relating to share capital and premium.

The post Low Declared Income Alone Cannot Negate Creditworthiness – Section 68 Addition Deleted appeared first on TaxGuru.

Assessment Quashed for Expanding Scope from one Unit to 119 Apartments Without Section 148A Notice

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:39:01 +0000

The Karnataka High Court quashed an assessment order after finding that allegations concerning 119 apartment sales were introduced without prior notice during Section 148A proceedings. The Court granted the taxpayer an opportunity to submit a detailed response before fresh consideration.

The post Assessment Quashed for Expanding Scope from one Unit to 119 Apartments Without Section 148A Notice appeared first on TaxGuru.

Kerala HC Orders Fresh Review of 12A Registration Claim as CBDT Circular Was Not Considered

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:32:55 +0000

The Kerala High Court set aside the ITAT and CIT(E) orders after finding that the applicability of CBDT Circular No. 7/2024 had not been properly examined. The Court directed the Commissioner to reconsider the trust's request for registration from 1 April 2021 after granting an opportunity of hearing.

The post Kerala HC Orders Fresh Review of 12A Registration Claim as CBDT Circular Was Not Considered appeared first on TaxGuru.

Bombay HC Grants Anil Ambani Protection from Coercive Action

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:29:03 +0000

The Bombay High Court restrained authorities from initiating prosecution or penalty proceedings while considering a challenge to provisions of the Black Money Act. The Court allowed appellate proceedings before the CIT(A) to continue.

The post Bombay HC Grants Anil Ambani Protection from Coercive Action appeared first on TaxGuru.

Delhi HC Grants Interim Relief in ₹458 Crore GST Dispute to IndiGo

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:24:45 +0000

Considering Clauses 7 and 7.1 of the 2022 Circular, the Court found that the amount in question appeared to be compensation rather than payment for a supply. It consequently stayed coercive measures until the matter is finally adjudicated.

The post Delhi HC Grants Interim Relief in ₹458 Crore GST Dispute to IndiGo appeared first on TaxGuru.

GST Appeals Cannot Be Rejected as Time-Barred Without Proving GST Order Communication Date: Allahabad HC

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:21:35 +0000

The Allahabad High Court held that GST appellate authorities cannot dismiss appeals solely on limitation without examining the actual date of communication of orders. The Court ruled that the burden lies on the Revenue to rebut an assessee’s declared date of communication with cogent evidence.

The post GST Appeals Cannot Be Rejected as Time-Barred Without Proving GST Order Communication Date: Allahabad HC appeared first on TaxGuru.

Customs Appeals Rejected as Identical Overvaluation Allegations Were Already Decided Earlier: CESTAT Mumbai

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:14:55 +0000

The Mumbai Bench of CESTAT held that proceedings arising from the same investigation and based on identical evidence could not be reopened after earlier orders had attained finality. The Tribunal upheld the order dropping the show cause notice.

The post Customs Appeals Rejected as Identical Overvaluation Allegations Were Already Decided Earlier: CESTAT Mumbai appeared first on TaxGuru.

CESTAT Sets Aside Customs Demand as Certificate of Origin Was Rejected Without Prescribed Verification

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:11:45 +0000

The Chennai Bench of CESTAT held that preferential duty benefits under the Indo–Thailand FTA could not be denied by unilaterally rejecting a Certificate of Origin. The Tribunal ruled that authorities must follow the verification procedure prescribed under the Interim Rules of Origin.

The post CESTAT Sets Aside Customs Demand as Certificate of Origin Was Rejected Without Prescribed Verification appeared first on TaxGuru.

Karnataka HC Sets Aside Ex Parte Service Tax Order as No Opportunity of Hearing Was Granted

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:09:43 +0000

The Karnataka High Court quashed a service tax order passed under the Finance Act, 1994 after finding that the petitioner alleged lack of notice and denial of an opportunity to respond. The matter was remitted for fresh adjudication on merits.

The post Karnataka HC Sets Aside Ex Parte Service Tax Order as No Opportunity of Hearing Was Granted appeared first on TaxGuru.

ITAT Delhi Quashes Search Assessments Due to Mechanical Section 153D Approval

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:08:21 +0000

ITAT Delhi held that consolidated approvals granted without application of mind under Section 153D were invalid. Consequently, the related assessment orders were declared void and quashed.

The post ITAT Delhi Quashes Search Assessments Due to Mechanical Section 153D Approval appeared first on TaxGuru.

SAD Refund Cannot Be Rejected for Invoice Endorsement Defects: CESTAT Chennai

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:06:07 +0000

CESTAT Chennai held that SAD refund cannot be denied when original files were misplaced by the department and substantive conditions stood satisfied. Procedural defects in reconstructed invoices were held insufficient to defeat refund entitlement.

The post SAD Refund Cannot Be Rejected for Invoice Endorsement Defects: CESTAT Chennai appeared first on TaxGuru.

ITAT Deletes FTS Addition as Standard Cybersecurity Software Sales Were Not Technical Services

CA Sandeep Kanoi — Sun, 14 Jun 2026 05:01:56 +0000

The Delhi ITAT held that receipts from sale and restricted use of standard cybersecurity software could not be taxed as Fees for Technical Services. The Tribunal relied on judicial precedents dealing with standardised technology offerings.

The post ITAT Deletes FTS Addition as Standard Cybersecurity Software Sales Were Not Technical Services appeared first on TaxGuru.

SC Upholds Reassessment Quashing as No Exempt LTCG Was Claimed in Penny Stock

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:52:02 +0000

The Supreme Court refused to interfere with the High Court's ruling that reassessment under Section 147 lacked a valid basis. The courts found that the assessee had never claimed Section 10(38) exemption on the alleged penny stock gains.

