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Archive: 28 June 2022

Posts in 28 June 2022

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices?

April 29, 2024 7119 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Join Live Webinar and get Book on Section 43B(h)

April 29, 2024 5088 Views 1 comment Print

Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down intricacies of Section 43B(h)

Refund of security deposit to Broker Dealers on surrender of membership

June 28, 2022 2454 Views 1 comment Print

On approval of application for surrender of Broker Dealer’s registration by IFSCA, the Stock Exchange shall release Security Deposit of the Broker Dealer (engaged in trading on behalf of clients) after twelve months from the date of approval of surrender application by IFSCA.

Buyer not at fault for Non-payment of GST by Seller

June 28, 2022 25245 Views 0 comment Print

It was ruled that if the petitioner had made the payment before the supplier’s GST registration got cancelled and if the decisions by the SC and HC in the cases supported by the petitioner concur, then the petitioner should rightfully be given the benefit of ITC.

TDS under Section 194R – Brief Analysis

June 28, 2022 36429 Views 3 comments Print

From 1st July, 2022, Section 194R will be applicable which states deduction of tax on benefit or perquisite in respect of business or profession i.e. TDS on benefit or perquisites given. It is a general practice in many industries to gift cars, luxurious trips, laptops, mobile etc. as a gift for achieving targets or as […]

Section 80-IC deduction eligible on exchange rate fluctuation

June 28, 2022 1449 Views 0 comment Print

Explore the ITAT Chandigarh ruling in Classic Binding Industries vs. DCIT case. Victory for the assessee on 80-IC deduction for exchange rate fluctuation and substantial expansion.

Entertainment subsidy is a capital receipt & not revenue receipt

June 28, 2022 1176 Views 0 comment Print

Explore the ITAT Pune ruling in Karandikar Enterprises vs. ACIT case. Victory for the assessee on the treatment of entertainment tax subsidy as a capital receipt, with detailed analysis.

Provisioning Requirement for Investment in Security Receipts (SRs)

June 28, 2022 1194 Views 0 comment Print

The difference between the carrying value of such SRs and the valuation arrived at as on the next financial reporting date after the date of issuance of MD-TLE, in terms of clause 77 of the MD-TLE, may be provided over a five-year period starting with the financial year ending March 31, 2022 – i.e. from FY2021-22 till FY2025-26.

ITAT deletes addition for interest accrued on non-performing assets

June 28, 2022 531 Views 0 comment Print

Explore the ITAT Bangalore ruling in ACIT vs. Davangere District Central Co-operative Bank Ltd regarding the deletion of interest addition on non-performing assets (NPA).

Penalty imposable for Bogus Claim of Short Term Capital Loss

June 28, 2022 1020 Views 0 comment Print

Explore the ITAT Ahmedabad decision in Texmat Agencies Pvt. Ltd. vs. ITO regarding the upheld penalty for the assessee bogus short-term capital loss claim.

In absence of fresh tangible material Reassessment proceedings liable to be quashed

June 28, 2022 798 Views 0 comment Print

Explore the details of the ITAT Chennai decision in Indian Overseas Bank vs. JCIT, quashing the reassessment on interest income and addressing the deduction under section 80M.

CIT(A) cannot confirm Findings of AO without Examining Documentary Evidences filed by Assessee

June 28, 2022 498 Views 0 comment Print

Dive into Smt. Rani appeal against the addition of Rs. 611,000 as unexplained cash deposit. Detailed analysis of the ITAT Amritsar order and its implications.

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