Blogs

GST on Old Age Homes and Services for Senior Citizens

Introduction: Understanding the GST regulations concerning old age homes and services for senior citizens is crucial for compliance and financial management. This article delves into the exemptions, taxable services, and compliance procedures outlined in GST laws. In this regard first we would like to highlight the following rules and provisions under GST laws as follows: Notification […]

Guidelines for conducting investigation in certain cases – DGGI

In the ever-evolving landscape of taxation and compliance, it’s crucial to establish clear guidelines for investigations, especially concerning ease of doing business. The Directorate General of GST Intelligence (DGGI) has recently released comprehensive guidelines aimed at streamlining investigations while ensuring compliance and minimizing disruptions to legitimate business activities. Introduction: The DGGI Annual Conference held in […]

Procedure for General Authorisation for Export of GAEIS – Category 8A5 Part 2 of SCOMET

Introduction: The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), has issued Public Notice No. 53/2023, dated 27th March 2024, concerning the procedure for General Authorization for Export of Information Security items (GAEIS) under Category 8A5 Part 2 of SCOMET. This article provides a comprehensive analysis of the notification, outlining […]

Transfer Pricing – Part 2 – Compliance and Assessment Procedures

Introduction: Transfer Pricing compliance and assessment procedures is crucial for businesses engaged in international transactions. Sections 92C, 92CA, 144C, and others of the Income Tax Act, 1961 outline various aspects, from the determination of Arm’s Length Price (ALP) to Dispute Resolution Panel (DRP) mechanisms. Transfer Pricing Section 92C(3): Powers of AO to determine ALP Section […]

ITAT Mumbai upholds addition of 12.5% of profit element confirmed by NFAC

Case Law Details Case Name : ITO Vs Rajesh Amulakhrai Sanghvi (ITAT Mumbai) Appeal Number : ITA No. 2864/Mum/2023 Date of Judgement/Order : 20/03/2024 Related Assessment Year : 2009-10 ITO Vs Rajesh Amulakhrai Sanghvi (ITAT Mumbai) In a recent decision, the Income Tax Appellate Tribunal (ITAT) Mumbai addressed an appeal filed by the Revenue against […]

ITAT Kolkata Quashes Assessment Order for Violation of Natural Justice

Case Law Details Case Name : Kanchan Vanijya Pvt Ltd Vs ACIT (ITAT Kolkata) Appeal Number : ITA No.1067/Kol/2023 Date of Judgement/Order : 23/01/2024 Related Assessment Year : 2016-17 Kanchan Vanijya Pvt Ltd Vs ACIT (ITAT Kolkata) The case of Kanchan Vanijya Pvt Ltd Vs ACIT (ITAT Kolkata) revolves around the assessment order passed by […]

Madras HC Dismisses Petitions on ITR Non-Filing; Allows Case Filing with Trial Court

Case Law Details Case Name : Muthulakshmi Spinning Mils Pvt Ltd. Vs Income Tax Department (Madras High Court) Appeal Number : CRL OP(MD) No.8842 of 2022 Date of Judgement/Order : 11/03/2024 Related Assessment Year : Muthulakshmi Spinning Mils Pvt Ltd. Vs Income Tax Department (Madras High Court) The case of Muthulakshmi Spinning Mils Pvt Ltd. […]

Place of removal for GTA Services under F.O.R sale contract is place where goods were sold

Case Law Details Case Name : INOX Air Products Pvt. Ltd. Vs Assistant Commissioner Central Excise & Service Tax Division (Himachal Pradesh High Court) Appeal Number : CEA No.2 of 2019 Date of Judgement/Order : 21/03/2024 Related Assessment Year : INOX Air Products Pvt. Ltd. Vs Assistant Commissioner Central Excise & Service Tax Division (Himachal […]

CIT(A) Can’t dismiss Appeal for Non-Appearance Without Addressing issues on Merits

Case Law Details Case Name : MARC Laboratories Ltd. Vs DCIT (ITAT Delhi) Appeal Number : I.T.As. No.2731, 2732, 2733, 2730, 2734 & 2735/DEL/2022 Date of Judgement/Order : 21/03/2024 Related Assessment Year : 2011-12 MARC Laboratories Ltd. Vs DCIT (ITAT Delhi) The case of MARC Laboratories Ltd. vs. DCIT before the ITAT Delhi revolves around […]

Illegal Termination of Employee: HC grants 19 Years’ Salary

Case Law Details Case Name : Bhavesh Kant Jha Vs State of Jharkhand (Jharkhand High Court) Appeal Number : W.P.(S) No.605 of 2024 Date of Judgement/Order : 15/03/2024 Related Assessment Year : Bhavesh Kant Jha Vs State of Jharkhand (Jharkhand High Court) Introduction: The case of Bhavesh Kant Jha versus the State of Jharkhand, heard […]

Section 251 not empowers CIT(A) to discover new income source: ITAT Ahmedabad

Case Law Details Case Name : Rotex Enterprises P.Ltd. Vs DCIT (ITAT Ahmedabad) Appeal Number : ITA No. 2017/Ahd/2017 Date of Judgement/Order : 24/01/2024 Related Assessment Year : 2013-14 Rotex Enterprises P. Ltd. Vs DCIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad recently adjudicated a case concerning the powers of the Commissioner of […]

