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Archive: 16 February 2023

Posts in 16 February 2023

Notional interest on debit balance of partner’s account unsustainable as not specified in partnership deed

February 16, 2023 774 Views 0 comment Print

ITAT Delhi held that notional interest on debit balance of partners account not sustainable in absence of information of diversion of interest bearing borrowed funds for non-business purpose. Further, notional interest cannot be charged for taxing in the partners debt balance specifically when there is no discussion in the partnership deed

Merely claiming exemption which was not acceptable to department cannot entail levy of penalty u/s 271(1)(c)

February 16, 2023 669 Views 0 comment Print

ITAT Delhi held that merely making a claim which is not sustainable in law will not amount to furnishing inaccurate particulars entailing levy of penalty under section 271(1)(c) of the Income Tax Act automatically.

Statutory provisions of interest on refund cannot be altered via issue of CBDT circular

February 16, 2023 1119 Views 0 comment Print

ITAT Pune held that the statutory provisions of interest on refund (section 244A of the Act) cannot be altered by issue of circular by CBDT to the extent they are beneficial to the taxpayer.

Sale of software not taxable in terms of India-Ireland DTAA

February 16, 2023 690 Views 0 comment Print

ITAT Kolkata held that sale of software is transfer of ‘copyrighted article’ and not transfer of any ‘copyright’ and hence cannot be characterized as ‘Royalty’. Hence, the same is not taxable in terms of India-Ireland DTAA.

Committed & obligated payment are reimbursement of expenses & not fee for technical service

February 16, 2023 657 Views 0 comment Print

ITAT Delhi held that the social security, insurance, relocation expenses which are in the nature of committed and obligated payments are in the nature of reimbursements and not fee for technical services.

Repayment of debt which is taken as part of receipt is application of income

February 16, 2023 7194 Views 0 comment Print

ITAT Delhi held that when debt is taken as part of receipts by the charitable trust, repayment of such debt would be accepted as application of income.

Analysis of Section 448 Punishment for False Statement under Companies Act 2013

February 16, 2023 8550 Views 2 comments Print

False statements made knowingly and willfully have a criminal offence under Section 448 of the Companies Act, 2013. Learn more about the punishment in this analysis.

Certification of MSME

February 16, 2023 2280 Views 0 comment Print

Learn about MSME, the Micro, Small and Medium Enterprises, and its certification requirements and acceptance day in this blog post

Labour Registration – Meaning, Purpose and benefits

February 16, 2023 5964 Views 0 comment Print

Labour registration is the process of formalising ones workforce entry and getting access to rights, benefits & protections. Understand Meaning, Purpose & Benefits of Labour Registration here

Assessee allowed to file an appeal after delay of a negligible period

February 16, 2023 1989 Views 0 comment Print

HC allow assessee to file appeal where there is delay of a negligible period by extending stipulated time under Section 107 of CGST Act 2017

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