The taxpayers are curious as to what shall be done before this year end to better prepare for the new financial year 2023-24. How should a taxpayer prepare himself for this year’s march ending?
Shri Amar Singh Saharan Vs ITO (ITAT Jodhpur) Tribunal has adjudicated the appeal of the assessee on merits only and it was decided against the assessee. However, in Ground No. 2, the assessee has raised a legal ground. It is submitted that an identical legal ground raised by another assessee named Ashok Kumar Banthia vs. […]
ITAT Jaipur held that revenue has simply disallowed the expenditure in view of CBDT Circular no. 05/2012 dated 01.08.2012 without establishing the violation thereof. Accordingly, disallowance merely on presumption and assumption is unsustainable in law.
MSME sector is the backbone of Indian Economy. It generates huge employment in India. The Government of India also wants to empower the MSME Industries. Various steps are being taken by Government to enhance MSME Industry. Out of many, today we will discuss 2 major steps, which are taken in the Form of Udyam Registration […]
ITAT Kolkata held that addition towards share capital and share premium under section 68 of the Income Tax Act untenable as assessee discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions.
ITAT Delhi held that revisional power under section 263 of the Income Tax Act not invocable in case of inadequate inquiry, in fact, revisional power is invocable only in case of lack of inquiry.
CESTAT Delhi held that service charges for pre-payment or foreclosure of loan amount by the customer cannot be treated as taxable service and is not chargeable to service tax.
CESTAT Chennai held that Saccharomyces Boulardii being yeast is classifiable under chapter 21 and not under CTH 29183090 as Carboxylic acid.
ITAT Bangalore held that insurance charges incurred by the assesse are not attributable to delivery/ export of computer software outside India and hence cannot be included in export turnover.
CESTAT Kolkata held that the statutory limitation period prescribed under Section 11B of Central Excise Act would not be applicable to amounts paid under mistake of law.
