Income Tax
Revisionary Powers under the Black Money Act
The Black Money Act is meant to be strict.But even strict laws have limits.
The core issue
Can the tax department reopen a concluded assessment under...
GST
Rule 31D under GST: MRP-Based Valuation Explained (Effective 1 February 2026)
The GST valuation framework has witnessed a significant shift with the insertion of Rule 31D of the CGST Rules, 2017, notified vide Notification No....
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Income Tax
Cadbury’s ₹320 Crore Tax Dispute: When Marketing Meets Transfer Pricing
When we think of Cadbury, the first thing that comes to mind is the purple wrapper and the tagline “Kuch Meetha Ho Jaaye.” But...
Income Tax
ITAT Ahmedabad Rules on Section 87A Rebate Against STCG under Section 111A (A.Y. 2024–25)
Introduction
One of the most debated income-tax issues in the current year has been the scope of rebate under Section 87A, particularly in situations where...
Income Tax
New Thresholds for Perquisites & Medical Benefits – G.S.R. 555(E)
The Ministry of Finance recently introduced the Income-tax (Twenty Second Amendment) Rules, 2025 through Notification G.S.R. 555(E), redefining key thresholds related to perquisites and...
GST
Cabinet Approves Blanket Ban on Online Money Games
In a landmark move, the Union Cabinet has approved legislation imposing a blanket ban on online money games. This decision has sent shockwaves across...
Income Tax
Prem Prakash Gupta v. ITO – ITAT Jaipur Ruling on Turnover Definition for Stamp Vendors
Introduction
The concept of turnover under the Income-tax Act often appears straightforward, until it is applied to agency-based businesses. For licensed stamp vendors, where sales...
Income Tax
AI Hallucination in Court: ITAT Recalls Order Over Fake ChatGPT-Generated Case Laws in Buckeye Trust Tax Dispute
A recent tax tribunal order, hastily withdrawn after citing non-existent court judgments, has sparked concerns over the possible use of generative AI—a groundbreaking technology...
Income Tax
Advance Tax Payment
Advance tax may seem tricky, but knowing the basics can help you manage your money. This knowledge can also prevent surprises at the end...
Income Tax
How Family Transfers Can Impact Your Tax Bill – Clubbing of Income
Have you ever thought that gifting an asset to a family member might save you tax? Think again! The Income Tax Department has laid...
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