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Archive: 27 December 2022

Posts in 27 December 2022

Expenditure towards transfer of share is allowable as per section 48

December 27, 2022 6804 Views 0 comment Print

ITAT Delhi held that expenditure incurred wholly and exclusively towards transfer of shares is allowable transfer expenses as per section 48 of the Income Tax Act.

Order passed in cryptic manner cannot make it erroneous

December 27, 2022 1425 Views 0 comment Print

Held that the mere fact that the assessment order has been passed in a cryptic manner, by itself cannot make the order erroneous or pre-judicial to the interest of Revenue Accordingly revisionary powers under section 263 of the Income Tax Act not invocable.

No scope of tax evasion merely on account of expiry of e-way bill

December 27, 2022 3819 Views 0 comment Print

Madras High Court held that the expiry of e-way bill doesn’t create any scope of tax evasion Accordingly there can be no revenue loss in absence of tax evasion Only penalty up to INR 5000 can be levied.

Delay interest not leviable as TDS deposited on time but bank failed to remit immediately to department

December 27, 2022 1863 Views 0 comment Print

ITAT Kolkata held that interest u/s 201(1A) of the Income Tax Act for late deposit of TDS amount is not leviable as TDS amount was duly deposited within the due date however, due to technical glitch the bank could not remit the amount immediately to the account of the department.

Deduction of TDS or payment via account payee cheque doesn’t justify non-genuine transaction

December 27, 2022 2535 Views 0 comment Print

ITAT Surat held that mere deduction of TDS or mere payment by account payee cheque doesn’t make non-genuine transaction a genuine one.

Penalty u/s 271(1)(b) not leviable if reasonable cause shown by Assessee

December 27, 2022 8949 Views 0 comment Print

ITAT Rajkot held that as notices were served to e-mail ID of old income tax practitioner of the assessee, assessee was not aware of the issuance of the same and hence didn’t replied Held that penalty u/s 271(1)(b) of the Income Tax Act cannot be imposed when assessee proves that there was reasonable cause for the failure.

Regulatory Impact of Blockchain Technology on Auditing Practices

December 27, 2022 1002 Views 0 comment Print

Decrypt the revolutionary impact of Blockchain Technology on Auditing Practices with this blog post. Discover its features & effects on Indian regulations. Blockchain for Auditing

Rejection of appeal due to delay of one day is a hyper technical & pedantic view

December 27, 2022 1884 Views 0 comment Print

HC Held that, rejection of appeal merely because of delay of one day is such a hyper technical and pedantic view of the matter to hold that even the delay of one day would be fatal to the maintainability of the appeal.

Highlights of Notification 26/2022 Central Tax dated 26th December 2022

December 27, 2022 19185 Views 0 comment Print

Discover the highlights of Notification 26/2022 Central Tax dated 26th December 2022 including GST registration requirements, proposal for OTP verification, physical verification of places of business, and the new Rule 37A w.e.f. 1st October 2022

Practical Aspects of Incorporation of IFSC Company In India

December 27, 2022 10071 Views 0 comment Print

Learn how to incorporate IFSC Company in India – practical steps of MCA Form Spice Part A and B. Discover what an International Financial Services Centre is and get tips for setting up your own facility.

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