"26 December 2022" Archive - Page 3

Expenditure incurred during interval period of setting up of a new business & its commencement can be allowed as deduction

Messung Systems Private Limited Vs ITO (ITA Pune)

ITAT held that expenses incurred for pre- operative nature cannot be set-off against the interest income. Held that, expenditure incurred by a company during the setting up of new business and its commencement can be allowed as deduction....

Notification No. 27/2022- Central Tax | Dated: 26.12.2022

 Notification No. 27/2022- Central Tax, [G.S.R. 903(E)] 26/12/2022

Notification under sub-rule (4B) of rule 8 of CGST Rules, 2017 –  Notification No. 27/2022- Central Tax | Dated: 26.12.2022 MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 27/2022- Central Tax | Dated: the 26th December, 2022 G.S.R. 903(E).—In pursuance of the powers conf...

Central Goods and Services Tax (Fifth Amendment) Rules, 2022

Notification No. 26/2022 – Central Tax, [G.S.R. 902(E).] 26/12/2022

(1) These rules may be called the Central Goods and Services Tax (Fifth Amendment) Rules, 2022. (2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette....

Withdrawal request in writ of declaration allowed

Empee Distilleries Limited Vs CIT (Madras High Court)

Madras High Court has allowed withdrawal request of the petitioner in the Writ of Declaration filed in order to declare the demand order issued against the petitioner quashed in view of the resolution plan...

Ex-parte order passed violating principles of natural justice is bad in law

Cement House Vs Union of India (Patna High Court)

Patna High Court held that ex parte order passed without assigning any reasons sufficient even decipherable from the record is liable to be set aside as passed in violation of the principles of natural justice....

Delay in filing of e-form MGT-14 – MCA imposes penalty on Company & Directors

Order No. ROC-GJ/2022/Shrinidhi /ADJ. Order/Sec.12/ 6354 To 52  26/12/2022

Company filed e-form MGT-14 for Alternation of Articles of Association by incorporating provisions such as Conversion of Loan into Equity Shares in respect of Shareholders approval of members of company by delay of 45 days....

Challenge to sanctioned scheme of amalgamation in collateral proceeding is unsustainable

DCIT Vs Teleperformance Global Services Pvt. Ltd. (ITAT Mumbai)

ITAT Mumbai held that approved sanctioned scheme of amalgamation is binding on the authorities and the same cannot be permitted to be challenged in a collateral proceeding....

Wrong claim of assessee should be assisted by authorities in assessment proceeding

Kishor Ganpatrao Karande Vs ITO (ITAT Pune)

ITAT Pune held that that the authorities under the Act are required to assist the assessee in the assessment proceedings by giving effect on the correct position of law even if the assessee makes wrong claim. Hence assessee is entitled to claim the same as exempted u/s. 10(37) of the Act instead of deduction u/s 54B of the Income Tax Act....

Deduction u/s 54 is eligible in respect of more than one property

K. Gopalakrishnan Vs ITO (ITAT Chennai)

ITAT Chennai held that as per the ratio of decision of jurisdictional High Court in CIT V/s Gumanmal it is held that deduction u/s 54 of the Income Tax Act is available in respect of more than one property...

Mere reflection of unexplained cash in books of accounts not valid ground to delete addition

DCIT Vs Bindal Papers Mills Ltd. (ITAT Delhi)

ITAT Delhi held that mere reflection of unexplained cash in the books of accounts without any supportive documents is not valid ground for deletion of the addition by CIT(A). Accordingly addition towards unexplained cash sustainable...

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September 2023