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Archive: 10 March 2023

Posts in 10 March 2023

Exemption u/s 11 duly denied for non-submission/ late submission of Form No. 10B

March 10, 2023 1143 Views 0 comment Print

ITAT Pune held that claim for exemption of income under section 11 of the Income Tax Act deniable as Form No. 10B was not submitted along with the return of income nor it was submitted before processing of return of income.

TDS credit available as per reporting of income & not as per reporting by deductor

March 10, 2023 1440 Views 1 comment Print

ITAT Pune held that credit for TDS is available in the year in which income is reported, credit of TDS cannot be deferred on the basis of reporting by the deductor.

Disallowance of electricity duty payable u/s 43B of Income Tax Act is unwarranted

March 10, 2023 666 Views 0 comment Print

ITAT Delhi held that disallowance of Electricity Duty payable by the assessee by invoking provisions of section 43B of the Income Tax Act, 1961 is unwarranted and unjustified.

Provisions 45 of Income Tax Act applies to compensation received from allotment of proposed building

March 10, 2023 1329 Views 0 comment Print

ITAT Ahmedabad held that compensation received from proposed building by way of allotment is extinguishment of right in relation to capital asset and hence provisions of section 45 of the Income Tax Act gets applicable.

Condonation not granted on unreasonable explanation of non-availability of tax consultant

March 10, 2023 1362 Views 0 comment Print

ITAT Kolkata held that condonation of delay with explanation like non-availability of tax consultant or illness of Grandson without medical document is not reasonable cause of granting delay. Accordingly, appeals dismissed as time-barred.

Assessment orders passed without affording opportunity of hearing to assessee is violative of principles of natural justice

March 10, 2023 6063 Views 0 comment Print

HC quashed the assessment orders passed by Revenue Department, on the grounds that no opportunity of hearing was afforded to the assessee.

Favoured Gift Provisions – Boon or Bane?

March 10, 2023 2706 Views 5 comments Print

Today, we talk about section 56 of this act, which discusses gift provisions and their tax implications. This section provides us with several favors. By virtue of this section, Money and gifts received by an individual taxpayer on the occasion of his/her marriage are exempt from income tax doesn’t matter whether clothes are gifted or a whole building.

4 steps to register an Indian subsidiary company

March 10, 2023 3015 Views 0 comment Print

According to Indian law, any foreign entity registered in India must have a resident director, even though the number of directors depends on the structure of the company you choose to establish.

Is Reverse CIRP solving problems of Allottees/Buyers of Flat/Apartment/Shops?

March 10, 2023 3399 Views 0 comment Print

Explore the efficacy of Reverse CIRP in addressing issues faced by allottees/buyers of properties. Analyze the impact of legal decisions on this insolvency resolution process.

Advisory on Mandatory reporting of 6 digit HSN codes

March 10, 2023 32625 Views 0 comment Print

As per Notification No. 78/2020 – Central Tax dated 15th October, 2020,  it is mandatory for taxpayers to mention 6-digit HSN Codes for their outward supplies having AATO more than Rs 5 Crores.

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