ITAT Bangalore held that interest under section 234A cannot be levied when the return of income is filed within the time stipulated in section 139(1) of the Income Tax Act.
ITAT Mumbai held that mere delay in filing of Form No. 67 cannot preclude the assessee from claiming the benefit of foreign tax credit in respect of tax paid outside India.
Andhra Pradesh High Court held that main activity of the petitioner is imparting education with a non-commercial motive. Running of hostel and supplying food at subsidized price is incidental activity. Accordingly, transaction of supply of food items and beverages to students cannot be treated as sale of goods and hence VAT not applicable.
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IBC was designed to overhaul India’s outdated insolvency and bankruptcy laws and to provide a more efficient & effective system for resolving insolvency.
The purpose of simplifying the Udayam registration procedure by the MSME Ministry was to make it easier for MSME owners to register their enterprises under Udayam. Its primary goal is to stimulate and facilitate the growth of MSMEs in India and to provide all necessary support to MSMEs as a whole.
ITAT Delhi held that once the assessee was able to demonstrate that the amount received is in the nature of managerial services, it cannot be treated as FTS on estimated basis. Such receipt not being FTS is not taxable in India.
Gujarat High Court held that detachable warrants have conceivable cost of acquisition and the same is deductible from sale consideration for calculation of capital gain.
Boost Indias EV Manufacturing with the 2023 Budget – Reduce carbon emissions by 45% with the FAME-II policy. EV manufacturing is supercharged thanks to a 80% increase in budget allocation.
