Follow Us :

Archive: 31 January 2023

Posts in 31 January 2023

Tax audit mandatory as gross receipts above prescribed limit

January 31, 2023 3303 Views 0 comment Print

ITAT Pune held that bonafide belief that as there is no sales there is no need of tax audit is not acceptable as Gross receipt of the assessee is more than INR 1 Crore. Accordingly, penalty u/s 271B imposable for default in not getting books audited.

Mere passing off project specific architectural, drawings and design not taxable as Fee for Technical Services

January 31, 2023 1059 Views 0 comment Print

ITAT Mumbai held that mere passing off project specific architectural, drawings and designs with measurements does not amount to making available technical knowledge, experience, skill, knowhow or processes. Accordingly, cannot be brought to tax as Fee for Technical Services.

Application for issuing summons to tax authorities to produce documents of complainant allowable

January 31, 2023 4473 Views 0 comment Print

Bombay High Court held that an application u/s. 91 of the Code of Criminal Procedure praying for issuance of summons to income tax authorities to produce documents in respect of Income Tax Return, balance sheet etc. of the complainant is allowable as accused suspects that copies provided by complainant are not genuine.

Denial of exemption u/s 10(23C) alleging bogus donation without evidence is unsustainable

January 31, 2023 1626 Views 0 comment Print

ITAT Mumbai held that denial of exemption under section 10(23C) of the Income Tax Act on allegation of bogus donation unsustainable in absence of evidence that donation made by assessee to those trust are bogus.

Reduction of adhoc disallowance of miscellaneous expense from 15% to 5% justified

January 31, 2023 666 Views 0 comment Print

ITAT Kolkata held that reduction of adhoc disallowance of miscellaneous expenditure from 15% to 5% justified as 1st Appellate Authority has exercised discretion in working out the adhoc disallowance.

Excise duty and sales tax to be excluded from total turnover for deduction u/s 80HHC

January 31, 2023 666 Views 0 comment Print

ITAT Mumbai held that excise duty and sales tax is to be excluded from total turnover while claiming deduction under section 80HHC of the Income Tax Act.

ACIT (Exemption) Vs. Ahmedabad Urban Development Authority 2022 (SC)- Critical Analysis

January 31, 2023 11301 Views 1 comment Print

Income Tax Act, 1961 defines charitable purpose as activities including providing relief to the poor promoting education and yoga, providing medical reliefs, preservation of environment and historical monuments and advancement of any other object of general public utility (GPU)

Compliance Calendar / Due Date Calendar for the Month of Feb 2023

January 31, 2023 3963 Views 0 comment Print

Register for tax compliance in Feb 2023: GST, TDS, IFF, GSTR & more. Key phrase Compliance Calendar / Due Date Calendar for the Month of Feb 2023

Legal Position on Applicability of GST on Service Charges levied by Restaurants Industry

January 31, 2023 26745 Views 1 comment Print

Explore the legal intricacies of GST on service charges in the restaurant industry. Understand the transaction value concept under Section 15(2) of the CGST Act. Practical scenarios and relevant case laws shed light on GST implications for service charges. Comprehensive insights by legal experts for clarity on tax liabilities.

What to expect in last quarter (January to March) of financial year 2023-24

January 31, 2023 2076 Views 1 comment Print

Explore stock market patterns from December to March over the past decade. Analyze SENSEX trends, anticipate March gains, and navigate financial year-end considerations. Learn key insights for a strategic approach in the last quarter of 2023-24. Expert analysis by CS Renucka Vaiddya & Kedar Nadgonde, Financial Analyst & Coach.

Search Post by Date
May 2024
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031