The post SC Upholds Reassessment Quashing as No Exempt LTCG Was Claimed in Penny Stock appeared first on TaxGuru.

No Evidence of Penny Stock Exemption Claim, Calcutta HC Quashed Reassessment

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:48:16 +0000

The Calcutta High Court upheld the Tribunal's order after finding that the reopening of assessment proceeded on incorrect facts regarding alleged exempt income from penny stock transactions. The Court held that no substantial question of law arose for consideration.

The post No Evidence of Penny Stock Exemption Claim, Calcutta HC Quashed Reassessment appeared first on TaxGuru.

AO Failed to Record Mandatory Conditions for Reopening: ITAT Deletes ₹13.10 Crore Share Capital Addition

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:43:10 +0000

The Delhi ITAT held that reassessment notices issued beyond four years were invalid as the Assessing Officer failed to record the assessee's alleged failure to make full and true disclosure. The addition relating to ₹13.10 crore share application money was consequently set aside.

The post AO Failed to Record Mandatory Conditions for Reopening: ITAT Deletes ₹13.10 Crore Share Capital Addition appeared first on TaxGuru.

No Service Tax on Foreign Bank Charges Under RCM: CESTAT Chennai

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:40:06 +0000

The Tribunal held that once an identical dispute involving the same assessee had been settled by a coordinate Bench, there was no basis to uphold the subsequent demand. The appeal was allowed with consequential relief.

The post No Service Tax on Foreign Bank Charges Under RCM: CESTAT Chennai appeared first on TaxGuru.

P&H HC Directs Decision on GST Fraud Complaint Within One Month

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:38:53 +0000

The Punjab and Haryana High Court directed the competent authority to decide a representation alleging fraudulent GST record manipulation and misappropriation of GST amounts. The Court refrained from commenting on the merits and required a reasoned order within one month.

The post P&H HC Directs Decision on GST Fraud Complaint Within One Month appeared first on TaxGuru.

Madras HC Orders Fresh Review of Chartered Shipbrokers’ Section 2(15) Tax Exemption Status

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:36:51 +0000

Referring to the Supreme Court's guidance on general public utility institutions, the Court observed that entities engaged in professional or trade-related activities warrant detailed scrutiny. The case was remanded for re-examination under the revised legal standards.

The post Madras HC Orders Fresh Review of Chartered Shipbrokers’ Section 2(15) Tax Exemption Status appeared first on TaxGuru.

Retrospective Amendment Requires Addition of Bad Debt Provision to MAT Profits: Madras HC

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:32:59 +0000

The Madras High Court held that provisions for bad and doubtful debts must be added back while computing book profits under Section 115JA because of the retrospective amendment introduced by the Finance (No. 2) Act, 2009. However, it permitted audit reports for deduction claims to be filed at the appellate stage.

The post Retrospective Amendment Requires Addition of Bad Debt Provision to MAT Profits: Madras HC appeared first on TaxGuru.

Karnataka HC Quashes GST Order as Authority Ignored Replies & 14 Supportings

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:18:47 +0000

The Karnataka High Court set aside a GST adjudication order after finding that the authority incorrectly stated that no reply had been filed. The Court held that ignoring the taxpayer's submissions violated principles of natural justice.

The post Karnataka HC Quashes GST Order as Authority Ignored Replies & 14 Supportings appeared first on TaxGuru.

Karnataka HC Restores GST Registration as Taxpayer Agrees to Clear Dues Despite Delay

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:16:40 +0000

The Karnataka High Court restored GST registration cancelled for non-filing of returns, despite the appeal being dismissed on limitation grounds. The Court held that restoration could be granted where the taxpayer is willing to file pending returns and pay taxes, interest, and penalty.

The post Karnataka HC Restores GST Registration as Taxpayer Agrees to Clear Dues Despite Delay appeared first on TaxGuru.

Calcutta HC Upholds GST Priority in Revenue Account While Limiting Injunction to Incremental Revenue Claims

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:13:23 +0000

The judgment recognised the contractual priority of GST and other specified payments from the Revenue Collection Account. The Court permitted fixed licence fee deductions while restraining adjustments towards disputed incremental revenue.

The post Calcutta HC Upholds GST Priority in Revenue Account While Limiting Injunction to Incremental Revenue Claims appeared first on TaxGuru.

Calcutta HC Quashes Suicide Abetment Case Against Central Tax Assistant

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:11:50 +0000

The Calcutta High Court held that allegations arising from a financial dispute and strained relations did not satisfy the ingredients of abetment of suicide under Section 306 IPC. The Court found no prima facie evidence of instigation or intentional provocation.

The post Calcutta HC Quashes Suicide Abetment Case Against Central Tax Assistant appeared first on TaxGuru.

ITAT Deletes Interest Disallowance as AO Failed to Prove Borrowed Fund Diversion

CA Sandeep Kanoi — Sun, 14 Jun 2026 04:03:07 +0000

The ITAT Ahmedabad held that proportionate interest disallowance cannot be sustained without establishing a direct nexus between borrowed funds and interest-free advances. The Tribunal deleted the addition as the assessee had sufficient own funds.

The post ITAT Deletes Interest Disallowance as AO Failed to Prove Borrowed Fund Diversion appeared first on TaxGuru.

Reopening Fails When AO Taxes a Different Income Than the One Recorded in Reasons

cavkshetty — Sat, 13 Jun 2026 14:51:27 +0000

ITAT Delhi held that reassessment cannot survive when additions are made on issues unrelated to the reasons recorded for reopening. The ruling reinforces that the scope of reassessment must remain confined to the original basis of jurisdiction.

The post Reopening Fails When AO Taxes a Different Income Than the One Recorded in Reasons appeared first on TaxGuru.