Order passed by an authority cannot go beyond scope of show cause notice

Case Law Details Case Name : Ramlala Vs State of U.P. and 4 Others (Allahabad High Court) Appeal Number : Writ-C No. 31059 of 2023 Date of Judgement/Order : 21/11/2023 Related Assessment Year : Ramlala Vs State of U.P. and 4 Others (Allahabad High Court) Introduction: The case of Ramlala Vs State of U.P. involves a […]

MCA penalises Nagapattinam Sivasakthi Chit Funds

Introduction: The Ministry of Corporate Affairs, through the Registrar of Companies, Chennai, has imposed penalties on M/s. Nagapattinam Sivasakthi Chit Funds Private Limited for its failure to maintain a registered office as required by Section 12 of the Companies Act, 2013. This adjudication order outlines the details of the violation, the adjudication process, and the […]

Tycoons Mall Retail Private Limited penalised for non-filing of annual returns

Introduction: The Ministry of Corporate Affairs, through the Registrar of Companies, Chennai, has imposed penalties on M/s Tycoons Mall Retail Private Limited for its failure to comply with Section 92 of the Companies Act, 2013. The company neglected to file its annual returns for multiple financial years, leading to regulatory action by the authorities. Background: […]

ITAT Quashes Assessment Order for Lack of Property Valuation Report

Case Law Details Case Name : Khairunnisa Vs ITO (ITAT Hyderabad) Appeal Number : ITA No.24/Hyd/2024 Date of Judgement/Order : 24/01/2024 Related Assessment Year : 2009-10 Khairunnisa Vs ITO (ITAT Hyderabad) The recent order by the Income Tax Appellate Tribunal (ITAT) Hyderabad regarding the appeal of Khairunnisa Vs ITO for Assessment Year (A.Y.) 2009-10 has […]

A Comprehensive Guide for SMEs

Small and Medium Enterprises (SMEs) play a pivotal role in driving economic growth and fostering innovation. Despite their significance, SMEs often grapple with resource limitations that hinder their ability to compete in an increasingly competitive marketplace. However, in recent years, outsourcing has emerged as a strategic solution that empowers SMEs to transcend these constraints and […]

Essential GST & Income Tax Compliances to Fulfil By 31st March 2024

Essential Compliances to Fulfil By 31st March 2024 HERE ARE SOME THINGS YOU MUST KNOW…. As the Financial year end approaches, the rush to complete tax obligations before the 31st of March is palpable among individuals and businessmen alike. It’s a crucial time when ensuring all tax compliances are met becomes a top priority. We […]

RBI Circular on Investments in Alternative Investment Funds (AIFs) Guidelines

Introduction: The Reserve Bank of India (RBI) has issued a circular, DOR.STR.REC.85/21.04.048/2023-24, addressing concerns regarding investments in Alternative Investment Funds (AIFs) by regulated entities. This article provides a detailed analysis of the circular’s provisions and their implications. Detailed Analysis 1. Clarification on Downstream Investments: The circular excludes investments in equity shares of the debtor company of […]

Temporary Suspension of IGST/RoDTEP/RoSCTL/Drawback Scrolls

Introduction: On March 19, 2024, the Central Board of Indirect Taxes & Customs (CBIC) issued Advisory No: 07/2024, regarding the temporary suspension of scrolls for IGST refund, RoDTEP, RoSCTL, and Drawback. This article delves into the implications of this advisory. Detailed Analysis: The advisory, issued by the Directorate General of Systems and Data Management in […]

Delhi VAT Deptt. Response to Sales Tax Bar Association Letters

The nexus between regulatory bodies and professional associations is crucial for a conducive business environment. In this context, the recent correspondence from the Sales Tax Bar Association (STBA) to the Department of Trade and Taxes in Delhi reflects a collaborative effort towards refining tax policies and administrative practices. Detailed Analysis 1. Rectification u/s 161 of […]

Secured Creditors have Priority Charge Over Sales, Commercial & Income Tax Claims

Case Law Details Case Name : ICICI Bank Ltd. Vs ACIT (Madras High Court) Appeal Number : WP No.157 of 2024 Date of Judgement/Order : 13/03/2024 Related Assessment Year : ICICI Bank Ltd. Vs ACIT (Madras High Court) Introduction: In a recent legal battle between ICICI Bank Ltd. and ACIT, the Madras High Court delivered […]

Depreciation not claimed as application of income U/s 11: ITAT directing re-adjudication

Case Law Details Case Name : Government Tool Room and Training Centre Vs ITO (ITAT Bangalore) Appeal Number : ITA No. 1013/Bang/2023 Date of Judgement/Order : 18/01/2024 Related Assessment Year : 2021-22 Government Tool Room and Training Centre Vs ITO (ITAT Bangalore) The recent case of Government Tool Room and Training Centre vs. ITO before […]

Section 2(22)(e) of Income Tax Act is applicable only to registered shareholders

Case Law Details Case Name : DCIT Vs Gemini Traze RFID Private Limited (ITAT Chennai) Appeal Number : ITA No. 875/Chny/2017 Date of Judgement/Order : 16/01/2024 Related Assessment Year : 2008-09 DCIT Vs Gemini Traze RFID Private Limited (ITAT Chennai) Introduction: The recent case of DCIT vs. Gemini Traze RFID Private Limited before the ITAT […]

