"21 May 2023" Archive

Comprehensive Guide on Deduction under Section 80GG of Income Tax Act 1961

Section 80GG allows Deduction of the rent paid by him even though he does not have any house property for self-occupation of occupier. ...

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Posted Under: Income Tax |

Recent important case laws on interplay of GST/ Indirect Taxes with IBC

Interpretation of GST dues within IBC framework in India has been a subject of legal deliberation and evolving jurisprudence. Here are some key aspects related to interpretation of GSTdues in IBC...

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Posted Under: Income Tax |

A Comprehensive Guide to Section 35AC of Income Tax Act 1961 & Related Rule 11L Applications

Section 35AC of Income Tax Act, 1961 is concerned with deduction of certain amounts spent for promotion of science and technology...

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Posted Under: Income Tax |

ITAT refuses condonation of 1005 days delay caused due to negligence

Mass Awash Private Limited Vs ACIT (ITAT Delhi)

ITAT Delhi declined to condone the inordinate delay of 1005 days in filing of appeal in absence of sufficient cause for delay in filing of the same....

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Revocation of Customs Broker License sustained as violation of CBLR proved

Meenu Rathore CB Vs CCE and ST (CESTAT Chandigarh)

CESTAT Chandigarh held that allegation of violation of regulation 10(b), 10(d) and 10(n) of Customs Broker Licensing Regulation, 2018 (CBLR) proved against the appellant. Accordingly, customs broker license duly revocable....

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Rs. 2000 bank note exchange allowed without requisition slip & ID Proof: SBI

Facility of exchange of Rs 2000/- denomination Bank Notes to all members of the public upto a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip as per the format attached in Annexure-III. Further no identity proof is required to be submitted by the tenderer at the time of exchange...

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Posted Under: Income Tax | ,

Discounted cash flow is the recognized method as per section 56(2)(viib)

DCIT Vs Process Nine Technologies (P) Ltd (ITAT Delhi)

ITAT Delhi held that discounted cash flow method is the recognized method as per section 56(2)(viib) of the Income Tax Act read with rule 11UA of the Income Tax Rules....

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How to Set Up a New Multi-Millionaire Company in India

India is a land of diverse opportunities and immense potential for businesses. The country offers a lucrative market for companies looking to expand and establish themselves. If you’re considering setting up a multi-millionaire company in India, this comprehensive guide will provide you with the necessary information to make your ve...

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Posted Under: Income Tax |

Role of Directors in Case of Fraud to Cheat Financial Institutions in India

In recent years, India has witnessed an alarming rise in financial frauds involving companies and their directors. These frauds have not only impacted the companies and financial institutions involved but also eroded public trust in the country’s financial systems. This article discusses the role of directors in such cases, the lega...

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Posted Under: Income Tax |

Animation ink to ABCD of G-20: India@2023

Animation ink to the topic of G-20 aligns basic understanding of ongoing India’s Presidency for current year. We will be keen to know the outcome of meetings regarding finance or industry specific (theme oriented) where we work, or where our client operates. But going through newsletter or using the same terminology of G-20 demands gran...

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Posted Under: Income Tax |

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