ITAT Quashes Reassessment: Only Profit Element Matters, Not Entire Commodity Transaction Value

cavkshetty — Sat, 13 Jun 2026 14:44:12 +0000

The Delhi ITAT held that reassessment initiated beyond three years was invalid because the alleged escaped income represented by profit embedded in commodity transactions was only Rs. 4.27 lakh, far below the Rs. 50 lakh threshold under Section 149(1)(b).

The post ITAT Quashes Reassessment: Only Profit Element Matters, Not Entire Commodity Transaction Value appeared first on TaxGuru.

Section 155 GST: How Much Must Buyers Prove for ITC Claims?

S PRASAD — Sat, 13 Jun 2026 14:34:17 +0000

This article explains the extent of the burden of proof under Section 155 of the CGST Act. The key takeaway is that recipients must establish genuine transactions but are not required to guarantee supplier conduct beyond their control.

The post Section 155 GST: How Much Must Buyers Prove for ITC Claims? appeared first on TaxGuru.

CMA Data in context of Working Capital Assessment and Stock Audits

CA Neeraj Rastogi — Sat, 13 Jun 2026 14:28:48 +0000

CMA data forms the backbone of working capital assessment by helping banks determine genuine funding requirements and borrower contribution. It also serves as the benchmark for ongoing monitoring and stock audits.

The post CMA Data in context of Working Capital Assessment and Stock Audits appeared first on TaxGuru.

Latest Changes in ITR-1, ITR-2 & ITR-4 for A.Y. 2026-27

CA. Sangam Aggarwal — Sat, 13 Jun 2026 14:26:19 +0000

The revised ITR forms for AY 2026-27 introduce new tax slabs, expanded ITR eligibility, and enhanced disclosure requirements. Understanding these changes can help taxpayers file accurate returns and avoid compliance issues.

The post Latest Changes in ITR-1, ITR-2 & ITR-4 for A.Y. 2026-27 appeared first on TaxGuru.

Dual GST Jurisdiction: How Parallel Proceedings Are Burdening Taxpayers

S PRASAD — Sat, 13 Jun 2026 14:24:22 +0000

Dual Control Without Coordination: How CGST–SGST Jurisdiction Gaps Are Trapping Taxpayers in Parallel Proceedings Overview One of the most troubling administrative failures in the GST regime is not found in the charging provision, the rate notifications, or even in the return architecture. It is found in the everyday working of jurisdiction. On paper, GST is […]

The post Dual GST Jurisdiction: How Parallel Proceedings Are Burdening Taxpayers appeared first on TaxGuru.

Telangana HC Dismissed Income Tax Writ Due to Alternate Remedy

ADV AKRUTI GOYAL — Sat, 13 Jun 2026 14:21:01 +0000

The Telangana High Court refused to interfere with the assessment order in writ proceedings, citing the availability of an effective statutory appeal remedy. The Court held that all factual and legal grounds, including alleged violation of natural justice, can be raised before the appellate authority.

The post Telangana HC Dismissed Income Tax Writ Due to Alternate Remedy appeared first on TaxGuru.

Telangana HC Revives GST Appeal Rejected as Time-Barred

ADV AKRUTI GOYAL — Sat, 13 Jun 2026 14:19:32 +0000

The Telangana High Court set aside the rejection of a GST appeal that had been dismissed on limitation grounds despite being filed within the 45-day period granted by an earlier High Court order. The ruling underscores that litigants should not suffer for inadvertent procedural lapses.

The post Telangana HC Revives GST Appeal Rejected as Time-Barred appeared first on TaxGuru.

Non-Service Claim Revives Delayed GST Appeal: Telangana HC

ADV AKRUTI GOYAL — Sat, 13 Jun 2026 14:15:26 +0000

The Telangana High Court permitted the taxpayer to file an appeal against a Section 73 order despite the delay in approaching the appellate authority. The Court also directed that no coercive action be taken for two weeks, provided the appeal is filed with the statutory pre-deposit.

The post Non-Service Claim Revives Delayed GST Appeal: Telangana HC appeared first on TaxGuru.

MeitY Amends Registration Order as Standalone Hard Disk Drives Require Separate Regulatory Coverage

editor7 — Sat, 13 Jun 2026 14:00:40 +0000

The notification revises the 2021 Compulsory Registration Order by specifically covering standalone hard disk drives under the prescribed safety standards. The amended requirements will apply from 05 November 2026.

The post MeitY Amends Registration Order as Standalone Hard Disk Drives Require Separate Regulatory Coverage appeared first on TaxGuru.

CBIC Issues Customs Instruction as MeitY Expanded Compulsory Registration Coverage to Standalone Hard Disk Drives

editor7 — Sat, 13 Jun 2026 13:59:42 +0000

CBIC directed field officers to implement MeitY's revised registration requirements for standalone hard disk drives. The new framework becomes applicable to specified HDDs from 05 November 2026.

The post CBIC Issues Customs Instruction as MeitY Expanded Compulsory Registration Coverage to Standalone Hard Disk Drives appeared first on TaxGuru.

CBIC Issues Highly Specialized Equipmen Exemption Implementation Guidelines

editor4 — Sat, 13 Jun 2026 13:58:12 +0000

Equipment using three-phase power, higher current ratings, larger dimensions, or heavier configurations may be exempt from compulsory registration if annual imports or production remain below 100 units per model.

The post CBIC Issues Highly Specialized Equipmen Exemption Implementation Guidelines appeared first on TaxGuru.

GST Audit Flags MSME Challenges: Key Recommendations to Improve Ease of Doing Business

editor8 — Sat, 13 Jun 2026 13:56:35 +0000

Stakeholders identified persistent issues in GST registration, cancellations, and refund processing affecting MSMEs. The consultation recommended procedural simplification and stronger taxpayer safeguards.