Recent GST Related Advisories From GSTN – March 2024

Introduction: GSTN, the common portal for GST, issues timely advisories to assist taxpayers in navigating the evolving landscape of GST compliance. In March 2024, several key advisories were released, addressing crucial aspects such as registration delays, enhancements in the E-way bill system, and updates in GSTR-1/IFF. Common portal of GST, GSTN keeps on issuing advisories […]

Petitioner Not Entitled to Bail for Treatment at Specific Hospital: Delhi HC

Case Law Details Case Name : Ramesh Chandra Vs Directorate of Enforcement (Delhi High Court) Appeal Number : BAIL APPLN. 1913/2022 Date of Judgement/Order : 15/03/2024 Related Assessment Year : Ramesh Chandra Vs Directorate of Enforcement (Delhi High Court) Introduction: The recent decision by the Delhi High Court in the case of Ramesh Chandra Vs […]

Commission from Foreign Buyers for Services & Procurement Excluded from ‘Intermediary Services’ Definition

Case Law Details Case Name : Commissioner of G.S.T. and Central Excise Vs SNQS International Socks Private Limited (Supreme Court of India) Appeal Number : CIVIL APPEAL NO(S). /2024 (CIVIL APPEAL DY. NO(S). 8343/2024) Date of Judgement/Order : 19/03/2024 Related Assessment Year : Commissioner of G.S.T. and Central Excise Vs SNQS International Socks Private Limited […]

Income Tax Exemption- National Mission for Clean Ganga

The Ministry of Finance, under the Department of Revenue, Central Board of Direct Taxes, issued Notification No. 36/2024 on March 26th, 2024. This notification pertains to the tax treatment of the National Mission for Clean Ganga, an Authority working towards the rejuvenation, protection, and management of the River Ganga. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD […]

TDS u/s. 195 not deductible on expense of management and marketing support service paid to foreign company: ITAT Delhi

Case Law Details Case Name : ACIT Vs NTL Lemnis India Pvt Ltd (ITAT Delhi) Appeal Number : ITA No. 6006/Del/2019 Date of Judgement/Order : 22/01/2024 Related Assessment Year : 2013-14 ACIT Vs NTL Lemnis India Pvt Ltd (ITAT Delhi) ITAT Delhi held that expense towards management and marketing support service paid to foreign company […]

Now at Present What You Have to do?

The financial year 2023-24 is about to end, so all taxpayers who purchase goods or services from MSME registered MICRO and SMALL manufacturers and service providers are required to make payment within 45 days or if there is no agreement, then the payment is to be made within 15 days.  Under this provision, even if […]

Responsibilities of RBI registered NBFCs with regard to submission & compliances

A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013, engaged in the business of loans and advances, acquisition of shares/ stocks/ bonds/ debentures/ securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution […]

Tycoons Empire Intl. Ltd. Penalized for non-filing of Financial Statement

Tycoons Empire International Limited, a registered company under the Companies Act, 2013, based in Chennai, has been penalized for its failure to file financial statements for several consecutive financial years. The Ministry of Corporate Affairs, through the Office of Registrar of Companies in Chennai, has imposed penalties on the company and its directors for non-compliance […]

A Common order from Madras High Court

Tvl. Vardhan Infraastructre Vs Special Secretary (Madras High Court); W.P. Nos. 34792, 29878, 30607, 30613, 30615 of 2019; 11/03/2024 With increasing nationwide ongoing disputes on Cross empowerment, here is a Common relief order for a huge list of petitioners from Hon’ble Madras High Court, setting precedence on the issue. Do not miss to read the […]

Cultural Significance of Fashion Items & Accessories

Fashion items and accessories play a significant role beyond just style, they often serve as cultural statements, reflecting personal identity, social status, and even political or ideological affiliations. From iconic luxury brands to emerging designers, the fashion industry is teeming with creativity and innovation, with each piece representing a unique expression of artistry and craftsmanship. […]

Crucial Role of Control Assurance Services in Modern Business

Navigating the intricacies of modern business landscapes is akin to traversing a labyrinth of regulations, standards, and internal policies. With each evolution in the business realm comes a corresponding evolution in the challenges of maintaining control and compliance. This is where control assurance services step in, offering a structured approach to assess, monitor, and enhance […]

Applicability of provisions of section 43B(h) of Income Tax Act,1961

To safeguard the interest of the MSMEs, the government introduced section 43B (h) of the Income Tax Act, 1961 last year. The Finance Act of 2023 inserted a new clause (h) in income tax section 43B that allows deductions made to MSMEs on an actual payment ground rather than the accrual basis if the payment […]

IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024

The Insurance Regulatory and Development Authority of India (IRDAI) plays a pivotal role in regulating the insurance sector. The newly introduced regulations in 2024 aim to streamline processes concerning registration, capital structure, transfer of shares, and amalgamation of insurers. Understanding these regulations is crucial for stakeholders navigating the dynamic landscape of the insurance industry in […]

Expense excluded from export turnover to be excluded from total turnover for deduction u/s 10A: ITAT Mumbai

Case Law Details Case Name : Crisil Limited Vs ACIT (ITAT Mumbai) Appeal Number : ITA No. 7603/MUM/2012 Date of Judgement/Order : 10/01/2024 Related Assessment Year : 2008-09 Crisil Limited Vs ACIT (ITAT Mumbai) ITAT Mumbai held that the expenses excluded from the export turnover have to be excluded from the total turnover as well […]

