"25 May 2022" Archive

Once insolvency petition is admitted, moratorium effect is to be given to pending suits or proceedings as per section 14

Srei Equipment Finance Limited Vs Additional / Joint/ Deputy / Assistant Commissioner of Income Tax (Calcutta High Court)

Srei Equipment Finance Limited Vs Additional / Joint/ Deputy / Assistant CIT (Calcutta High Court) Facts- The appellant had filed the writ petition challenging the notice dated 23rd March, 2022 which is an opportunity granted to the assessee to show cause as to why the proposal made in the notice by way of giving effect […]...

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Assessment order passed, without timely service of notice u/s 143(2), is null & void

ITO (Exemption) Vs Innovative Welfare and Educational Society (ITAT Delhi)

ITO (Exemption) Vs Innovative Welfare and Educational Society (ITAT Delhi) Facts- The Assessee had filed its ROI on dated 31.03.2006 by declaring Nil income which was processed and resulting into passing of the assessment order u/s 143(3) of the Act on dated 21-09-2007. Later on it came to the knowledge of the AO that the […]...

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TNMM is most appropriate method for determining ALP for payment of license & management fees

Bostik India Private Limited Vs DCIT (ITAT Bangalore)

TPO /DRP in their order has expressed an inability to compute the ALP using CUP due to a lack of information in the public domain. Given the difficulty / impossibility in computing ALP using CUP and considering the close nexus between the manufacturing activity and payment of management / license fees, the method to be adopted for benchma...

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Section 54F Exemption allowable even if new residential house is purchased in wife’s name

Kaushlendra Singh Vs ITO (ITAT Jaipur)

We observed that the exemption was claimed U/s 54F of the Act on this account is Rs. 6,33,190/-. It is further noticed that the Assessing Officer has not disputed the purchase of new house in the name of wife of the assessee though the claim was denied by the AO....

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Not yet linked your Adhaar with PAN? Here are the consequences..

Aadhaar, also known as a Unique Identity number, is a 12-digit number issued by the Unique Identification Authority of India (UIDAI). PAN is a 10-digit alphanumeric number allotted by the Income Tax (I-T) department. Instances had come to the notice of the I-T Department that multiple PANs have been allotted to one person or one […...

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Posted Under: Income Tax |

Section 11 & 12 Exemption allowable to Surat District Cricket Association

ACIT Vs The Surat District Cricket Association (ITAT Surat)

When the assessee’s main dominant and prime objective was to promote the sports was not desire to earn profits but, object of promoting sports for Nation, it was clearly a charitable purpose. Assessee was entitled for exemption under section 11....

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Basics of Banking: Reconciliation Set Up & Process at Banks

The reconciliation work of Inter Office accounts is normally centralized at a designated office of the bank (the reconciliation department. In the new CBS environment, most of the banks have centralized this reconciliation work at the IT department at the Head Office. While practices may differ from bank to bank, the inter branch accounts...

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Posted Under: Income Tax |

Amendment In Related Party Disclosures WEF 1.4.2022 vide SEBI LODR Regulations

Stock Exchange Board of India vide SEBI (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021, SEBI (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021, dated 9th November, 2021 dated 9th November, 2021 which shall come effect from 1st April, 2022, introduced many substanti...

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Posted Under: Income Tax |

How to save tax on Capital Gains from sale of Shares or Mutual Funds?

As per data reported by the Ministry of Finance, India’s Demat account holders more than double in 3 years to 7.38 crore in Oct. 2021. It’s an incontrovertible fact that Investment in Shares and Mutual Funds is the most popular form of Investment. Hence, it is important to understand the taxability of Gains arising from […]...

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Posted Under: Income Tax |

Tax Benefit from Electric Vehicle

Have you been thinking of buying an electric vehicle lately? In addition to compensate the rising fuel prices, purchasing an electric vehicle shall also give you a tax benefit under income tax. To promote and encourage the use of electric vehicles by Indians, government of India has introduced a new provision to provide tax benefit [&hell...

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Posted Under: Income Tax |

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