Latest update 21.05.2025

A. Article

GST Registration cannot be cancelled without proper verification of the supporting evidence

by CA Bimal Jain

The Hon’ble Orissa High Court in M/s. Jay Jagannath Filling Station set aside the GST Registration Cancellation Order as the documents submitted by the Assessee demonstrated that they were existing and carrying on their business operations at the declared place of business regularly. Accordingly, the matter was remanded back to the Assessing Officer for reconsideration.

Notice cannot be issued comparing particulars at which Assessee has sold its goods with that of prevalent market price

by CA Bimal Jain

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.

DAY 5 │ “CASH BACK FROM CUSTOMS” — DUTY DRAWBACK & RoDTEP

by CA Navjot Singh

Day-5 of 30-Day Series on the Customs Act 1962 and FTP 2023 by CA Navjot Singh.

B. Tax in Media

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.

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.

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?

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.

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