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Archive: 16 November 2022

Posts in 16 November 2022

Voluntary CSR Expenditure exclusively for purpose of business allowable

November 16, 2022 2220 Views 0 comment Print

CSR expense disallowance is restricted to expenses incurred by assessee under statutory obligation u/s.135 of companies Act 2013 and it doesn’t apply to expenditure incurred in discharge of corporate social responsibility (CSR) on voluntarily basis.

Interest rate on unsecured loan cannot be excessive if same is less than interest paid on secured loan

November 16, 2022 1623 Views 0 comment Print

It has come on record that the department has itself accepted interest paid to the lender banks @ 14.75% in case of secured loans are against unsecured loans availed from Shri Grewal. That itself suggests that the impugned interest rate @ 10% is not excessive so as to attract the impugned disallowance/addition.

Govt notifies quantity of Sugar to be exported to EU & raw cane sugar to USA

November 16, 2022 1071 Views 0 comment Print

The quantity of 5841 MT (raw/refined) Sugar to be exported to EU and quantity of 8606 MTRV raw cane sugar to be exported to USA under TRQ scheme from 01.10.2022 to 30.09.2023 has been notified. Government of India Ministry of Commerce & Industry Department of Commerce Vanijya Bhawan, New Delhi Public Notice No. 36/2015-2020-DGFT – […]

HC deletes addition for Foreign Exchange Fluctuation Earning not related to Business Activity

November 16, 2022 612 Views 0 comment Print

CIT Vs Hazira LNG Pvt Ltd (Gujarat High Court) CIT(A) recorded a finding that earning of the assessee from foreign exchange fluctuations was not in connection with its business activity. The finding was in the realm of appreciation of facts and material, therefore, is factual in nature. Such a finding came to be affirmed by […]

CBDT notifies Public Investment Fund as sovereign wealth fund U/s. 10(23FE)

November 16, 2022 1251 Views 0 comment Print

CBDT notifies sovereign wealth fund, namely, Public Investment Fund  vide Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 S.O. 5345(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of Explanation 1 […]

MCA penalises director for certifying & filing incorrect e-form AOC-4

November 16, 2022 11784 Views 4 comments Print

MCA impose penalty on director under section 450 of Companies Act, 2013 for certify and filing incorrect e-form AOC-4 pursuant to Rule 8(3) of Companies (Registration Offices and Fees) Rules, 2014

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