Changes in Latest Income Tax Return (ITR) Forms for FY 2023-24

Introduction: The Income Tax Return (ITR) forms for the fiscal year 2023-24 have undergone significant revisions, impacting taxpayers across various categories. From filing deadlines to taxation updates, these changes demand attention and understanding. This article delves into the alterations in ITR Forms 2, 3, 5, and 6, offering a comprehensive analysis of each modification. “Changes in […]

MCA imposes penalty for holding directorships in violation of Section 165

In recent times, regulatory compliance within the corporate landscape has become increasingly stringent. The Ministry of Corporate Affairs (MCA) in India, entrusted with overseeing corporate governance and ensuring statutory compliance, has been steadfast in its efforts to uphold the integrity of corporate entities. One such significant regulation is Section 165 of the Companies Act, 2013, […]

AO can invoke Section 154 for Glaring Mistakes in Assessment Orders

[***] Sabari Alloys & Metals India Private Limited Vs DCIT (Madras High Court) AO can invoke section 154 if glaring mistake of Fact/Law is committed while passing assessment order Conclusion: Where an AO had also failed to do what was required under the law at the time of passing Assessment Order and had passed an […]

Reopening Without Cogent Material & on Mere Surmise/Conjecture is Unsustainable: ITAT Delhi

Naz Shazia Vs ITO (ITAT Delhi) ITAT Delhi held that the reopening of assessment had been initiated by mere surmise and conjecture without having any cogent material to form a reasonable belief that income of the assessee had escaped assessment within the meaning of section 147 of the Income Tax Act. Facts- The assessee had […]

Draft Cost Accountants Chapter Byelaws’ 2024

The Institute of Cost Accountants of India has released the proposed Revised Chapter Bye Laws for 2024. This comprehensive analysis aims to explore the key provisions, implications, and the process for stakeholders to provide feedback. The Cost Accountants Chapter Bye Laws’ 2024 represent a significant regulatory framework governing the activities of chapters under the Institute. […]

A Paradigm Shift in Insurance Sector 

Introduction: The Insurance Regulatory and Development Authority of India (IRDAI) has undertaken a significant regulatory revamp aimed at modernizing and streamlining the insurance sector. This article delves into the details of the recent reforms and their potential impact on the industry. Detailed Analysis: The recent 125th Authority meeting convened by IRDAI marked a pivotal moment […]

Withdrawal of Unclaimed Dividends – Regulation 46

The Insolvency and Bankruptcy Board of India (IBBI) has issued Circular No. IBBI/LIQ/69/2024, dated 22nd February 2024, regarding the deposit and withdrawal of unclaimed dividends and undistributed proceeds in accordance with Regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. This article delves into the details of the circular, its […]

ITAT Directs AO to Verify Claim of Fabricated Financial Statements of Assessee

ITO Vs Kali Infra Pvt. Ltd. (ITAT Chennai) Introduction: The case of ITO Vs Kali Infra Pvt. Ltd. revolves around the dispute arising from the assessment year 2013-14. The Revenue has filed two appeals against the order of the Commissioner of Income Tax (Appeals)-8, Chennai, dated 04.01.2018. Detailed Analysis: The assessee company, engaged in infrastructure […]

HC Quashes GST Order Over ITC Mismatch, Citing Lack of Hearing Opportunity

Suresh Kumar Jain Vs Sales Tax Officer Class II Avato & Anr (Delhi High Court) Introduction: The case of Suresh Kumar Jain Vs Sales Tax Officer Class II Avato & Anr pertains to a dispute arising from a Show Cause Notice (SCN) issued under the Central Goods and Services Tax Act, 2017 (CGST Act). The […]

Mere Allowable Deductions Variance is not Inaccurate furnishing of Income Particulars

PCIT-2 Vs ICICI Bank Ltd (Delhi High Court) Introduction: The case of PCIT-2 versus ICICI Bank Ltd, heard by the Delhi High Court, revolves around the imposition of penalties under Section 271(1)(c) of the Income Tax Act. The dispute arose from variations in allowable deductions claimed by the assessee. This article delves into the court’s […]

Vimal Electrical Pvt Ltd Case

Vimal Electrical Pvt Ltd Vs Commissioner of Vat & Anr (Delhi High Court) Introduction: The case of Vimal Electrical Pvt Ltd versus the Commissioner of VAT & Anr, heard by the Delhi High Court, pertains to a refund sought under the Delhi Value Added Tax Act (DVAT) for the tax period from January 1, 2017, […]

ITAT Directs AO to Verify Claim of Government Holidays Delaying PF & ESI Remittance

Gurusamy Aadhinarayanan Vs ITO (ITAT Chennai) Introduction: The case of Gurusamy Aadhinarayanan versus the Income Tax Officer (ITO), adjudicated by the Income Tax Appellate Tribunal (ITAT) Chennai, revolves around a dispute concerning the remittance of employees’ contributions towards Provident Fund (PF) and Employee State Insurance (ESI). The ITAT’s directive for re-adjudication highlights the complexities surrounding […]

