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Archive: 27 February 2023

Posts in 27 February 2023

Free Webinar: Invoice Management System from Oct 1, 2024 – Register Now

November 22, 2024 3162 Views 0 comment Print

Learn to manage GST invoices easily with the new IMS. Join our webinar on 24th Nov to improve ITC claims and error reduction. Register now!

Basics to Advance learning of Valuation of Securities – Series 1 (Part 1)

February 27, 2023 3060 Views 0 comment Print

Securities are financial instruments that represent ownership or a claim on assets. Valuation of securities is the process of determining the fair value of a security, which is essential for investment decisions. Valuation helps investors to assess the risks and returns associated with a security and make informed investment decisions.

Personal Loan for Short-Term Holiday: Can I Get It?

February 27, 2023 1083 Views 0 comment Print

Unlock your dream holiday with a short-term Personal Loan: Quick cash, no collateral, flexible repayments. Make memories without financial stress.

Mere change of opinion does not provide jurisdiction for re-opening of assessment

February 27, 2023 1380 Views 0 comment Print

Reopening notice was issued without any tangible material. Mere change of opinion not provide jurisdiction to Revenue to re-open assessment.

TDS to be deducted as per Tax Treaties rates even when PAN of non-resident payee not available

February 27, 2023 6777 Views 0 comment Print

ITAT Ahmedabad held that in case of payments to non-resident, when PAN of non-resident payee is not available, TDS is to be deducted at the rates applicable in respective Tax Treaties.

Entertaining claims for period before obtaining approval of resolution plan is unjustified

February 27, 2023 1626 Views 0 comment Print

Delhi High Court held that as per law laid down by the Supreme Court in Ghanashyam Mishra, all dues including statutory dues shall stand extinguished and no proceedings in respect of dues for period prior to date on which approval to resolution plan is granted could be continued.

One-to-one co-relation not required for taking Cenvat credit under rule 3 of CCR, 2004

February 27, 2023 642 Views 0 comment Print

CESTAT Delhi held that one to one co-relation is not required for taking Cenvat credit under Rule 3 of CCR. Once credit have been rightly taken, there is no restriction in use of such credit for payment of either central excise duty or service tax or any other specified tax liability.

Interest, being part of compensation for compulsory acquisition of agricultural land, is exempt u/s 10(37)

February 27, 2023 8223 Views 1 comment Print

ITAT Dehradun held that the interest is accretion to the value of compensation and hence it is a part of compensation. Accordingly, interest received for compulsory acquisition of agricultural land is exempted under section 10(37) of the Income Tax Act.

Writ not entertained as petitioner failed to use opportunity granted by department

February 27, 2023 858 Views 0 comment Print

Madras High Court held that writ petition not entertained as petitioner failed to make use of opportunities granted by the department to respond to the notices.

Non-inclusion of interest income for misplace of fixed deposit is illogical argument

February 27, 2023 957 Views 0 comment Print

ITAT Delhi held that addition of interest income on fixed deposit with Canara Bank sustainable as contention of the assessee that fixed deposit is misplaced and hence there is no question of earning any interest income is illogical.

Reopening of assessment on the basis of change of opinion is untenable

February 27, 2023 2202 Views 0 comment Print

Bombay High Court held that reopening of assessment on the basis of change of opinion without reasons to indicate failure on the part of the petitioner to disclose truly and fully all the material facts is untenable in law.

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