The post GST Audit Flags MSME Challenges: Key Recommendations to Improve Ease of Doing Business appeared first on TaxGuru.

ITAT Upholds Denial of Section 80GGC Deduction for Donations to Alleged Accommodation Entry Political Party

cavkshetty — Sat, 13 Jun 2026 13:30:35 +0000

ITAT Delhi confirmed disallowance of a Section 80GGC claim after relying on investigation findings that the political party operated as an accommodation entry provider. The ruling emphasizes substance over form in tax deduction claims.

The post ITAT Upholds Denial of Section 80GGC Deduction for Donations to Alleged Accommodation Entry Political Party appeared first on TaxGuru.

SC Rejects Review Liberty as Subsequent Judgments Are Not Grounds for Review

CA Sandeep Kanoi — Sat, 13 Jun 2026 13:26:28 +0000

The Supreme Court held that a later judgment modifying the legal position cannot, by itself, justify review of concluded cases. Relying on Order XLVII Rule 1 CPC, it dismissed the review petition and refused liberty to seek review.

The post SC Rejects Review Liberty as Subsequent Judgments Are Not Grounds for Review appeared first on TaxGuru.

SBI Wins LTC TDS Dispute: No Assessee-in-Default When Bank Followed High Court Orders

cavkshetty — Sat, 13 Jun 2026 13:26:19 +0000

The Tribunal ruled that non-deduction of tax pursuant to subsisting High Court directions cannot attract liability under Sections 201(1) and 201(1A). The key takeaway is that employers cannot be penalized for obeying judicial mandates.

The post SBI Wins LTC TDS Dispute: No Assessee-in-Default When Bank Followed High Court Orders appeared first on TaxGuru.

Gauhati HC Quashes GST Cancellation as Order Contained No Reasons

CA Sandeep Kanoi — Sat, 13 Jun 2026 13:25:44 +0000

The Court held that cancellation of GST registration through a non-speaking order violates the statutory requirement of recording reasons. The matter was remanded for fresh consideration in accordance with Rule 22 of the CGST Rules.

The post Gauhati HC Quashes GST Cancellation as Order Contained No Reasons appeared first on TaxGuru.

No TDS Default Where Court Barred Deduction: Kerala HC

CA Sandeep Kanoi — Sat, 13 Jun 2026 13:22:53 +0000

The Court held that the bank could not be penalized under Section 201 for complying with binding judicial directions that prohibited TDS on LTC payments during the relevant assessment year.

The post No TDS Default Where Court Barred Deduction: Kerala HC appeared first on TaxGuru.

No TDS Default for Following High Court Order: ITAT Agra

CA Sandeep Kanoi — Sat, 13 Jun 2026 13:20:00 +0000

The Tribunal held that although foreign LFC reimbursements were ultimately held taxable, the bank could not be treated as an assessee-in-default for complying with a subsisting High Court direction restraining TDS deduction.

The post No TDS Default for Following High Court Order: ITAT Agra appeared first on TaxGuru.

ITAT Delhi Deletes Demonetisation Addition for Cash Sales Already Offered to Tax

CA Sandeep Kanoi — Sat, 13 Jun 2026 12:58:27 +0000

The Tribunal held that cash deposits linked to recorded cash sales could not be taxed again under Section 68, as doing so would amount to impermissible double taxation.

The post ITAT Delhi Deletes Demonetisation Addition for Cash Sales Already Offered to Tax appeared first on TaxGuru.

Demonetisation Deposits in Credit Society Members’ Accounts Not Taxable: ITAT Bangalore

CA Sandeep Kanoi — Sat, 13 Jun 2026 12:56:37 +0000

The Tribunal held that cash received from members and credited to their accounts could not be treated as unexplained income of the co-operative society under Section 68.

The post Demonetisation Deposits in Credit Society Members’ Accounts Not Taxable: ITAT Bangalore appeared first on TaxGuru.

ITAT: Profit Cannot Be Estimated Arbitrarily Merely Because Books Were Not Produced

cavkshetty — Sat, 13 Jun 2026 12:55:39 +0000

The Tribunal ruled that the Assessing Officer erred in applying a 6% net profit rate without examining comparable cases engaged in the same line of business. The decision highlights the necessity of objective criteria while estimating profits after rejection of books.

The post ITAT: Profit Cannot Be Estimated Arbitrarily Merely Because Books Were Not Produced appeared first on TaxGuru.

SC Upholds Excise Interest Demand as Interim Stay Does Not Extinguish Statutory Liability

CA Sandeep Kanoi — Sat, 13 Jun 2026 12:51:29 +0000

The Supreme Court held that a stay on recovery proceedings only suspends enforcement and does not wipe out the obligation to pay interest on excise arrears. The beneficiary of an interim order must restore the successful party to the position it would have occupied otherwise.

The post SC Upholds Excise Interest Demand as Interim Stay Does Not Extinguish Statutory Liability appeared first on TaxGuru.

Allahabad HC Waives Penal Interest as Excise Dues Were Paid & Interim Protection Had Been Restored

CA Sandeep Kanoi — Sat, 13 Jun 2026 12:48:54 +0000

The Court held that penal interest could not be imposed after the petitioner had paid the admitted dues and the earlier dismissal order had been recalled. The ruling turned on the specific facts of the case and was declared non-precedential.

The post Allahabad HC Waives Penal Interest as Excise Dues Were Paid & Interim Protection Had Been Restored appeared first on TaxGuru.

