ITAT Lucknow held that benefit of exemption cannot be disallowed merely because the same was claimed u/s 54F of the Income Tax Act instead of claiming u/s 54 of the Income Tax Act. Such mistake is inadvertent and typographical mistake.
CESTAT Chandigarh held that before 01.04.2011 it was not open to the appellants to avail CENVAT credit paid on input services and utilized for provision of exempted services or trading goods.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not imposable when income is assessed on estimate basis and accordingly additions are made therein on estimate basis.
Companies Act, 2013 introduced provisions for a Fast Track Merger (FTM) under Section 233, which offers a streamlined and time-efficient process for specific classes of companies. This article explores the key aspects of FTM, including the eligible classes of companies, the timeline, and the procedural requirements.
Article explores Section 192(1C) of Income-tax Act, which permits eligible start-ups to deduct or pay tax on ESOP perquisite within 14 days of specified events. Criteria for being an ‘eligible start-up’ and benefits associated with this provision will be discussed.
There is no financial loss to EPF (Employee Provident Fund) members due to the delay in updating interest in the member passbook. The process of updating the member passbook with interest is essentially an entry process. The date on which the interest is entered in the passbook does not have any actual financial impact.
The scope of reopening assessments under the Income Tax Act, 1961 (IT Act) remains unclear, despite several reformative changes introduced by the Parliament through the Finance Act, 2021.
Explore the crucial importance of conducting an inquiry on audit discrepancies and issuing FORM GST ADT-02 before initiating action under Sec 73 or 74. Understand the procedural nuances of departmental audits, ensuring fair and legal processes. Learn about the significance of inquiry letters, findings in audits, and the issuance of FORM GST ADT-02 for transparent and lawful tax procedures.
As a professional in the field of taxation, I understand that mistakes happen, even in the most diligent processes. If you’ve made an error in your TDS challan, it’s essential to rectify it promptly to ensure accurate tax compliance.
ITAT Surat held that fair market value (FMV) by the registered valuers is determined after taking into account all the relevant factors like size, shape, situation, location, utility, future potentiality, etc. accordingly, the same cannot be ignore.
