ITAT Delhi held that that expenditure incurred between setting up and commencement of business could not have been capitalized and was to be allowed as business expenditure.
ITAT Pune held that as the assessee failed to establish why the shops were sold at loss to the partners and interest persons, principle of fraud squarely gets applicable. Accordingly, disallowance of loss duly justified.
Gujarat High Court held that in the case of wrongful availment of input tax credit matter under GST the proceeding for adjudication is commenced as show case notice is issued. Hence, court directed authorities to complete the adjudication proceedings in time-bound manner and completion of the proceedings, provisional attachment will have its own fate.
Every year, all company taxpayers need to file form MSME-1 by a notification dated 2nd November, 2018 but it holds a huge significance this year as the payments would be disallowed by the Income Act authorities if payment is not made within 45 days.
Through Finance Act 2023 a new clause (h) has been added to Sec. 43B of the Income Tax Act and is made applicable from assessment year 2024-25 i.e. Financial year 2023-24.
Boards face a complex new reality due to COVID-19. The new environment is characterized by pressures and demands from various interest groups, heightened expectations for social commitment and corporate citizenship, and fundamental uncertainty about the future. These factors complicate board decision-making and challenge the shareholder-centric governance model that has guided boards and corporate leaders for decades.
Discover the crucial distinctions between employees and independent contractors. Learn how to classify workers correctly to avoid legal issues, fines, and penalties.
Discover the pros and cons of Limited Liability Partnerships (LLP) compared to Private Limited Companies. Learn about tax advantages, compliance differences, and the unique features of each business structure.
Central Bureau of Investigation has arrested a Superintendent of Customs, Kolkata for demanding & accepting a bribe of Rs.50,000/- from the Complainant.
In this case a dispute regarding the induction of tenant by the Wakf Board, the Supreme Court held that payment of rent by grandfather or great grandfather cannot raise the presumption that the business being carried on is a joint family business.
