1. The Golden Rule of Timing: Why “Data Maturity” Matters As a taxpayer, you might feel the urge to file your Income Tax Return (ITR) exactly on April 1st, or you might be the person who waits until July 31st at 11:59 PM. As Chartered Accountants, we strongly advise against both. The secret to a…
The Income Tax Department, under the guidance of Nirupama Kotru, Chief Commissioner of Income Tax-4, Mumbai, organized an Outreach Programme in Mumbai. To raise awareness of the provisions of the New Income-tax Act 2025 and the Income-tax Rules 2026, the programme was organised. The programme was hosted by the Principal Chief Commissioner of Income Tax-5,…
Govt to Discontinue MLTGD Categories under Gold Monetisation Scheme Effective March 2025 The Government has decided to discontinue the two components of the Gold Monetisation Scheme, i.e., the Medium Term and Long Term Government Deposit (MLTGD), effective from March 26, 2025. This action is followed by reviewing the scheme’s performance and considering changing market conditions. The…
GST AAR: ITC Allowed on CCV Tower Used in Cable Manufacturing Process The Gujarat Authority for Advance Ruling (GAAR) on 8 May 2026 held that Input Tax Credit (ITC) is available on the construction of specialized CCV Towers used in cable manufacturing, treating such structures as “plant and machinery” under the GST law. In the…
The Nagpur Bench of the Bombay High Court recently passed a very crucial judgment stating that a GST appeal simply cannot be rejected just because the assessee couldn’t file it electronically due to the non-availability of Form DRC-07 on the official GST portal. The court pointed out that the appellate authority completely missed out on…
MRPL Secures Major Legal Victory in Rs 616.82 Crore Customs Demand Dispute Before CESTAT Mangalore Refinery and Petrochemicals Limited has informed the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) that it has received the Final Order by the Office of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Bangalore, in Customs…
Recently, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) made a very interesting decision regarding a disputed tax deduction claim. They decided to completely restore the matter to the lower tax authorities. The main reason for this was their crucial observation that the assessee currently has a pending condonation petition filed under Section…
GST: AAR allows ITC on VCV Tower Construction used for manufacturing activities The Gujarat Authority for Advance Ruling (GAAR) on 8 May ruled in favour of M/s. Polycab India Limited and held that Input Tax Credit (ITC) is admissible on the construction of specialized Vertical Continuous Vulcanization (VCV) Towers used in the manufacturing of high-voltage…
Delhi Govt Announces Mandatory Two-Day Work From Home Amid Fuel Conservation Drive The Government of Delhi on Thursday announced a series of austerity and fuel-conservation measures, including mandatory work from home for government employees, restrictions on official vehicle usage and promotion of public transport, following an appeal by Narendra Modi amid the ongoing conflict in…
GST Classification of Flipkart Delivery Services: GTA or Courier Service The West Bengal Appellate Authority for Advance Ruling heard a case involving Flipkart India Private Limited. The Bench, with Mr R. Srinivasa Naik and Mr Khalid Aizaz Anwar, took a closer look at Flipkart’s transportation services on its e-commerce platform. Flipkart argued that its goods…
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