Lawgics – Judgment No. 200
GST RC cancellation is not justified as petitioner was not given fair opportunity to respond.
Month: May 2025
Refund claim for ITC accrued before July 18, 2022 cannot be denied
The Hon’ble Supreme Court in the case of Gemini Edibles and Fats India Ltd. dismissed the SLP against the Hon’ble Andhra Pradesh High Court ruling where refund claims for ITC accrued before July 18, 2022 could not be denied solely because they were filed after said date, as Notification No. 9/2022-Central Tax (Rate) dated July 13, 2022 applies prospectively.
Refund should not be credited to the Electronic Credit Ledger of a taxpayer whose business is no longer operational
The Hon’ble Calcutta High Court in Edelweiss Rural & Corporate Services Limited & Anr. instructed the Assessing Officer to reconsider the Refund Sanction Order to the extent that it directed the refund to be credited to the Assessee’s Electronic Credit Ledger instead of their Bank Account.
GST Portal downtime 22.05.25
GSTN is taking downtime on 22.05.2025 at 12 am untill 4:30 pm to enhance services on the GST portal.
90 crore tax deduction approved! Delhi HC allows 54F income tax deduction for buying multiple floors! Here’s what it means for you
Is owning multiple floors in the same residential building equivalent to owning more than one residential property? And if that is the case, will the concerned individual not be eligible to claim a long-term capital gains (LTCG) exemption from the sale of his/her capital assets under Section 54 of the Income Tax Act?
Income tax dept notifies new ITR-U form: Know who can file updated returns
The Central Board of Direct Taxes (CBDT) has notified the new Income Tax Updated Return form, known as ITR-U. The form comes with changes introduced in Budget 2025 and is effective from April 1, 2025.
Weekend retreats or tax retreats? India’s elite use farmland to save crores
It’s a crisp Sunday morning. A sleek BMW winds its way past Gurgaon’s high-rises, taking a sharp turn off the expressway onto a dusty trail flanked by green fields. The destination? A luxury “farmhouse” where the owner hosts weekend brunches, grows exotic kale, and claims lakhs of rupees as tax-free agricultural income.
Trump’s ‘One Big Beautiful Bill Act’: How remittance tax plan might deliver a big economic blow to US allies?
A new tax has been proposed in the United States one that is aimed at these remittances specifically. A US bill proposes a 5% excise tax on any remittances that originate in the US to any other country.
Notice cannot be issued comparing particulars at which Assessee has sold its goods with that of prevalent market price
The Hon’ble Jharkhand High Court in the case of Sri Ram Stone Works quashed GST notices issued under Section 61 of the CGST Act/Jharkhand GST Act, on the ground that the department had exceeded its jurisdiction by comparing the transaction value declared in returns with prevalent market prices, rather than pointing out discrepancies in the returns.