Body Massager cannot be Classified as Adult Sex Toy: Bombay HC

Commissioner of Customs NS-V Vs DOC Brown Industries LLP (Bombay High Court) Introduction: The case of Commissioner of Customs NS-V vs. DOC Brown Industries LLP, heard at the Bombay High Court, revolved around the categorization of a body massager as an adult sex toy by the Customs authorities. This article provides a detailed analysis of […]

ITAT Dismisses Appeal as Income Tax Dept. Fails to File Timely with No Explanation for delay

DCIT Vs Visskan Aviation Pvt. Ltd. (ITAT Bangalore) Introduction: The case of DCIT vs. Visskan Aviation Pvt. Ltd. was brought before the Income Tax Appellate Tribunal (ITAT) Bangalore concerning the timeliness of the Department’s appeal filing. Despite the Department’s efforts to seek condonation for the delay, the ITAT dismissed the appeal due to inadequate explanation […]

26AS text to Excel Converter Tool

Instructions for Using 26AS text to Excel Conversion Tool 1.This tool will not work in older versions of Excel but it tested in 2019 version, 2021 Version and in Office 365 Version. 2. Copy the text file location as path (Ctrl+Shift+C) , paste it in yellow cell and finally Click on “26AS” button. 3. TDS […]

प्रोफेशनल स्वस्थ कैसे रहें

किसी भी प्रोफेशन की पहली आवश्यकता उसके प्रोफेशनल होते है यदि प्रोफेशनल स्वयं स्वस्थ रहेंगे तो उनका प्रोफेशन तो अपने आप स्वस्थ हो जायेगा I जब से बाज़ार में मेडिकल बीमा का चलन चला है तभी से इंसान ने अपने शरीर पे ध्यान देना छोड़ दिया है आज की सोच यही है की जो भी […]

Shifting Registered Office: One State to Other State – Steps & Procedures

Discover the process of shifting a company’s registered office from one state to another, including legal requirements, documentation, and timelines. Get insights into Section 13(4) and Rules 30-31 of the Companies (Incorporation) Rules, 2014 The post Shifting Registered Office: One State to Other State – Steps & Procedures appeared first on TaxGuru. Source link

Section 148A Procedure Not Applicable in Cases Covered by Section 132A: Kerala HC

Muhammed C K Vs ACIT (Kerala High Court) The case of Muhammed C K Vs ACIT before the Kerala High Court revolves around the validity of notices issued under Section 148 of the Income Tax Act, 1961. The petitioner challenges the issuance of these notices, arguing that the prescribed procedure under Section 148A has not […]

Section 2(22) Not Applicable to Non-Beneficiary Shareholders: ITAT Kolkata

DCIT Vs Eko Diagnostic Pvt. Ltd. (ITAT Kolkata) Introduction: The case of DCIT Vs Eko Diagnostic Pvt. Ltd. revolves around the applicability of Section 2(22)(e) of the Income Tax Act to non-beneficiary shareholders in companies receiving loans. The dispute arose from the assessment for the Assessment Year 2013-14, where the Assessing Officer invoked Section 2(22)(e) […]

Registrar of Companies Fees for Working Capital Enhancement is Capital Expenditure

Dharani Developers Private Limited Vs ACIT (ITAT Chennai) The case of Dharani Developers Private Limited Vs ACIT before the ITAT Chennai deals with the classification of fees paid to the Registrar of Companies (ROC) for enhancing working capital. The central question revolves around whether this expenditure should be categorized as revenue or capital expenditure. The […]

Dealer Advertisement Expenses not includible in Assessable Value for Excise Duty

Suzuki Motorcycle India Private Limited Vs Commissioner of Central Excise (CESTAT Chandigarh) In a recent case between Suzuki Motorcycle India Private Limited and the Commissioner of Central Excise, the issue of whether advertisement expenses incurred by dealers should be included in the assessable value for taxation purposes came under scrutiny. The verdict, delivered by the […]

ITAT Allows Indexed Cost of Construction for Penthouse Regularized on Sale Date

Jayanti Vasishta Vs ITO (ITAT Bangalore) In a recent decision, the Income Tax Appellate Tribunal (ITAT) Bangalore bench ruled in favor of the appellant, Ms. Jayanti Vasishta, allowing indexed cost of construction for a penthouse regularized on the date of sale. The case, titled Jayanti Vasishta Vs ITO, pertained to the assessment year 2014-15 and […]

Issuing Summons Not Considered Initiation under CGST Act Section 6(2)(b): Rajasthan HC

Rais Khan Vs Add. Commissioner (Rajasthan High Court) Introduction: The case of Rais Khan versus the Additional Commissioner before the Rajasthan High Court revolves around the issuance of summons under Section 70 of the Central Goods & Services Tax Act, 2017 (CGST Act). The petitioner challenges the summons issued by the Directorate General of GST […]

An Easy Guide for Incorporating a Section 8 Company in India

In India, there are several legal structures available for NGOs or Non-Profit Organizations, including Trusts, Societies, and Section 8 Companies. Among these, Section 8 Companies stand out due to their uniform regulation under the Companies Act, 2013, making them closely monitored and recognized internationally. This article aims to provide a step-by-step guide to incorporating a […]

Lucknow Bench Of Allahabad HC Strikes Down UP Madarsa Act

While grabbing news headlines most prominently in virtually every newspaper and all other forms of all types of print, electronic, news channels and social media, we see that in a path-breaking, pragmatic and progressive move, the Lucknow Division Bench of the Allahabad High Court comprising of Hon’ble Mr Justice Vivek Chaudhary and Hon’ble Mr Subhash […]

