GST liability based on income-tax portal turnover vs bank receipts mismatch; s.74 assessment orders remitted for forensic review. Case-Laws – HC : GST assessment orders issued
Month: December 2025
Rupee, the worst performing Asian currency in 2025 – Business News | The Financial Express
Clipped from: https://www.financialexpress.com/business/news/rupee-the-worst-performing-asian-currency-in-2025/4092745/ 2026, rupee to trade between 88-94 against the US dollar When Trump imposed a 50% tariff on Indian goods, the rupee weakened further
Employees leaving after Nov 21, 2025 must be paid revised gratuity under new labour laws, says ICAI – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/employees-leaving-after-nov-21-2025-must-be-paid-revised-gratuity-under-new-labour-laws-says-icai-4092589/ Employees leaving their jobs on or after November 21, 2025 will be entitled to gratuity under the new labour code rules. ICAI has
If I already own a house, can I get capital gains tax exemption on a new property? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/if-i-already-own-a-house-can-i-get-capital-gains-tax-exemption-on-a-new-property/articleshow/126250625.cms Listen to this article in summarized format These are a set of queries raised by ET Wealth readers, which have been answered by
*****Bombay Hight Court Judgement –Section 75 of MCS Act-Disqualification of Managing Committee members– Must read
Hsg Society MC Disqualification–HC Bombay Judgement–Hon’ble Justice Amit Borkar Reading the entire judgement will add to our knowledge vis a vis management of Housing Society
Why CA Cannot issue GST Clearance Certificate in Service Tenders: Insights from Bombay HC Order [Read Order]
Clipped from: https://www.taxscan.in/top-stories/why-ca-cannot-issue-gst-clearance-certificate-in-service-tenders-insights-from-bombay-hc-order-1440666?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307259 A GST clearance certificate in service tenders must come from the GST Department, as a Chartered Accountant has no statutory authority to certify
*****CBIC Circular on GSTR-2A vs 3B ITC Difference Ignored by GST Dept: Karnataka HC sets aside orders [Read Order]
Clipped from: https://www.taxscan.in/top-stories/cbic-circular-on-gstr-2a-vs-3b-itc-difference-ignored-by-gst-dept-karnataka-hc-sets-aside-orders-1439928?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307226 ITC cannot be disallowed merely on the basis of GSTR-2A and GSTR-3B differences without following the CBIC-mandated procedure. The Karnataka High Court has
*******ITC Claimed, Reversed and Re-Claimed in FY 2024-25: How Will It Reflect in GSTR-9? [GSTR 9/9C FAQ Explained]
Clipped from: https://www.taxscan.in/top-stories/itc-claimed-reversed-and-re-claimed-in-fy-2024-25-how-will-it-reflect-in-gstr-9-gstr-99c-faq-explained-1440278?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307256 To prevent mismatches, audit objections, and future disputes consistent and proper reporting across these tables is essential. In this article, we’ll explain the
*******Deduction u/s 54F Cannot be Denied for Non-Deposit of Sale Proceeds Before Filing Return: ITAT [Read Order]
Clipped from: https://www.taxscan.in/top-stories/deduction-us-f-cannot-be-denied-for-non-deposit-of-sale-proceeds-before-filing-return-itat-1434395?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307251 The Tribunal observed that courts have consistently held such deposits to be procedural and that the main condition under Section 54 investment in
*****Wife Sells Two Gifted Flats for ₹6 Crore and Pays No Income Tax: Here’s How
Clipped from: https://www.taxscan.in/top-stories/wife-sells-two-gifted-flats-for-6-crore-and-pays-no-income-tax-heres-how-1428872?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307244 A Mumbai woman sells two gifted flats for Rs. 6 crore, reinvests the proceeds in another home, and legally avoids paying any tax
***Sale of Late Mother’s Flat for Multiple Residential Houses eligible for Income Tax S.54 Exemption: Bombay HC [Read Order]
Clipped from: https://www.taxscan.in/top-stories/sale-of-late-mothers-flat-for-multiple-residential-houses-eligible-for-income-tax-s54-exemption-bombay-hc-1429946?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307229 The Assessing Officer had denied the Section 54 exemption and the Income Tax Appellate Tribunal (ITAT) partly allowed relief for only one unit.
***Meals, Transport & Courier Expenses not Part of “Transfer of House Property”: ITAT Rejects NRI’s Income Tax Deduction Claims [Read Order]
Clipped from: https://www.taxscan.in/top-stories/meals-transport-courier-expenses-not-part-of-transfer-of-house-property-itat-rejects-nris-income-tax-deduction-claims-1437543?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307239 The assessee claimed that several travel-related and incidental expenses were incurred exclusively for completing the sale of his Bengaluru property The Bengaluru Bench of the
*****Tribunal reversing order of CIT(A) without demonstrating any perversity is not justifiable
lipped from: https://taxguru.in/income-tax/tribunal-reversing-order-cita-demonstrating-perversity-justifiable.html Rajnandani Projects Pvt. Ltd. Vs PCIT (Patna High Court) Patna High Court held that ITAT was not justified in reversing the order of
***Excess trade advance received back in cash cannot be added u/s. 68 as unexplained cash credit
Clipped from: https://taxguru.in/income-tax/excess-trade-advance-received-cash-added-u-s-68-unexplained-cash-credit.html Lalitha Padmaja Thallapalli Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that trade advance given to goldsmith for making gold jewellery and excess amount
*****Assessment u/s. 143(3) quashed as being in violation of provisions of section 144B
Clipped from: https://taxguru.in/income-tax/assessment-u-s-1433-quashed-violation-provisions-section-144b.html Optical Health Solutions Private Limited Vs Union of India (Telangana High Court) Telangana High Court held that initiation of proceedings under section 143(3)
*******With DPDP clock ticking, India Inc braces for ₹20,000-crore compliance spend – The HinduBusinessLine
lipped from: https://www.thehindubusinessline.com/info-tech/with-dpdp-clock-ticking-india-inc-braces-for-20000-crore-compliance-spend/article70446314.ece Following the notification of rules under the DPDP Act in November, the 18-month countdown for complying with the norms has begun for institutions
*Bank NPAs at multi-decade lows as gross NPA ratio falls to 2.1%: RBI data | Banking – Business Standard
Clipped from: https://www.business-standard.com/industry/banking/bank-npas-at-multi-decade-lows-125122900801_1.html RBI’s Trends and Progress report shows banks’ asset quality improved, with gross NPAs down to 2.1% by September 2025 and net NPAs at
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