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Showing posts from May, 2025

Circular - CBDT extended the due date of furnishing of Return of Income u/s 139 (1) of the Act for the A.Y. 2025-26 from 31st July, 2025 to 15th September, 2025 in the case of assessees referred in clause ( c) of Explanation 2 to sub-section ( 1) of section 139 of the Act.

  Circular No. 06/2025 dated 27.05.2025 "The Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Income-tax Act, 1961 ( 'the Act'), extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2025-26 in the case of assessees referred in clause ( c) of Explanation 2 to sub-section ( 1) of section 139 of the Act, which is 31st July, 2025 to 15th September, 2025."
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Case Law (SC) - Where an assessee is entitled to deduction u/s 80HHC as well as 80IA, the deductions have to be computed separately, but the total deduction shall be restricted to gross total income computed under section 80IA.

Shital Fibers Limited v. CIT [2025 INSC 743] dated 20.05.2025 Issue :- The extent of deduction allowable separately under Section 80-IA and Section 80-HHC and the extent of deduction allowable through each provision and overall deduction allowable by adding them up. Holding "Section 80-HHC provides for a deduction in respect of profits retained for export business. The provision is applicable to a company or a person engaged in business of export out of India of any goods or mercantile to which the Section applies. In computing the total income, the assessee is entitled to deduction to the extent of percentage of profits set out in Subsection (1B) of Section 80-HHC.  17. Section 80-IA deals with deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development etc. Sub-section (1) provides that when the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any busi...
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Case Law (SC) -- SLP dismissed against Gujarat High Court decision that the amount paid by the petitioner as pre-deposit in compliance of section 107 (6) (b) of the CGST Act utilizing the amount of Electronic Credit Ledger is valid. Therefore, the appeal filed by the petitioner is required to be heard on merits by considering the payment of pre-deposit by the petitioner from Electronic Credit Ledger as a sufficient compliance of the provisions of section 107 (6) (b) of the CGST Act.

UNION OF INDIA & ANR. v. YASHO INDUSTRIES LIMITED [SPECIAL LEAVE PETITION (CIVIL) No(s). 17547/2025 ] dated 19.05.2025 "W e find that the impugned order passed by the High Court in R/SCA No. 10504/2023 would not call for any interference. Hence, the Special Leave Petition is dismissed." YASHO INDUSTRIES LIMITED VERSUS UNION OF INDIA & ANR. [ R/SPECIAL CIVIL APPLICATION NO. 10504 of 2023][ 2022:GUJHC:56517] " 6. Considering the facts of the present case, the amount paid by the petitioner as pre-deposit in compliance of section 107 (6) (b) of the CGST Act utilizing the amount of Electronic Credit Ledger is required to be considered valid and impugned letter dated 25.04.2023 issued by the respondent No. 2 directing the petitioner to pay pre-deposit amount through Electronic Cash Ledger is therefore, hereby quashed and set aside. Therefore, the appeal filed by the petitioner is required to be heard on merits by considering the payment of pre-deposit by the petitioner...
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