30/08/2022
1. Government may consider allowing some basic deductions and make the slabs more graded to make it more attractive to taxpayers under different brackets, analysts say. However, the dual regime tax regime may continue for another 2-3 years until the new regime finds acceptability through a mix of deductions and lower tax rates.
2. Karnataka High Court allows Assessees’ writ petitions challenging the post-search assessments under Section 153C where the Assessees were the ‘searched person’ and assessment was based on loose sheets and diary entries; [Sunil Kumar Sharma v. DCIT – Date of Judgement 12.08.2022 (Karn.)]
3. The GST Council, in its next meeting, is expected to take up a proposal to implement the Supreme Court ruling regarding IGST (Integrated Goods & Service Tax) on ocean freight.
4. Notice u/s 148A(b) - ITR and GST Data did not reconcile. The show cause notice primarily states that “it is seen that the Assessee has made purchases from certain non-filers”. However no details or any information of these entities was provided to the Assessee. It is not understood as to how the Assessee was to know which of the entities it dealt with were filers or non-filers. BEST BUILDWELL PRIVATE LIMITED Vs. INCOME TAX OFFICER , 01/08/2022 , (Delhi High Court) (Favour of Assessee)
