Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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The WBGST Act was amended to retrospectively extend the time limit for claiming input tax credit for financial years 2017-18 through 2020-21 until November 30, 2021, and to establish special provisions for taxpayers whose registration was cancelled and subsequently revoked. The DCT clarified implementation procedures across various scenarios: ongoing investigations, pending demand notices, cases under adjudication, appellate proceedings, and revision proceedings. Taxpayers with final orders confirming demands for improper ITC claims may apply for rectification within six months from October 8, 2024. While no refund is available for tax already paid or ITC reversed due to these amendments, pre-deposits made during appeals are refundable if decided favorably.
The WBGST Act was amended to retrospectively extend the time limit for claiming input tax credit for financial years 2017-18 through 2020-21 until November 30, 2021, and to establish special provisions for taxpayers whose registration was cancelled and subsequently revoked. The DCT clarified implementation procedures across various scenarios: ongoing investigations, pending demand notices, cases under adjudication, appellate proceedings, and revision proceedings. Taxpayers with final orders confirming demands for improper ITC claims may apply for rectification within six months from October 8, 2024. While no refund is available for tax already paid or ITC reversed due to these amendments, pre-deposits made during appeals are refundable if decided favorably.
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