Judgement

Cross appeals on estimation of profit from alleged bogus purchases – consistency with earlier years upheld

Bogus Purchases: ITAT Restricts Addition to 5% Following Consistency Principle

ITAT held that subsidy for promoting renewable energy projects is not deductible from asset cost for depreciation in AY 2014-15, deleting the Rs. 72.90 lakh disallowance.

ITAT: Renewable Energy Capital Subsidy Not to Reduce Asset Cost for Depreciation in AY 2014-15

ITAT Delhi: Section 14A Disallowance Cannot Exceed Exempt Income; Support Service Disallowance Remanded

ITAT: Section 14A Disallowance Cannot Exceed Exempt Income; Ad-hoc 25% Disallowance Remanded Back

News

The Reliance Industries receives penalty order of Rs 1.11 Crore under Section 73 of CGST Act From jamnagar GST Authorities.

Reliance Industries Faces Rs 1.11 Crore GST Penalty, Company Plans Appeal

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ICICI Prudential Life receives Rs. 11.24 crore GST demand for Financial Year 2022, company planning to file appeal.

ICICI Prudential Life Receives Rs. 11.24 Crore GST Demand Order for FY 2022

The High Court held that genuine ITC cannot be denied merely due to retrospective cancellation of a supplier’s GST registration when proper documents prove the transaction.

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Bogus Purchases: ITAT Restricts Addition to 5% Following Consistency Principle

ITAT: Renewable Energy Capital Subsidy Not to Reduce Asset Cost for Depreciation in AY 2014-15

ITAT: Section 14A Disallowance Cannot Exceed Exempt Income; Ad-hoc 25% Disallowance Remanded Back

Reliance Industries Faces Rs 1.11 Crore GST Penalty, Company Plans Appeal

ICICI Prudential Life Receives Rs. 11.24 Crore GST Demand Order for FY 2022

Retrospective GST Cancellation Cannot Result in Denial of Genuine ITC Claims: Rules High Court