Pre-Deposit In Penalty Only Proceedings Under GST: A Challenge To Fair Appellate Remedy

Yash Aggarwal — Sat, 13 Jun 2026 12:44:12 +0000

The debate over mandatory pre-deposit in GST penalty-only proceedings has gained momentum after the Finance Act, 2025 amendment. Courts have indicated that taxpayers' vested appellate rights arising before the amendment may deserve protection.

The post Pre-Deposit In Penalty Only Proceedings Under GST: A Challenge To Fair Appellate Remedy appeared first on TaxGuru.

FY 2019-20 GST Interest Notices: Can Section 50 Revive Time-Barred Proceedings?

Editor — Sat, 13 Jun 2026 12:33:34 +0000

The article examines whether automated interest notices for FY 2019–20 can survive after limitation under Section 73 has expired. It highlights judicial views that disputed interest requires adjudication and cannot be recovered through indirect mechanisms.

The post FY 2019-20 GST Interest Notices: Can Section 50 Revive Time-Barred Proceedings? appeared first on TaxGuru.

Appointment of Directors under Section 168(3) of Companies Act, 2013: FAQs

Sushil Kumar Antal — Sat, 13 Jun 2026 12:28:45 +0000

The analysis explains the statutory mechanism under Section 168(3) for restoring a functioning Board when all directors resign or vacate office. It also discusses the role of promoters and the Central Government in preventing a governance vacuum.

The post Appointment of Directors under Section 168(3) of Companies Act, 2013: FAQs appeared first on TaxGuru.

Subsequent SC Judgment Cannot Reopen Final Decisions: Gauhati HC

CA Sandeep Kanoi — Sat, 13 Jun 2026 12:16:50 +0000

The High Court held that the Appellate Tribunal erred in restoring benami appeals solely on the basis of liberty granted in a later Supreme Court review order. It ruled that statutory limits governing review proceedings must still be satisfied.

The post Subsequent SC Judgment Cannot Reopen Final Decisions: Gauhati HC appeared first on TaxGuru.

SC Bars Review of Final Land Acquisition Rulings as Later Change in Law Is No Ground for Reopening Cases

CA Sandeep Kanoi — Sat, 13 Jun 2026 12:15:23 +0000

The Supreme Court held that final judgments cannot be reviewed merely because the legal position later changes. It ruled that the overruling of an earlier precedent does not satisfy the requirements for review under Order XLVII CPC.

The post SC Bars Review of Final Land Acquisition Rulings as Later Change in Law Is No Ground for Reopening Cases appeared first on TaxGuru.

Income Tax Notice Invalid for Failure to Follow Faceless Assessment Procedure

CA Sandeep Kanoi — Sat, 13 Jun 2026 12:00:31 +0000

The High Court held that reassessment notices issued physically by jurisdictional officers instead of faceless authorities violate Section 151A. The ruling sets aside non-compliant notices while tying the final outcome to pending Supreme Court decisions.

The post Income Tax Notice Invalid for Failure to Follow Faceless Assessment Procedure appeared first on TaxGuru.

Telangana HC Quashes Reassessment Notices Due to Jurisdictional Defect in Proceedings

CA Sandeep Kanoi — Sat, 13 Jun 2026 11:58:42 +0000

The High Court set aside notices issued under Sections 148A and consequential reassessment orders after holding that the proceedings suffered from jurisdictional infirmities. The relief, however, remains subject to the Supreme Court's decision in the pending SLP.

The post Telangana HC Quashes Reassessment Notices Due to Jurisdictional Defect in Proceedings appeared first on TaxGuru.

GSTAT Upholds Anti-Profiteering Order Against Vishwanath Cinema for not passing GST Cut Benefit

CA Sandeep Kanoi — Sat, 13 Jun 2026 11:24:58 +0000

GSTAT held that retaining the same ticket prices after GST reductions amounted to profiteering under Section 171 of the CGST Act. The Tribunal directed deposit of ₹8.99 lakh with interest after finding that consumers were denied the benefit of lower tax rates.

The post GSTAT Upholds Anti-Profiteering Order Against Vishwanath Cinema for not passing GST Cut Benefit appeared first on TaxGuru.

ICSI Expands Alternative Mode CLDP Eligibility to Address Training Gaps for Students

editor4 — Sat, 13 Jun 2026 11:17:18 +0000

ICSI approved broader eligibility criteria for Alternative Mode CLDP, benefiting students under earlier training structures and certain overseas trainees. The decision aims to facilitate compliance with training requirements under specified conditions.

The post ICSI Expands Alternative Mode CLDP Eligibility to Address Training Gaps for Students appeared first on TaxGuru.

Denial of Section 11 Exemption Doesn’t Trigger Section 115BBE: ITAT Mumbai

cavkshetty — Sat, 13 Jun 2026 11:02:09 +0000

The Tribunal held that the special tax regime under Section 115BBE is confined to additions made under Sections 68 to 69D. Additions arising under normal provisions of the Act cannot automatically attract higher taxation.

The post Denial of Section 11 Exemption Doesn’t Trigger Section 115BBE: ITAT Mumbai appeared first on TaxGuru.

Mumbai ITAT Deletes ₹23.98 Crore Section 68 Addition: Proved Share Capital Cannot Be Taxed as Unexplained Cash Credit

cavkshetty — Sat, 13 Jun 2026 10:40:33 +0000

The Tribunal held that preference share capital cannot be treated as unexplained cash credit once the assessee establishes identity, creditworthiness, and genuineness of investors. Documentary evidence and banking records were found sufficient to discharge the burden under Section 68.

The post Mumbai ITAT Deletes ₹23.98 Crore Section 68 Addition: Proved Share Capital Cannot Be Taxed as Unexplained Cash Credit appeared first on TaxGuru.

