Smt.Chandrakala Shashidhar Vs ITO (ITAT Bangalore) Held that assessee would be entitled to the benefit u/s 54F of the I.T.Act once it is demonstrated that the consideration received on transfer has been invested either in purchasing a residential house or in construction of a residential house even though the transactions are not complete in all […]
VCI Hospitality Ltd. Vs DCIT (ITAT Delhi) Interest expenses on FBT being penal in nature cannot be treated as business expenses Facts- Assessee is a company engaged in the business of hotel operations and marketing activities. Assessee filed its ROI for A.Y. 2011-12 on 30.09.2011 declaring income of Rs.80,67,320/-. The case was selected for scrutiny […]
La Opala Rg. Ltd. Vs DCIT (ITAT Kolkata) The assessee was under compulsion to maintain a deposit with the electricity board to ensure supply of power to the unit and such interest income had first-degree nexus with the eligible undertaking of the assessee and accordingly the same would equally qualify for the deduction u/s 80IC […]
DCIT Vs NCR Business Park Pvt. Ltd. (ITAT Delhi) This bench is of considered view that there are two kinds of provisions under the Act, one in respect of what is allowable and other in respect of what is not allowable, i.e., they override the provisions. The overriding provisions should first be applied and then […]
AO erred in assessing cessation of liability towards unsecured loans availed from financial institutions in terms of order of BIFR u/s. 41(1) of Income Tax Act, 1961.
Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001. Circular No. No. IBBI/IU/51/2022 | Dated: 15th June, 2022 To Information Utility (By mail to registered email address and on the website of the IBBI) Dear Madam /Sir, Subject: Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to Adjudication […]
MGST: Orders for power delegation & area jurisdiction in case of DCST-INV & ACST-INV COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated 15th June, 2022. Order MAHARASHTRA GOODS AND SERVICES TAX ACT, 2017. Order No. PWR-GST/2017/01/ADM-8/(I).—In exercise of the powers conferred by sub-section (2) of section 4 of the Maharashtra […]
Given that a significant part of the premium is being accounted on estimation basis, a need is felt to lay down guidelines to govern the accounting and disclosures of premium recognized on estimation basis in the annual report.
Investors subscribing to mutual fund units on or after August 1, 2022, shall have the choice of: a. Providing nomination in the format specified in fourth schedule of SEBI (Mutual Funds) Regulations, 1996 (or) b. Opting out of nomination through a signed Declaration form
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022 Insolvency and Bankruptcy Board of India Press Release No. IBBI/PR/2022/28 | Dated: 15th June, 2022 Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 […]
