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Archive: 27 May 2023

Posts in 27 May 2023

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 4176 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

No transfer of assets in case of shifting of plant & machinery from fixed to current assets

May 27, 2023 4056 Views 0 comment Print

ITAT Delhi held that there is no transfer of assets in case of the shifting of plant & machinery from fixed assets to current assets. Accordingly, there is no question of determination of capital gain.

Additional income once accepted cannot be later rectified and taxed as per section 115BBE

May 27, 2023 4905 Views 0 comment Print

ITAT Hyderabad held that once additional income offered during survey was simply accepted and assessment order was passed u/s 143(3) of the Income Tax Act without invoking provisions of section 115BBE. Then, provisions of section 115BBE cannot be invoked via rectification as per section 154.

Selective investigation of Economic Offence Wing betrays the faith of victims

May 27, 2023 3408 Views 0 comment Print

Bombay High Court held that Selective investigation of Economic Offence Wing (EOW) betrays the faith of victims. Accordingly, responsible persons for the wrongdoings should not be allowed to escape the process of law.

Disallowance of late deposit of employees’ share of PF/ ESI beyond due date is justified

May 27, 2023 5316 Views 0 comment Print

ITAT Chandigarh held that late deposit of employees’ share of PF/ ESI contribution to the relevant funds beyond prescribed due date as per respective Act is liable to be disallowed.

Understanding GST Slab Rates: GST Percentage & Rate List in India

May 27, 2023 16410 Views 1 comment Print

Article explains different GST slabs in India, items categorized under each GST slab, GST percentage rates, types of GST, and GST calculation

Gift from HUF not to be added to income of Karta of such HUF

May 27, 2023 18294 Views 0 comment Print

ITAT Surat held that gift received from HUF cannot be added back to the total income of the assessee being Karta (Manager) of such HUF.

Party selected without satisfying all the conditions of tender is unjustified

May 27, 2023 1209 Views 0 comment Print

Orissa High Court held that it is made clear that as conditions of the tender is not satisfied, the decision making process in selecting the party, being arbitrary, unreasonable and contrary to the provision of law, cannot be sustained in the eye of law.

Business promotion expenditure incurred during the course of business is allowable expenditure

May 27, 2023 3801 Views 0 comment Print

ITAT Delhi held that business promotion expenditure incurred for improving the visibility of the brand and sale of the products is routine expenses incurred during the course of the business. Accordingly, the same is allowable expenditure.

Input Service Distribution vs Cross Charge

May 27, 2023 12483 Views 0 comment Print

Understand the nuances of Input Service Distribution (ISD) vs Cross Charge in GST. Learn about the tax implications, controversies, and recent developments. Stay informed for effective compliance.

ICAI requests its members to pay Annual Membership & COP Fees

May 27, 2023 33216 Views 7 comments Print

ICAI requests Members to remit Annual Membership/Certificate of Practice fees for year 2023-2024, which became due for payment on 01.04.2023

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