Tax Guru

Improvement Cost Allowed as Property Was Semi-Constructed at Purchase

The Tribunal held that the assessee proved substantial upgrades to a semi-constructed house using bills and contractor records. It allowed the ₹4.05 crore indexed improvement cost, rejecting the AO’s ...
Tax Guru

SEBI Defers Phase III of Nomination Rules: New Implementation Date Awaited

Explains SEBI’s decision to postpone Phase III of the revamped nomination framework. Key takeaway: implementation is deferred due to system and operational ...
Tax Guru

Input Tax Credit Eligible Though Supplier Failed to File GSTR-1: Gauhati HC

ITC cannot be mechanically denied to purchasers even if invoices are missing in GSTR-2B. Key takeaway: the ruling safeguards taxpayers paying GST in good ...
Tax Guru

Received Income tax Notice? Here’s when to worry and when not to

Most income tax notices involve minor mismatches or routine verification and can be resolved by submitting clarifications or documents. Key takeaway: timely response avoids unnecessary ...
Tax Guru

A Professional Guide Towards Filing Petitions Before GST Appellate Tribunal

Introduction After a long wait, finally rules related to Goods and Services Tax Appellate Tribunal (GSTAT) are prescribed on 24th April, 2025. Chapter III of ...