"27 May 2023" Archive

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

Palco Tex Fab Limited Vs ACIT (ITAT Delhi)

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

Anjanee Vijetha Kasturi Vs ACIT (ITAT Hyderabad)

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....

Impartial investigation of Economic Offence Wing betrays the faith of victims

Arvind Kumar Bahl Vs State of Maharashtra (Bombay High Court)

Bombay High Court held that impartial 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

Vishivkarma Bikes Vs DCIT (ITAT Chandigarh)

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

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

Posted Under: Income Tax |

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

Ranjitbhai Dhayabhai Panchal Vs ITO (ITAT Surat)

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

P.K. Minerals Private Ltd Vs State of Odisha (Orissa High Court)

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

Finesse International Design Pvt. Limited Vs DCIT (ITAT Delhi)

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

The concept of Input Service Distributor (ISD) under GST has been carried forward from the erstwhile Service tax regime. ISD has been defined under Section 2(61) of the CGST Act, 2017. It is an office of supplier which has received input services, and the said input services are attributable to various branches of a company, […]...

Posted Under: Income Tax | ,

ICAI requests its members to pay Annual Membership & COP Fees

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

Posted Under: Income Tax |

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September 2023