ITAT Quashes Reassessment: Approval from PCIT Instead of PCCIT Proves Fatal

cavkshetty — Sat, 13 Jun 2026 09:24:54 +0000

The Tribunal held that notices issued after three years from the relevant assessment year require prior approval from the PCCIT. Approval from the PCIT in such cases renders the reassessment notice legally unsustainable.

The post ITAT Quashes Reassessment: Approval from PCIT Instead of PCCIT Proves Fatal appeared first on TaxGuru.

ITAT Condoned 134-Day Delay: Waiting for Section 154 Outcome Held a Bona Fide Reason

cavkshetty — Sat, 13 Jun 2026 09:15:11 +0000

The Tribunal ruled that an assessee who delayed filing an appeal while awaiting disposal of a Section 154 application had shown sufficient cause. The matter was restored to the CIT(A) for adjudication on merits.

The post ITAT Condoned 134-Day Delay: Waiting for Section 154 Outcome Held a Bona Fide Reason appeared first on TaxGuru.

Bangalore ITAT Quashes Section 263 Order: No Revision Possible When Alleged Expenditure Was Never Claimed

cavkshetty — Sat, 13 Jun 2026 09:02:45 +0000

The Tribunal held that Section 263 cannot be invoked where the assessee never claimed the alleged expenditure as a deduction. Without any allowance in the assessment order, there can be no prejudice to Revenue.

The post Bangalore ITAT Quashes Section 263 Order: No Revision Possible When Alleged Expenditure Was Never Claimed appeared first on TaxGuru.

Mumbai ITAT: Reassessment Must Tax Real Income, Not Duplicate Salary Entries; CCM Addition Deleted for Want of Evidence

cavkshetty — Sat, 13 Jun 2026 08:41:39 +0000

Mumbai ITAT held that additions under Section 69 cannot survive where transactions are reflected in broker records and the source of funds is explained. Mere Client Code Modification information, without supporting evidence of tax evasion, is insufficient for making additions.

The post Mumbai ITAT: Reassessment Must Tax Real Income, Not Duplicate Salary Entries; CCM Addition Deleted for Want of Evidence appeared first on TaxGuru.

Interest Disallowance Deleted as Own Funds Exceeded Advances: ITAT Pune

cavkshetty — Sat, 13 Jun 2026 08:35:22 +0000

The Tribunal ruled that proportionate interest disallowance under Section 36(1)(iii) cannot be sustained when the assessee has adequate reserves and interest-free funds to cover the advances. The Revenue failed to rebut the presumption recognized by higher courts.

The post Interest Disallowance Deleted as Own Funds Exceeded Advances: ITAT Pune appeared first on TaxGuru.

ICAI Invites Nominations for 40 Under 40 Awards to Recognize Young CA Business Leaders

editor7 — Sat, 13 Jun 2026 08:10:18 +0000

ICAI has opened nominations for Season 5 of the 40 Under 40 CA Business Leader Awards to honour Chartered Accountants under 40 demonstrating leadership, innovation, and professional excellence across industries.

The post ICAI Invites Nominations for 40 Under 40 Awards to Recognize Young CA Business Leaders appeared first on TaxGuru.

Allahabad HC Grants ₹25000 Per Day Compensation for Illegal Detention of Disabled Advocate

RAVINDRA KUMAR RASTOGI — Sat, 13 Jun 2026 08:06:52 +0000

The Allahabad High Court held that persons illegally detained beyond permissible limits are entitled to compensation at the rate of Rs. 25,000 per day. The Court directed that such compensation be recovered from the salaries of erring officials after disciplinary proceedings.

The post Allahabad HC Grants ₹25000 Per Day Compensation for Illegal Detention of Disabled Advocate appeared first on TaxGuru.

Daily Backup Dilemma: Decoding “Electronic Mode” vs. “Computer System” under Income Tax Act 2025.

icajaind — Sat, 13 Jun 2026 08:05:11 +0000

The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not merely because accounting software is used on local computers.

The post Daily Backup Dilemma: Decoding “Electronic Mode” vs. “Computer System” under Income Tax Act 2025. appeared first on TaxGuru.

Madras HC Says ITC Cannot Be Denied for Missing Lorry Receipts Alone

S PRASAD — Sat, 13 Jun 2026 07:59:59 +0000

The Court held that absence of lorry receipts or weighment slips, by itself, cannot justify denial of Input Tax Credit when invoices, supplier returns, and tax payments establish the genuineness of supplies.

The post Madras HC Says ITC Cannot Be Denied for Missing Lorry Receipts Alone appeared first on TaxGuru.

Restricted Stock Units Taxation in India: Foreign Tax Credit, Form 67 & Reporting

mishra.nitish1993 — Sat, 13 Jun 2026 07:58:28 +0000

Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays in filing Form No. 67. Taxpayers must nevertheless strive for timely compliance and proper documentation.

The post Restricted Stock Units Taxation in India: Foreign Tax Credit, Form 67 & Reporting appeared first on TaxGuru.

Revisting Round Tripping Under FEMA: A Judicial Approach

Sanskar Singh — Sat, 13 Jun 2026 07:55:38 +0000

The article explains how routing Indian funds through offshore structures and reinvesting them into India may violate FEMA and attract money laundering investigations under PMLA. It highlights the regulatory consequences of disguising domestic funds as foreign investment.

The post Revisting Round Tripping Under FEMA: A Judicial Approach appeared first on TaxGuru.

Bombay HC Quashes GST Recovery from Legal Heir for Absence of Notice & Hearing

a2zbimaljain — Sat, 13 Jun 2026 07:48:30 +0000

The Bombay High Court held that GST recovery proceedings against a legal heir cannot be initiated without first determining liability under Section 93. The ruling emphasizes that Section 79 recovery powers require an established liability supported by due process.