Non-Resident’s Fee for Technical Services Exempt from Taxation

Solvay Asia Pacific Pte. Ltd. Vs DCIT (ITAT Delhi) Introduction: The case of Solvay Asia Pacific Pte. Ltd. versus the Deputy Commissioner of Income Tax (DCIT) before the Income Tax Appellate Tribunal (ITAT) Delhi revolves around the taxability of income derived from providing business support services to Indian group entities under the India-Thailand Double Taxation […]

आयकर धारा 43बी(एच) को लेकर अभी आपको क्या करना है

2023-24 का वित्तीय वर्ष बस अब समाप्त होने वाला है तो सभी करदाताओं पर जो कि MSME में रजिस्टर्ड MICRO एवं SMALL निर्माताओं एवं सेवा प्रदाताओं से माल अथवा सेवा खरीदते हैं उन्हें 45 दिन या यदि कोई अग्रीमेंट नहीं है तो 15 दिन में भुगतान करना होता है का नियम लागू है. इस नियम […]

ITAT allows Expenditure on power of attorney, air tickets, hotel stays against capital gain

Adil Rehman Vs ITO (ITAT Hyderabad) In a recent decision by the Income Tax Appellate Tribunal (ITAT) Hyderabad, the Tribunal ruled in favor of the taxpayer, allowing various expenses incurred in connection with the transfer of property to be deducted against capital gains. The case, titled Adil Rehman Vs Income Tax Officer (ITO), pertained to […]

Enhancing Transparency in Liquidation Process: IBBI’s Directive to Stakeholders

Introduction: The Insolvency and Bankruptcy Board of India (IBBI) is taking significant steps to enhance transparency and stakeholder engagement in the liquidation process. In a recent circular, the board addressed key concerns regarding the dissemination of progress reports and the preparation of preliminary reports. This article delves into the directives issued by IBBI and their implications […]

Eligibility and process of Registration of Society

Introduction: A society in easy words is a group of people who have a continuous social interactions or it is a large group of people who share the same social or spatial territory. Societies are characterized by patterns of relationships between individuals who share a distinctive culture and institutions. The Societies Registration Act of 1860, which […]

Why PAN-Aadhaar linking is beneficial

Please remain informed that IT department made it mandatory for all PAN holders (except those who fall under the exempt category) to link their PAN-Aadhar by 30th June 2023. Therefore from July 1, as per Income Tax Department official guidelines all PAN cards those were not linked to Aadhaar became inoperative. Additionally, people who hold such PAN will also not be […]

Appellant entitled to avail cenvat credit on input services distributed by ISD (HO_

Nalco Water India Limited Vs Commissioner of CGST & Excise, Howrah (CESTAT Kolkata) Introduction: The case of Nalco Water India Limited versus the Commissioner of CGST & Excise, Howrah, adjudicated by the CESTAT Kolkata, revolves around the distribution of input service credit by an Input Service Distributor (ISD) to the appellant’s manufacturing unit. The dispute […]

Prima facie Pre-SCN (ASMT-10) Before issue of DRC-01 is Mandatory: HC Grants Stay

Hindustan Construction Company Limited vs Union of India and others (Himachal Pradesh High Court) Introduction: The Himachal Pradesh High Court issues notice and grants a stay of recovery proceedings in the case of Hindustan Construction Company Limited vs Union of India. The court acknowledges the mandatory nature of ASMT 10 under Rule 99 of the […]

Understanding the Capital Gain Account Scheme

Introduction The Capital Gain Account Scheme (CGAS) was introduced by the Central Government of India in 1988 as a part of the Income Tax Act. It serves as a tool for taxpayers to defer the tax liability arising from capital gains until the gains are reinvested in specified assets. Eligibility for CGAS CGAS is applicable […]

Order Restraining Coercive Action Doesn’t Halt ED Investigation: SC

Dr. Manik Bhattacharya Vs Ramesh Malik and Others (Supreme Court of India) The Supreme Court’s recent ruling addresses the interplay between an order restraining coercive action and the Enforcement Directorate’s investigation under the 2002 Act. In the case of Dr. Manik Bhattacharya Vs Ramesh Malik and Others, the petitioner sought relief regarding alleged illegalities in […]

Judicial comity & judicial discipline demands that higher courts follow law: SC

Directorate of Enforcement Vs Niraj Tyagi & Ors. (Supreme Court of India) Introduction: The legal dispute between the Directorate of Enforcement and Niraj Tyagi & Ors reached the Supreme Court, challenging interim orders by the Allahabad High Court. This article delves into the intricacies of the case, analyzing the background, key arguments, and the apex […]

HC Quashes GST Order As Section 74 SCN was vague

Durge Metals Vs Appellate Authority and Joint Commissioner State Tax (Madhya Pradesh High Court) Introduction: The case of Durge Metals versus the Appellate Authority and Joint Commissioner, State Tax, before the Madhya Pradesh High Court, revolves around the challenge to certain notices issued under the GST Act. The petitioner contested the adequacy of the show […]

CBDT notifies ‘Principal Secretary, Planning Department, UP U/s. 138(1)(a)(iii)

