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Archive: 23 December 2022

Posts in 23 December 2022

Deduction u/s 54B ineligible if land not used for agricultural purpose

December 23, 2022 1254 Views 0 comment Print

ITAT Pune held that deduction under section 54B of the Income Tax Act is available only if the land was used for agricultural purpose in the immediate two preceding years. in absence of the same, deduction u/s 54B ineligible.

Addition u/s 68 merely based on presumption/ suspicion is unsustainable

December 23, 2022 1764 Views 0 comment Print

ITAT Pune held that addition u/s 68 of the Income Tax Act merely on the basis of presumption or suspicion without any corroborated evidence is unsustainable.

Incorporation of Subsidiary of Foreign Company in India & Practical Steps of Part A & B Spice

December 23, 2022 4449 Views 0 comment Print

Indian Companies Act, 2013 (Act) allows the incorporation of Subsidiary Company of Foreign Company in India. The Subsidiary Company of Foreign Company means either controls the composition of the Board of directors or exercises or controls more than half of the total share capital.

Disallowance of loss on share unsustainable as evidences duly submitted

December 23, 2022 768 Views 0 comment Print

ITAT Ahmedabad held that disallowance of loss on share on mere conjecture and surmises is unsustainable as assessee duly submitted all the evidences.

All About External commercial borrowing

December 23, 2022 22434 Views 0 comment Print

Understand all about External Commercial Borrowing (ECB) & how it can be used to finance business growth, asset purchase & more. RBI regulation applies.

Interest income to co-operative society from investment with co-operative bank is eligible for deduction u/s 80P(2)(d)

December 23, 2022 6195 Views 0 comment Print

ITAT Mumbai held that the interest income earned by a cooperative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Income Tax Act.

Higher depreciation @60% allowable to UPS and printers

December 23, 2022 1308 Views 0 comment Print

ITAT Chennai held that UPS and Printers being part of a computer systems and hence eligible for higher depreciation at the rate 60%

Analysis of Maharashtra AAAR ruling with Regards to Composite Supply In GST

December 23, 2022 1662 Views 0 comment Print

Analysis of Maharashtra AAAR ruling on Composite Supply under GST – Learn about M/s. Kasturba Health Societys case and its implications for GST

Narcotic Drugs and Psychotropic Substances (Seizure, Storage, Sampling and Disposal) Rules, 2022

December 23, 2022 46827 Views 0 comment Print

The narcotic drugs, psychotropic substances and controlled substances seized under the Act shall be classified based on physical properties and results of the drug detection kit, if any, and shall be weighed separately.

Cess/Surcharge is not allowed as business expenditure u/s 37 of the IT Act, 1961

December 23, 2022 3345 Views 0 comment Print

Supreme Court in JCIT v. M/s. Chambal Fertilizers & Chemicals Limited held that the term tax under Section 40(a)(ii) of the Income Tax Act, 1961 should also include cess.

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