The post Bombay HC Quashes GST Recovery from Legal Heir for Absence of Notice & Hearing appeared first on TaxGuru.

GST Recovery Without Prior Notice Valid When Tax Liability Is Finalized: AP HC

a2zbimaljain — Sat, 13 Jun 2026 07:47:05 +0000

The Andhra Pradesh High Court ruled that recovery proceedings under Section 79 can be initiated against banks without prior notice to the dealer once an assessment order has attained finality. The decision clarifies that Section 79 is a recovery provision that operates after tax liability is conclusively determined.

The post GST Recovery Without Prior Notice Valid When Tax Liability Is Finalized: AP HC appeared first on TaxGuru.

ITC Denial Based on GSTR-3B & GSTR-2A Mismatch Set Aside as Import Data Was Missing from GSTR-2A

a2zbimaljain — Sat, 13 Jun 2026 07:46:02 +0000

The Karnataka High Court ruled that ITC for FY 2018-19 cannot be denied merely because import and SEZ transactions were absent from GSTR-2A. The Court held that GSTR-2A did not capture such data during the relevant period, making the demand unsustainable.

The post ITC Denial Based on GSTR-3B & GSTR-2A Mismatch Set Aside as Import Data Was Missing from GSTR-2A appeared first on TaxGuru.

Dead, Valued. Alive, Dependent: Nation Builder by Judgement, Dependent by Law

Abhisikta Nandy — Sat, 13 Jun 2026 07:40:18 +0000

The Supreme Court acknowledged homemakers as nation builders and held that their unpaid domestic labour has immense economic value. The ruling introduces a separate compensation framework recognising the loss suffered by families.

The post Dead, Valued. Alive, Dependent: Nation Builder by Judgement, Dependent by Law appeared first on TaxGuru.

Bombay HC Quashes Reassessment as Broken Period Interest Deduction Was Already Settled by SC

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:33:31 +0000

The Bombay High Court held that reassessment proceedings could not be initiated on the issue of broken period interest when the legal position had already been settled by binding precedents. The Court quashed the notices issued under Sections 148A and 148.

The post Bombay HC Quashes Reassessment as Broken Period Interest Deduction Was Already Settled by SC appeared first on TaxGuru.

Orissa HC Orders Fresh Hearing After Finding Error in GST Appeal Limitation Calculation

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:29:36 +0000

The Orissa High Court held that a GST appeal filed within the additional one-month condonable period under Section 107(4) could not be rejected as time-barred. The ruling emphasises proper computation of limitation by excluding the date of communication of the order.

The post Orissa HC Orders Fresh Hearing After Finding Error in GST Appeal Limitation Calculation appeared first on TaxGuru.

Gauhati HC Quashes ITC Demand as Bona Fide Purchaser Cannot Be Penalised for Supplier’s Tax Default

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:28:27 +0000

The Court held that where a purchasing dealer has complied with statutory requirements and acted in good faith, ITC cannot be denied solely because the supplier failed to discharge tax obligations. The impugned adjudication and appellate orders were therefore quashed.

The post Gauhati HC Quashes ITC Demand as Bona Fide Purchaser Cannot Be Penalised for Supplier’s Tax Default appeared first on TaxGuru.

ITAT Remands 12AB & 80G Applications as CIT(E) Orders Lacked Clarity on Compliance

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:25:11 +0000

ITAT Delhi remitted matters relating to sections 12AB and 80G after finding that the impugned orders did not clearly establish whether the assessee had filed replies or complied with notices. The cases were sent back for fresh adjudication in the interest of substantive justice.

The post ITAT Remands 12AB & 80G Applications as CIT(E) Orders Lacked Clarity on Compliance appeared first on TaxGuru.

Interest on Bank Deposits Eligible for Section 80P: ITAT Pune

cavkshetty — Sat, 13 Jun 2026 07:24:50 +0000

The Tribunal held that interest earned from surplus funds deposited with banks qualifies for deduction under Section 80P(2)(a)(i). Prudent deployment of business funds does not alter the nature of the income.

The post Interest on Bank Deposits Eligible for Section 80P: ITAT Pune appeared first on TaxGuru.

ITAT Sustains 50% Disallowance as Taxpayer Failed to Prove Business Utility of Consultancy Fees

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:23:44 +0000

ITAT Delhi held that professional fees claimed for raising working capital limits could not be fully allowed as the taxpayer failed to establish their business relevance. However, considering the circumstances, only 50% of the expenditure was disallowed.

The post ITAT Sustains 50% Disallowance as Taxpayer Failed to Prove Business Utility of Consultancy Fees appeared first on TaxGuru.

Petrol Pump Cash Turnover During Demonetisation Cannot Be Ignored: ITAT Dehradun

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:19:16 +0000

The ITAT Dehradun held that cash turnover in a petrol pump business during demonetisation could not be disregarded entirely. Considering the facts of the case, it reduced the addition under Section 68 to a lump sum of Rs.5 lakh.

The post Petrol Pump Cash Turnover During Demonetisation Cannot Be Ignored: ITAT Dehradun appeared first on TaxGuru.

Communication Gaps in Virtual Hearings: ITAT Condoned 2580-Day Delay

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:18:07 +0000

The ITAT Dehradun remanded the matter to the CIT(A)/NFAC after observing that communication gaps in the newly introduced virtual hearing system could not be ruled out. The assessee was granted three effective opportunities of hearing.

The post Communication Gaps in Virtual Hearings: ITAT Condoned 2580-Day Delay appeared first on TaxGuru.

