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Circular No. 5 of 2023, issued by CBDT, provides guidelines for the implementation of section 194BA of Income-tax Act, 1961. This section pertains to the deduction of income tax on winnings from online games.
By examining the intricacies of Section 115JH and its impact on the residential status of foreign companies in India, this article aims to provide valuable insights for companies navigating the complexities of the Indian taxation system.
ITAT Jaipur held that being a debatable issue there was a reasonable cause for non-deduction of TDS on specified transactions and accordingly penalty under section 271C of the Income Tax Act not justified.
ITAT Delhi held that NAV method adopted by the assessee is one of the recognized methods provided in rule 11UA of the Rules. Accordingly, the addition made u/s. 56(2)(viib) of the Act, is hereby directed to be deleted.
This article explores the recently introduced Statement on Auditing Standards (SAS) 100 that focuses on social audit and impact assessment engagements in the context of eradicating hunger, poverty, malnutrition, and inequality.
ITAT Bangalore held that as professional and consultation charges & purchase of fixed assets are capitalized in the books of accounts, it should not be considered for computation of proportionate TP adjustment.
ITAT Pune held that the conclusion arrived by AO on his satisfaction of details furnished by the assessee, cannot be found to be erroneous simply because Pr. CIT does not feel satisfied with the said conclusion. Accordingly, invocation of revisionary jurisdiction u/s 263 unjustified.
Supreme Court held that as appellant company and accused are two separate entities and appellant company is not connected to the alleged crime, the freeze order against the appellant company’s property is not legally tenable.
Explore Section 49(1) of the Income Tax Act, determining cost of acquisition for capital gains in non-transfer cases. Understand provisions, examples, and computation, ensuring accurate tax compliance. Reach out for further inquiries.