Notification No. 35/2024, issued by the Ministry of Finance, specifies the Principal Secretary, Planning Department, Government of Uttar Pradesh, under sub-section (1) of section 138 of the Income Tax Act, 1961. This move is crucial as it designates a specific authority for certain purposes outlined within the Act. Sub-section (1) of section 138 of the […]

Time limit for completing assessment will start from document handing over date even when AO of searched and other person is same

[***] LKS Gold House Private Limited Vs DCIT (Madras High Court) Madras High Court held that even if AO of both searched person and other person is same, for completing Assessment proceedings and passing the Assessment order has to be calculated from the date on which the documents were handed over or deemed to have […]

Enhancement of import value based on consent letter without following due process is unsustainable: CESTAT Ahmedabad

Rajkamal Industrial Pvt Ltd Vs C.C.-Kandla (CESTAT Ahmedabad) CESTAT Ahmedabad held that enhancement of import value merely on the basis of consent letter of the importer without following due process of law as contemplated u/s. 14 of the Customs Act read with Customs Valuation Rules, 2007 is unsustainable in law. Facts- Present appeals are preferred […]

Deduction u/s. 80IA accepted in initial AY same cannot be denied in subsequent AY: ITAT Mumbai

Tata Power Co. Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that once assessee’s claim of deduction u/s. 80IA of the Income Tax Act on Supa Wind Power Project 17 MW Unit has been accepted in the initial Assessment Year, the same cannot be denied in the subsequent Assessment Years. Facts- The assessee is engaged […]

Stay Application Consideration Not Tied to 20% Pre-Deposit: Delhi HC

National Association of Software and Services Companies Vs DCIT (Exemption) (Delhi High Court) Introduction: The National Association of Software and Services Companies contested an adjustment of a disputed tax demand against refunds due to them. This adjustment occurred despite pending rectification applications and a stay application. The Delhi High Court examined the legality of this action. […]

ITAT Directs AO to Review All Documents for Determining Deductible Expenditures

Ardom Towergen (P) Ltd. Vs DCIT (ITAT Delhi) Introduction: The case of Ardom Towergen (P) Ltd. vs. DCIT, heard by the Income Tax Appellate Tribunal (ITAT) Delhi, addresses the deductibility of a loan advanced for the repayment of business operation liabilities under section 37(1) of the Income Tax Act. This article provides a detailed analysis […]

Section 41(1) Addition Not Permissible Solely Due to Lapse of Limitation Period: ITAT Mumbai

Ecokrin Hygiene Pvt. Ltd. Vs DCIT (ITAT Mumbai) Introduction: In the case of Ecokrin Hygiene Pvt. Ltd. vs. DCIT (ITAT Mumbai), the Income Tax Appellate Tribunal (ITAT) delivered a significant verdict regarding additions under section 41(1) of the Income Tax Act for the assessment year 2013-14. This article provides a detailed analysis of the case […]

Business Strategy Planning Support Services

Empowering SMEs: Business Strategy Planning Support Services In the dynamic landscape of business, Small and Medium Enterprises (SMEs) grapple with a myriad of obstacles. Ranging from intense competition to shifting consumer preferences and technological advancements, SMEs encounter challenges in sustaining growth and securing long-term success. Amidst these hurdles, the significance of effective business strategy planning […]

Allahabad HC Invalidates Notice u/s. 148A(b) for Service to Unregistered Email ID

Grs Hotel Pvt. Ltd. Vs Union Of India (Allahabad High Court) Allahabad High Court held that valid service of notice under section 148 of the Income Tax Act is a condition precedent for making reassessment under section 147. Accordingly, non-service of notice on registered email ID is unsustainable in the eyes of law. Facts- The […]

Excel Template for Applicability of Section 43B(h) of income Tax Act

Excel Template for Applicability of Section 43B(h) of income Tax Act The Finance Act 2023 added one more item to the list in Section 43B by virtue of clause (h), the deduction of which shall be allowed on a payment basis. It provides that any sum payable to a micro or small enterprise (MSE) beyond […]

Registration, ITC & Place of Supply

GST Registration, Input Tax Credit And Place Of Supply Provisions For Work Contractors (Doing Work In State Other Than State Of Registration) It’s been more than 6.5 years since the inception of the Goods and Services tax in our country but there still are too many questions unanswered about the understanding of its provisions. Amongst […]

Taxation on Winnings from Online Games: Regulations & Calculations

With the rise of online gaming platforms, the taxation of winnings from these games has become a pertinent issue. The Finance Act of 2023 introduced Section 115BBJ, outlining the tax implications on income from online games, effective from April 1, 2024. Additionally, Section 194BA mandates TDS deductions on such winnings. Understanding these provisions and their […]

Understanding Income Tax Regimes & Mandatory Filing: A Comprehensive Guide

Introduction: Navigating through income tax regulations can be a daunting task for many individuals. With the introduction of new tax regimes and varying exemption limits, taxpayers age is below 60 often find themselves unsure about their filing obligations. In this guide, we’ll explore the scenarios where individuals are mandatory to file taxes under different tax […]

Section 50C Inapplicable to Assessee in Property Redevelopment Business: ITAT Mumbai