Transportation of Newspapers Not Taxable as Cargo Handling as Road Transport Falls Under Negative List

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:15:17 +0000

CESTAT Delhi held that transportation and distribution of newspapers by road constituted services covered under Section 66D(p) of the Finance Act. The Tribunal ruled that incidental loading and unloading activities did not alter the essential character of the service.

The post Transportation of Newspapers Not Taxable as Cargo Handling as Road Transport Falls Under Negative List appeared first on TaxGuru.

ITAT Deletes Additions as AO Ignored Income From Sale of Amway Products

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:14:22 +0000

ITAT Surat held that additions relating to credit card payments and cash deposits could not be sustained when the assessee had explained them through sales of Amway products and commission income. The Tribunal found that these details had been overlooked by the tax authorities.

The post ITAT Deletes Additions as AO Ignored Income From Sale of Amway Products appeared first on TaxGuru.

ITAT Upholds Bogus Loan Addition Deletion Due to Prior Disclosure by Borrower

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:12:12 +0000

The ITAT Ranchi held that additions for unsecured loans could not survive in the lender's hands when the recipient company had already disclosed the entire amount as income. The Revenue's inability to rebut this factual finding led to dismissal of the appeals.

The post ITAT Upholds Bogus Loan Addition Deletion Due to Prior Disclosure by Borrower appeared first on TaxGuru.

Mumbai ITAT Quashes Section 263 Revision: AO’s 25% Bogus Purchase Addition Held to Be a Possible View

cavkshetty — Sat, 13 Jun 2026 07:11:44 +0000

The Mumbai ITAT held that Section 263 revision was valid where the Assessing Officer failed to conduct necessary enquiries into suspected bogus purchases. The ruling emphasizes that inadequate verification can render an assessment order erroneous and prejudicial to Revenue.

The post Mumbai ITAT Quashes Section 263 Revision: AO’s 25% Bogus Purchase Addition Held to Be a Possible View appeared first on TaxGuru.

ITAT Deletes ₹3.85 Cr Addition Made on a Dissolved Partnership Firm

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:10:26 +0000

The Tribunal held that income could not be assessed in the hands of a firm that had ceased to exist years earlier. Since the deposits belonged to the successor proprietorship concern, the addition was deleted.

The post ITAT Deletes ₹3.85 Cr Addition Made on a Dissolved Partnership Firm appeared first on TaxGuru.

ITAT Deletes Section 68 Addition as Opening Share Application Money converted in Loans cannot be Taxed as Fresh Credits

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:07:00 +0000

ITAT Ahmedabad held that opening balances and share application money converted into loans from earlier years fall outside the scope of Section 68 for the relevant assessment year. The Tribunal deleted the entire addition after finding factual and legal infirmities in the assessment.

The post ITAT Deletes Section 68 Addition as Opening Share Application Money converted in Loans cannot be Taxed as Fresh Credits appeared first on TaxGuru.

Tax Treatment of Cash Credit U/s. 68, 69, 69A, 69B, 69C and 69D

TG Team — Sat, 13 Jun 2026 07:06:47 +0000

This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section 115BBE. It highlights the conditions for invoking these provisions and the consequences of failing to satisfactorily explain the nature and source of funds.

The post Tax Treatment of Cash Credit U/s. 68, 69, 69A, 69B, 69C and 69D appeared first on TaxGuru.

Madras HC Sets Aside Ex Parte GST Assessment Due to Opportunity Denial in GSTR-3B vs GSTR-2A Mismatch

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:05:02 +0000

The Madras High Court remanded an ex parte assessment arising from a GSTR-3B and GSTR-2A mismatch after finding that the assessee should be allowed to present its case. Relief was granted subject to deposit of 25% of the disputed tax amount.

The post Madras HC Sets Aside Ex Parte GST Assessment Due to Opportunity Denial in GSTR-3B vs GSTR-2A Mismatch appeared first on TaxGuru.

No Reopening for Fishing & Roving Enquiries: ITAT Invalidates Section 147 Proceedings

CA Sandeep Kanoi — Sat, 13 Jun 2026 07:03:57 +0000

The Delhi ITAT held that reassessment under Section 147 was invalid where the disputed amounts represented sale proceeds already disclosed and offered to tax. The Tribunal ruled that no income had escaped assessment in such circumstances.

The post No Reopening for Fishing & Roving Enquiries: ITAT Invalidates Section 147 Proceedings appeared first on TaxGuru.

Foreign Tax Credit Cannot Be Denied Merely for Delay in Filing Form 67: ITAT Pune

cavkshetty — Sat, 13 Jun 2026 07:00:49 +0000

ITAT Pune held that Foreign Tax Credit cannot be denied merely because Form 67 was filed after the prescribed due date. The Tribunal ruled that filing Form 67 is a procedural requirement and cannot override the substantive right to FTC under the DTAA.

The post Foreign Tax Credit Cannot Be Denied Merely for Delay in Filing Form 67: ITAT Pune appeared first on TaxGuru.

Commencing Business Before Filing INC-20A: ROC imposes ₹3.5 Lakh Penalty

editor2 — Sat, 13 Jun 2026 06:54:11 +0000

ROC held that starting business operations before filing the mandatory declaration under Section 10A violated the Companies Act. The company and its directors were penalized for the 179-day delay in compliance.

The post Commencing Business Before Filing INC-20A: ROC imposes ₹3.5 Lakh Penalty appeared first on TaxGuru.

Minimum Alternate Tax (MAT) & Alternate Minimum Tax (AMT)

TG Team — Sat, 13 Jun 2026 06:46:12 +0000

The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax despite claiming deductions and exemptions. It explains the applicability, computation methods, credit mechanisms, exceptions, and compliance requirements governing these alternative tax provisions under the Income-tax Act.

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