MSME Payment Disallowance: The Finance Act 2023 Time Bomb Every Taxpayer Must Defuse
Section 43B(h) MSME Payment Disallowance — Complete Guide with Emerging Case Laws, Practical Strategy & AY 2024-25 Litigation Alert Relevant Sections & Provisions Section 43B(h) — Deduction only on actual payment to Micro or Small Enterprises within prescribed time limits (inserted by Finance Act 2023, w.e.f. AY 2024-25) Section 15 of MSMED Act, 2006 — […]
Section 56(2)(x): Property Transactions and the Stamp Duty Trap
The Quick Reference Box Parameter Legal Position Who is taxed? Buyer — on difference between stamp duty value and consideration Trigger amount Difference must exceed ₹50,000 OR 10% of consideration Tax rate Normal slab rates under the head “Income from Other Sources” Safe harbour tolerance 10% of consideration (Finance Act 2020, from AY 2021-22) Is […]
Section 68 Cash Credits: When the AO’s Addition Fails
The Quick Reference Box Parameter Legal Position Who bears the burden? Assessee — primary burden to prove identity, creditworthiness, genuineness When does burden shift? After assessee produces adequate documentation What must AO do after burden shifts? Conduct independent inquiry — cannot sit back Withdrawn statement — sufficient to sustain addition? No — ITAT Mumbai 2026 […]
The Supreme Court’s Landmark Ruling on Reassessment
Section 148A Reassessment Procedure — Supreme Court’s Definitive Ruling in Rajeev Bansal Case: What Every Tax Professional Must Know Relevant Sections & Provisions Section 147 — Income escaping assessment Section 148 — Notice for income escaping assessment Section 148A — Conducting inquiry, providing opportunity before issue of notice under Section 148 (inserted by Finance Act […]