The Andhra Pradesh High Court has held that a best judgment assessment issued under Section 62 of the GST Act shall be deemed withdrawn once the taxpayer files the pending GSTR-3B return along with the applicable tax, interest, and late fee. The ruling provides important clarity for taxpayers regarding the treatment of assessments in cases…
The non-business taxpayers handling their tax obligations have seen a transformation rolled out under the Income Tax Act, 2025, which came into force from April 1, 2026. The main factor for this change is the roll-out of Form 141, which is a unified challan-cum-statement that supersedes several older forms. Navigating this change manually for TY…
Uttarakhand HC Orders Refund of Wrongly Deducted GST M/s Rungta and Sons (a Kashipur-based firm) filled a writ petition to the High Court of Uttarakhand for a writ of mandamus directing the respondents to refund a GST amount of Rs 10,23,484 wrongly deducted from their security deposit. This deduction was made by the Uttarakhand Seeds and…
Education Consultancy Firm to foreign university Not Intermediary, Delhi High Court allows GST Refund The High Court of Delhi, presided over by a division bench comprising the Hon’ble Mr Justice Nitin Wasudeo Sambre and the Hon’ble Mr Justice Ajay Digpaul, pronounced an important Judgement in the case of Fateh Education Consulting Private Limited v. The…
Buying a property in India is a massive financial milestone, but the legal landscape has shifted dramatically. The Income Tax Department has fundamentally transformed real estate into its ultimate tool to enforce tax compliance, and the burden is no longer just on the seller. Today, the buyer is legally forced to act as the government’s…
Bombay HC Rules Corporate Guarantees Without Consideration Not Taxable Under GST The Bombay High Court held that corporate guarantees issued by D.P. Jain & Co. to subsidiaries without consideration did not qualify as a taxable “supply” under GST. Accordingly, it quashed the summons and SCN, while upholding Rule 28(2) of the CGST Rules. The writ…
The Income Tax Appellate Tribunal (ITAT), Lucknow Bench, held that the calculated disallowance under Rule 8D(2)(ii) of the Income Tax Rules, 1962 must not surpass the exempt income so earned. The taxpayer, Rohit Real Estates Pvt Ltd, was selected for ‘limited scrutiny’ through the Computer Assisted Scrutiny System (CASS) to analyse and validate the expenses…
![Finance Ministry Notifies Additional India-Bhutan Land Customs Route at Samrang [Read Notification]](https://bizflowkit.in/wp-content/uploads/2026/05/CBIC-Notifies-Additional-India-Bhutan-Land-Customs-Route-at-Samrang-768x432.jpg)
Finance Ministry Notifies Additional India-Bhutan Land Customs Route at Samrang [Read Notification] The Ministry of Finance, Department of Revenue, on May 6, 2026, amended earlier Notification No. 63/1994-Customs (N.T.) to notify an additional land customs route along the India-Bhutan border under Section 7 of the Customs Act, 1962. The amendment will help movement through the…
ICAI Reinstates 1,475 CAs to Register of Members: Full Details and Effective Dates OUT The Institute of Chartered Accountants of India (ICAI) has restored the names of 1475 chartered accountants (CAs) to its Register of Members. Each member’s restoration is effective from the specific date mentioned against their name, with dates mainly ranging between 2023…
Paying Tax May Be Better Than Saving Tax [Query] I purchased a flat in Coimbatore in May-2015 for Rs 35 Lakh and sold it in this month for Rs 77 Lakh. My query is how to treat this Capital gain. 1.Is it advisable to pay the tax @12.5% and invest the balance left out amount…
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