ITAT Mumbai held that denial of Section 11 exemption does not bar consideration of deductions under Section 57(iii) after factual verification. The post Unregistered Charitable Trust Can Claim Deduction Under Section 57(iii); Gross Receipts Cannot Be Taxed appeared first on TaxGuru.

ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of excess tax paid. The post Section 56(2)(x) Not Attracted if Property Purchase Agreement Predates the Provision – Excess Tax Paid by Mistake Eligible for Refund appeared first on TaxGuru.

ITAT Bangalore remanded a Section 69A addition after holding that an APMC commission agent's entire sale proceeds could not be treated as income. The post APMC Commission Agent Cannot Be Taxed on Entire Sale Proceeds-Bengaluru ITAT Remands ₹2.67 Crore Cash Deposit Addition appeared first on TaxGuru.

ITAT Bangalore deleted additions after holding that the return filed under the correct PAN could not be ignored due to the existence of a duplicate PAN. The post Return Filed Under Correct PAN Cannot Be Ignored Due to Duplicate PAN Issue-Bengaluru ITAT Deletes Section 69 Addition appeared first on TaxGuru.

ITAT Bangalore deleted the Section 69A addition after holding that member details established the source of cash deposits made during demonetisation. The post Cash Deposits by Co-operative Society Members Not Taxable U/s 69A for Old Currency Notes: Bengaluru ITAT appeared first on TaxGuru.

Having regard to the gravity of the allegations, the ongoing investigation, the requirement of further probe into digital and financial evidence, and the possibility of influencing witnesses or obstructing the investigation, the applicant had failed to make out a case for the exercise of the Court's discretionary jurisdiction to grant anticipatory bail. Hence, the anticipatory bail application was dismissed. The post Anticipatory Bail to Former IAS Officer was dismissed as there was possibility […]

Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. Such income could not be reduced by attributing expenditure before the concessional rate of tax was applied. The post Receipt of interest by foreign banks on foreign currency loans to Indian concerns was taxable on gross basis appeared first on TaxGuru.

The Income-tax Act does not prescribe a single definition of "relative" for all purposes. Different provisions such as Sections 13, 56(2)(x), 64, 80E, and 288 adopt different meanings depending on the legislative objective. The post Meaning of relatives​ Under Income Tax Act, 1961 appeared first on TaxGuru.

The article explains how income tax funds healthcare, education, infrastructure, defence, and welfare schemes that benefit society. It emphasizes that paying taxes is both a legal duty and a contribution to nation-building. The post Why Paying Taxes Matters: A Crucial Role in Nation Building appeared first on TaxGuru.

Nine years after its launch, GST has unified India's indirect tax system, digitised compliance, and expanded the tax base. The article also examines the reforms still needed to make GST more efficient. The post GST Turns Nine: One Nation, One Tax, and the Road Still Ahead appeared first on TaxGuru.

A supplier cannot issue a GST credit note merely because the buyer has not paid the invoice. The proper remedy is to document the default and rely on ITC reversal provisions under the CGST Act. The post When the Buyer Doesn’t Pay: What a GST-Registered Supplier Can Really Do appeared first on TaxGuru.

This guide explains the penalty and prosecution framework under the Income-tax Act for AY 2026-27. It highlights the consequences of tax defaults ranging from monetary penalties to imprisonment for serious violations. The post Penalties and Prosecutions Under Income tax Act, 1961 appeared first on TaxGuru.

GSTN has made Ship-to GSTIN compulsory for Bill-to/Ship-to transactions from 1 August 2026. Businesses must update ERP systems and master data to avoid e-Way Bill failures and compliance issues. The post Ship-to GSTIN Mandatory for Bill-to/Ship-to E-Way Bills from 1 August 2026: GSTN appeared first on TaxGuru.

Payment of GST during a Section 65 audit does not automatically invoke Section 74. The department must independently establish fraud, wilful misstatement, or suppression with evidence. The post Does GST Payment During Section 65 Audit Automatically Attract Section 74 Proceedings? appeared first on TaxGuru.

The Companies Act, 2013 requires most companies to hold four Board Meetings annually, while OPCs, Small Companies, and Dormant Companies need only two. Listed companies must also comply with corresponding SEBI (LODR) meeting requirements. The post Minimum number of Meetings under Companies Act & Rules: FAQs appeared first on TaxGuru.