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Archive: 11 March 2023

Posts in 11 March 2023

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6492 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

HC directs CIT to reconsider assessment to redetermine gross profit applicable to unexplained purchases

March 11, 2023 3192 Views 0 comment Print

Delhi High Court directed Commissioner of Income Tax (CIT) to re-consider the high-pitched assessment as gross profit applied is 12.5% as against historical gross profit of 1.06%. Coercive measures against the petitioner instructed to be kept on hold.

Rental income from giving out commercial properties for compensation as per MOA is business income

March 11, 2023 3903 Views 0 comment Print

ITAT Mumbai held that rental income from giving out commercial properties for compensation as per Memorandum of Association (MOA) is to be treated as ‘business income’ and not as ‘income from house property’.

15% accumulation on Profit & gains from incidental business of charitable trust allowed

March 11, 2023 6030 Views 0 comment Print

ITAT Ahmedabad held that only profit and gains derived from the incidental business of charitable-trust would qualify as income for computing statutorily allowed accumulation of 15% in terms of section 11(1)(a) of the Income Tax Act.

ITAT restricts section 54 deduction to one floor of residential house

March 11, 2023 5331 Views 0 comment Print

ITAT Chennai held that deduction under section 54 of the Income Tax Act restricted to only for one floor (3rd floor) as assessee failed to establish that two floors (3rd and 4th floor) is one residential house.

Oblivious status of appeals before CIT(A)

March 11, 2023 5496 Views 1 comment Print

Appeals filed half a decade ago (and even a decade ago in some cases), are yet to decide the fate of the taxpayer who is anxiously anticipating a favourable outcome.

Link Aadhaar FAQs & How to link Aadhaar and PAN

March 11, 2023 225750 Views 1 comment Print

Section 139AA of the Income Tax Act provides that every individual who has been allotted a permanent account number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate his Aadhaar number in the prescribed form and manner.

GVAT: Directors of company cannot be prosecuted in absence of statutory provision

March 11, 2023 1647 Views 0 comment Print

Badal Bhupatrai Shah Vs. State of Gujarat (Gujarat High Court) The Hon’ble High Court of Gujarat allows anticipatory bail application, accepting the contention that: (i) directors of the company cannot be prosecuted in absence of a statutory provision; (ii) company has been wound up under section 433 and 434 of the companies act and hence, […]

KVAT: Once money received by State Government, credit has to be given to petitioner

March 11, 2023 714 Views 0 comment Print

KEC International Ltd. Vs State of Kerala (Kerala High Court) The Hon’ble High Court held that once the money has been received by the State Government, credit has to be given to the petitioner. It is for the KSEB to clarify how the payment was made to the State Government and the petitioner cannot be […]

Redemption fine covered under SVLDRS scheme: Bombay HC

March 11, 2023 705 Views 0 comment Print

HP Adhesives Limited Vs Union of India (Bombay high court) The Petitioner applied under the SVLDRS Scheme. The application was rejected on the ground that redemption fine is not covered under section 125 of the SVLDR Scheme. Accordingly, the petition was filed against such rejection. The Hon’ble High Court of Bombay set aside such rejection […]

Decision of Singapore HC in Case of Herbalife International & Some Useful Lessons

March 11, 2023 3000 Views 1 comment Print

HC of Singapore rendered an interesting decision in case of Herbalife International Singapore Pte Ltd on the issue of valuation of goods supplied by Herbalife International to its members under direct selling business model.

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