News

Manoj Vaibhav Gems received a Rs 5.84 crore GST demand and penalty over alleged wrongful ITC claims on IPO-related expenses and plans to appeal

GST Department Slaps Rs 5.84 Crore Tax and Penalty on Manoj Vaibhav Gems

Judgement

The Income Tax Appellate Tribunal (ITAT) Delhi has held that the AO was not justified in treating Rs 14,800 appearing in a seized document as Rs 14.80 lakh merely by multiplying the figure by 100.

ITAT Restricts Addition And Holds AO Cannot Multiply Seized Figure by 100 Without Supporting Evidence

RBI permits GIFT City branches to mobilise FCNR(B) deposits, boosting NRI deposit inflows.

RBI Allows Banks to Mobilise FCNR(B) Deposits Through GIFT City Branches

Maintaining minimum balance cannot be treated as taxable non-monetary consideration, rules Court.

HC Quashes Service Tax Notices on Minimum Balance Banking Services, Rules MAB is Not Consideration

The HC directs the tax authorities to revoke the taxpayer's GST registration if he/she makes payment of all outstanding GST dues and files pending returns within the prescribed timeline.

High Court Allows GST Revocation on Payment of All Outstanding Dues and Filing of Returns

Court upholds GST demand, finding seigniorage fee data indicated possible turnover suppression.

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GST Department Slaps Rs 5.84 Crore Tax and Penalty on Manoj Vaibhav Gems

ITAT Restricts Addition And Holds AO Cannot Multiply Seized Figure by 100 Without Supporting Evidence

RBI Allows Banks to Mobilise FCNR(B) Deposits Through GIFT City Branches

HC Quashes Service Tax Notices on Minimum Balance Banking Services, Rules MAB is Not Consideration

High Court Allows GST Revocation on Payment of All Outstanding Dues and Filing of Returns

HC Upholds GST Demand Based on Seigniorage Fee Data, Allows Assessee to Pursue Statutory Appeal