Tirupati Developers Vs ACIT (ITAT Mumbai) Introduction: The case of Tirupati Developers vs ACIT (ITAT Mumbai) revolves around the applicability of Section 50C of the Income Tax Act in determining capital gains from a redevelopment project. The Income Tax Appellate Tribunal (ITAT) in Mumbai rendered a crucial decision regarding the addition under Section 50C for […]

Andhra Pradesh HC Denies Police Custody in Rs. 8 Crore GST Scam Case

State of Andhra Pradesh Vs Prathipati Sarath (Andhra Pradesh High Court) Introduction: The Andhra Pradesh High Court recently ruled on a revision petition filed in a significant case involving alleged GST-ITC fraud amounting to Rs. 8 crores. The petition sought police custody for a prominent political figure’s son. Let’s delve into the details of the […]

Election Expenditure Monitoring: Curbing Money Power

Introduction: The Election Commission of India (ECI) has issued a crucial directive to combat the influence of money power during the upcoming General Elections to Lok Sabha and Legislative Assemblies of Andhra Pradesh, Arunachal Pradesh, Odisha, and Sikkim in 2024. In a bid to ensure fair and credible elections, the ECI has sought collaboration with […]

SC Issues Guidelines To Courts For Protection Of Couples

Introduction: In a groundbreaking judgment, the Supreme Court has issued guidelines to safeguard the rights and dignity of couples seeking protection, emphasizing a non-judgmental approach towards their relationships. This article delves into the key aspects of the verdict and its implications. It gives me extreme happiness to note that the Apex Court which is the […]

conclusion of AO of wrongful ITC availing indicates non-application of mind

Vijaykumar Vs State Tax Officer (Madras High Court) Petitioner availed Lower ITC Than GSTR 2A Amounts: conclusion of AO of wrongful ITC availing indicates non-application of mind The recent judgment by the Madras High Court in the case of Vijaykumar vs. State Tax Officer addresses critical issues regarding the availing of Input Tax Credit (ITC) […]

ITAT Deletes Cash Deposit Addition; Source Linked to Property Sale Advance received by father

Aashish Luthra Vs ITO (ITAT Mumbai) The case of Aashish Luthra vs. ITO, heard at the ITAT Mumbai, revolves around the addition of cash deposits made into the assessee’s bank account during the assessment year 2006-07. The Assessing Officer (AO) raised concerns based on AIR information, prompting the reopening of the assessment under section 147 […]

Addition on account of bogus purchases should be limited to profit margin involved therein: ITAT Mumbai

B Narayan Associates Vs CIT (ITAT Mumbai) ITAT Mumbai held that addition in case of bogus purchases should be limited to the extent of G.P. rate on purchases. Accordingly, matter remanded with direction to reduce addition only to the extent of profit margin involved in such purchases. Facts- The assessee is a partnership firm carrying […]

No Section 271D Penalty for Cash Loans from Close Relatives: Reasonable Cause

Mani Sundaram Vs ITO (ITAT Chennai) No section 271D penalty on cash loan from close relatives due to reasonable cause which subsequently treated as gifts The case of Mani Sundaram Vs ITO (ITAT Chennai) revolves around the imposition of penalty under section 271D of the Income Tax Act, 1961, for availing cash loans from close […]

CESTAT can Dismiss Customs Appeal for Non-Compliance with Pre-Deposit requirement

G & S International Vs Commissioner of Customs (Delhi High Court) The case of G & S International vs. Commissioner of Customs, adjudicated by the Delhi High Court, revolves around the authority of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) to dismiss customs appeals for non-compliance with pre-deposit requirements under Section 129E of […]

Interest & Dividend from Investments between Co-op Societies Eligible for Section 80P(2)(D) Deduction

Konkan Education Society Sevak Sahakari Patpedhi Ltd Vs ITO (ITAT Pune) Introduction: The case of Konkan Education Society Sevak Sahakari Patpedhi Ltd versus the Income Tax Officer (ITO), as adjudicated by the Income Tax Appellate Tribunal (ITAT) Pune, sheds light on the eligibility of deductions under Section 80P(2)(D) of the Income Tax Act. This article […]

Disjunctive ‘Or’ Signifies Dual Scenarios Requiring Personal Hearing

Shree Sai Palace Vs State Of U.P. And Others (Allahabad High Court) In the case of Shree Sai Palace vs State Of U.P. And Others heard in the Allahabad High Court, the petitioner challenged an order passed by the Additional Commissioner, Grade – 2, (Appeals – 2nd), Commercial Tax, Jhansi, dated December 16, 2022. The […]

Absence of thorough verification of origin of cash funds: ITAT directs re-adjudication

Shantabai Jasraj Lodha Vs ITO (ITAT Pune) Shantabai Jasraj Lodha’s appeal challenges the National Faceless Appeal Centre’s order regarding additions to her income. Examining the dispute over a cash deposit of Rs. 20,00,000 during demonetization, the appeal contests the CIT(A)-NFAC’s affirmation of the Assessing Officer’s decision. The crux of the appeal revolves around the source […]

Kerala HC stays Income Tax Recovery till disposal of Stay Petition

Koothery Narayanan Vijayan Vs Assessment Unit -Income Tax Department (Kerala High Court) Introduction: In a recent case before the Kerala High Court, Koothery Narayanan Vijayan challenged an assessment order issued by the Income Tax Department for the assessment year 2018-2019. Vijayan filed an appeal and a stay application, seeking relief from the recovery proceedings initiated […]

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