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Archive: 17 February 2023

Posts in 17 February 2023

Start-up company incurring cost for branding prior to product launch is allowable expenditure

February 17, 2023 627 Views 0 comment Print

ITAT Mumbai held that a start-up company incurring cost for branding of the company and other relevant expenditure which creates popularity which helps promotion of contents at the time of its product launch is allowable expenditure.

TCS credit should be given to person to whom income is assessed to tax

February 17, 2023 1905 Views 0 comment Print

ITAT Bangalore held that credit of TCS should be given to the assessee which is finally and lawfully assessed to tax in respect of the corresponding income on which TCS has been collected irrespective of person in whose name TCS certificate is issued.

Rejection of application u/s 125 of Customs Act on sound reasons justifiable

February 17, 2023 1521 Views 0 comment Print

Madras High Court held that rejection of application u/s 125 of the Customs Act, 1962 for release of confiscated goods on payment of redemption fine justified as the rejection was based on sound reasons.

Non-compliance with communication u/s 143(1)(A) on account of technical glitches in IT portal justified

February 17, 2023 885 Views 0 comment Print

ITAT Pune held that non-compliance with communication under Section 143(1)(A) of Income Tax Act 1961 due to IT-Website technical glitches was unintentional and beyond the control of appellant. Accordingly, exemption in the evince of Form No 10B duly available.

Carry forward of unadjusted VAT TDS to GST is duly available

February 17, 2023 900 Views 0 comment Print

Madras High Court held that it is well settled now that carry forward of unadjusted VAT TDS (TNVAT Act) to GST is duly allowed in terms of Section 140 of the TNGST Act, 2017.

User Manual for Resolution of Company Complaints through NEAPS

February 17, 2023 1185 Views 0 comment Print

National Stock  Exchange of India Circular Department: Investor Services Cell Circular Ref No: NSE/CML/2023/17 Date: February 17, 2023 The Company Secretary All Listed Companies Subject: Resolution of Company complaints through NEAPS Dear Sir/ Madam, The Exchange has been providing a mechanism to resolve complaints pertaining to Listing Obligations and Disclosure Requirement (LODR) received from Investors against […]

AO cannot disturb assessment which has attained finality except if contrary material found during search

February 17, 2023 612 Views 0 comment Print

ITAT Chandigarh held that AO not empowered to disturb the assessment order/ reassessment order which has attained finality, unless contrary material gathered in the course of proceedings u/s 153A of the Income Tax Act.

Section 292C being a deeming provision cannot be applied mechanically

February 17, 2023 1464 Views 0 comment Print

ITAT Delhi held that provisions of section 292C of the Income Tax Act is only a deeming provision and the deeming provision cannot be applied mechanically, ignoring the facts of the case and surrounding circumstances.

Interest eligible if service tax refund is not sanctioned within three months from filing date

February 17, 2023 1197 Views 0 comment Print

Bombardier Transportation India Pvt Ltd Vs C.C.E. & S.T Vadodara II (CESTAT Ahmedabad) We find that there is no dispute that the appellant had initially filed the refund application on 13.06.2011. It is this refund claim which was rejected by the sanctioning authority and the matter had travelled up to this Tribunal. This tribunal vide […]

ITAT quashes section 263 revision order passed on a deceased assessee

February 17, 2023 960 Views 0 comment Print

Kusum Mehta Vs PCIT (ITAT Cuttack) Admittedly, the facts remain that on the death of an individual, Government draws information in respect of death from the cremation spot or on the basis of doctor’s death certificate. The State Government then issues the death certificate within 7 to 14 days. It is after this that the […]

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February 2023