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Penalties Imposed by ROC on Company and Directors for Paying Excess Remuneration: An Analysis of Legal Requirements under the Companies Act, 2013
Overview of the Matter(i) Case ContextThis article discusses a recent adjudication by the Registrar of Companies (ROC), Cuttack, concerning the breach of statutory limits for managerial remuneration b...
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Supreme Court Defines 'Temporary Lull' Versus 'Business Cessation': Implications for Non-Resident Assessees and Multinational Enterprises
IntroductionThe Supreme Court of India, in its recent decision in Pride Foramer S.A. v. CIT ([2025] 179 taxmann.com 464/307 Taxman 371/481 ITR 1, dated 17 October 2025), has provided crucial guidance...
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Limitation on the Authority to Remand Cases for Fresh Determination under Indian Income Tax Law
1. OverviewIt is a relatively common practice for appellate bodies, whether courts or statutory authorities, to remit matters to lower forums for reconsideration or retrial. However, the ability to re...
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Distinguishing Between Capital Assets and Business Assets: A Tax Perspective
1. Overview: Why Asset Classification Drives Tax OutcomesThe distinction between capital assets and business assets is a recurring and critical issue in Indian tax law. This classification influences...
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Essential Updates for GSTR 9/9C Filing for FY 2024-25: Key Changes and Practical Guidance
The Goods and Services Tax Network (GSTN) has issued fresh FAQs introducing significant clarifications for the Annual Return (GSTR 9) and Reconciliation Statement (GSTR 9C) pertaining to Financial Yea...
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Tax Adjudication and Principles of Natural Justice under the GST Framework
Introduction to GST and the Evolution of Tax AdjudicationThe conceptualization of the Goods and Services Tax (GST) in India traces back to the administration led by Atal Bihari Vajpayee. GST, a unifie...
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Reassessing Allowable Deductions: Air Conditioners and Travel Expenses in Capital Gains Computation
Overview and Contexti) Background of Capital Gains and Improvement CostsThe Income Tax Act, 1961, under Section 48, specifies the computation method for capital gains. When an assessee sells a capital...
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The Bombay High Court’s Guidance Post-Supreme Court Recall in Benami Law
1. Introduction: Context of Legal Flux in Benami AdjudicationThe recent decision of the Bombay High Court in Ganesh Sopan Satkar (2025) emerges as a significant appellate response following the Suprem...
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Ensuring Procedural Fairness in Tax Proceedings: Lessons from Administrative Inactivity
(i) Judicial Emphasis on Natural JusticeIn the matter of Shubham Steel Traders v. State of UP [2024] 160 taxmann.com 374/86 GSTL 77/104 GST 164 (Allahabad), the Allahabad High Court reaffirmed the cri...
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The Cess Conundrum: Persistent Obstacles for Indian Businesses
1. Introduction: Understanding the Concept of Cess(i) Defining Cess and Its Role in Indian TaxationA cess, in simple terms, is an extra charge levied by the government in addition to standard taxes to...
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Approach to GSTR 9 for FY 2024-25: Understanding ITC Claim, Reversal, and Reclaim
IntroductionThe Form GSTR 9 for the financial year 2024-25 introduces significant updates, particularly in the manner of disclosing input tax credit (ITC) claimed, reversed, and reclaimed. These chang...
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Significant Penalties Imposed for Non-Compliance During Private to Public Company Conversion: Lessons from M/s. Om Yash Projects Limited
Overview of the CaseThis article examines the series of regulatory breaches committed by M/s. Om Yash Projects Limited, an Ahmedabad-based entity, during its transition from a private limited company...
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Comprehensive Guide to Taxation of Virtual Digital Assets (VDAs) in India: A Detailed Analysis
In recent years, digital assets such as cryptocurrencies and Non-Fungible Tokens (NFTs) have shifted from niche interests to mainstream investment choices for Indian assessees. Understanding the intri...
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Chhattisgarh High Court: No Coercive Measures in Fake ITC Investigations When Assessees Cooperate
Background and Key Ruling(i) Overview of the Court’s DecisionThe Chhattisgarh High Court, in the matter of Harsh Wadhwani & Anr. v. Additional Director General Directorate General of GST Intelligence,...
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Emerging Legal Framework: Fractional Shares and Producer LLPs Under the Proposed Corporate Laws Amendment
Introduction to Upcoming Corporate Law ReformsThe Ministry of Corporate Affairs (MCA) is set to propose amendments to key corporate legislation in the upcoming Winter Session of Parliament. The antici...
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How the Indian Government Already Knows Your Income Before You Submit Your Income Tax Return
Introduction: The Reality of Pre-Filed Financial DataAssessees often believe that only after they file their Income Tax Return (ITR) does the Income Tax Department become aware of their income details...
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Major Income Tax Updates Introduced by the Finance Act, 2025
OverviewThe Finance Act, 2025 marks a transformative phase in India’s income tax system, focusing on greater simplicity, reduced litigation, and alignment with the nation’s evolving economic landscape...
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Key Changes in Income Tax Under the Finance Act, 2025: Enhanced Reliefs and Simplified Compliance
Introduction: Transforming Tax Relief for Individuals and MSMEsWith the passage of the Finance Act, 2025, significant reforms have been incorporated into India’s income tax framework. The legislative...
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GST Treatment of Personal, Corporate, and Bank Guarantees: A Comprehensive Analysis
1. Introduction to Guarantees in Financial TransactionsGuarantees serve as key instruments in lending and commercial dealings by providing assurance to creditors regarding the fulfillment of obligatio...
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Income Tax Act, 2025: A Contemporary Legal Framework for Taxation in India
OverviewThe Income Tax Act, 2025 ushers in a transformative era for Indian taxation, supplanting the long-standing Income Tax Act, 1961. Effective from April 1, 2026, this legislation is crafted to re...