"January, 2023" Archive - Page 40

Reinforcing commitment to quality of life with Budget 2023-24

Budget 2023-24 is a crucial tool by the government to reinforce commitment to quality of life. In order to achieve this, all sectors of the economy need to get due attention and resources to ensure the delivery of essential services to the people and stimulate growth. Here is a detailed analysis of the Budget 2023-24 […]...

Posted Under: Finance |

Draft Digital Personal Data Protection Act, 2022

The Draft Digital Personal Data Protection Bill, 2022 was released by the Ministry of Electronics and Information Technology for public feedback on November 18, 2022 with the last date for public feedback being January 2, 2023. The draft bill post taking into consideration the comments, will be introduced in the upcoming session in Parli...

Posted Under: Finance |

Delayed remittance of Employees PF/ESI can be disallowed vide Section 143(1) adjustment

Subramanya Karthik Vs ITO (ITAT Bangalore)

Subramanya Karthik Vs ITO (ITAT Bangalore) ITAT held that decisions cited by the learned Counsel for the assessee proceed on the assumption that the disallowance of employees’ share of PF and ESI paid beyond the due dates under relevant law has been made only under section 143(1)(a)(iv) of the Act, while in the intimation under [&hellip...

Evolution of Body Corporates and Need of Corporate Stewardship In India

HISTORY OF BODY CORPORATES IN INDIA “At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom…” With the aforesaid iconic lines of India’s First prime Minister, hon’ble Pt. Jawaharlal Nehru, India attained its Independence and become an Independent Country, however, along with the Joy and t...

Posted Under: Finance |

GST on let out residential property

The services by way of renting residential dwelling for use as the residence (other than commercial purpose) has been *exempted from GST. However, based on the recommendation of the 47th GST Council Meeting, w.e.f. 18.07.2022, an exception has been carved out of the given exemption entry providing that the exemption would not be availab...

Posted Under: Finance |

Sales or Return agreement not covered as ‘works contract’ and hence TDS not deductible u/s 194C

ACIT (OSD) TDS 2(2) Vs Shoppers Stop Limited (ITAT Mumbai)

ITAT Mumbai held that payment made under the Sales or Return agreement are not in nature of ‘works contract’ but ‘purchase of goods’ and hence not liable to deduct tax at source under section 194C of the Income Tax Act....

Disallowance without verifying the submitted details is unsustainable

Astra Zeneca Pharma India Ltd. Vs DCIT (LTU) (ITAT Bengaluru)

ITAT Bangalore held that disallowance merely considering the provisions of section 144C(8) of the Income Tax Act without verification of details furnished by the assessee is unsustainable in law....

Expenditure towards scholarship to a student not associated with company not allowable

VIC Enterprises Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that the scholarship to a student who was neither an employee nor associated with the company for any commercial or business purpose doesn’t satisfy the provisions of section 36 and section 37 and hence not allowable as deduction....

Addition merely based on confession during search is unsustainable

DCIT Vs NIBR Bullion Pvt. Ltd. (ITAT Mumbai)

ITAT Mumbai held that addition merely on the basis of confession during the course of search operation without supporting evidence is unsustainable in law....

Penalty u/s 271E mandatory due to repayment of loan in cash in excess of Rs. 20,000

Kacharu Madhukar Shinde Vs JCIT (ITAT Delhi)

ITAT Delhi held that penalty u/s 271E of the Income Tax Act leviable on account of repayment of loan in cash in excess of Rs. 20,000 vis-à-vis failure of assessee to prove that such payment is covered by exceptional circumstances covered under section 269T....

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September 2023