Income Tax

The Madras High Court has held that tax and interest cannot be levied merely because Input Tax Credit (ITC) is reflected in GSTR-2A or GSTR-2B, provided the credit has never been utilised to discharge the taxpayer’s outward GST liability. A petition had been filed by G.R. Organic Company contesting the order in Form GST DRC-07…

The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 256/02/2026-GST, dated 25 July 2026, prescribing the procedure for filing departmental appeals before the Goods and Services Tax Appellate Tribunal (GSTAT). The circular applies to appeals against orders passed by appellate authorities in Directorate General of GST Intelligence (DGGI) cases adjudicated by…

The Karnataka High Court has provided interim relief to a taxpayer in a Goods and Services Tax (GST) dispute involving the recovery of Input Tax Credit (ITC) from a bona fide recipient due to the supplier’s default. A bench including Justice B. M. Shyam Prasad stayed the operation of the adjudication order until further directions…

Can the Income Tax Department Make New Additions in Reassessment If the Original Reason for Reopening Fails? Bangalore ITAT Says No Keywords: reassessment under Section 147, Section 147 jurisdiction, reassessment addition, original reason for reopening fails, Section 54 disallowance, ITAT Bangalore reassessment, Income Tax reassessment law, fishing inquiry reassessment, Section 148 notice, reassessment jurisdiction. No Addition…

The Patna High Court has ruled that if a taxpayer willingly agrees to certain terms to receive benefits from tax authorities regarding GST, they can’t later argue against those terms after enjoying the advantages they provide. It quashed the writ petition of Umagaurav Private Limited and imposed costs of ₹25,000. A division bench of Justice…

The Karnataka High Court has granted interim protection to a taxpayer contesting GST proceedings initiated u/s 74 of the Central Goods and Services Tax Act, 2017, after stating that the petition raises a question of the jurisdiction of the adjudicating authority to invoke the provision for imposing interest and penalty despite the prior reversal of…

The Central Board of Direct Taxes (CBDT) has notified a new Income Tax Return (ITR) form, ITR-BN, for taxpayers covered under block assessment proceedings arising from search and requisition actions under the Income-tax Act, 2025, through Notification No. 97/2026/F. No. 370142/11/2026-TPL. The amendment has been rolled out via the Income-tax (Third Amendment) Rules, 2026, as…

Tax Deducted at Source (TDS) management liability has become increasingly intricate. This is because of the continuous expansion and compliance requirements of businesses. Organisations such as a startup, a small to medium-sized enterprise, or a large corporation have the liability of accurately deducting taxes and depositing them within the mentioned timelines, filing quarterly TDS returns,…

The Allahabad High Court has set aside an income tax reassessment proceeding initiated against a deceased person, holding that a notice issued after the death of the taxpayer is void from the start and cannot be verified by later substituting the legal heir. A Bench including Justices Shekhar B Saraf and Abdhesh Kumar Chaudhary provided…

F&O Traders, Beware! One Wrong ITR can cost more than One Bad Trade   F&O trading is one of the few businesses where investors often lose money first and then discover that tax compliance is another challenge waiting for them!   Futures & Options (F&O) trading has witnessed explosive growth in recent years. Mobile trading…