ITAT Delhi held that assessment order passed on non-existing entity (dissolved company) is liable to be quashed as the Assessing Officer has the knowledge of the dissolution of the company.
CESTAT Mumbai held that bagasse being an agricultural waste/ residue, there could be no manufacturing activity. Accordingly, bagasse is not result of any manufacturing process
CESTAT Delhi held that value of reimbursement of expenditure is not includible in the value of taxable service and accordingly, service tax is not payable on the same.
Explore G20 Taxation, European Unions efforts against tax avoidance, and the impact of BEPS in 2023. Understand the latest global tax initiatives, including the OECD/G20 Inclusive Framework on BEPS, and how multinational enterprises are subject to a 15% effective minimum tax rate. Stay informed about the Pillar Two GloBE Rules, Safe Harbours, Penalty Relief, GloBE Information Return, and Tax Certainty.
Explore the intricacies of capital gains on Joint Development Agreements (JDAs) and the exemption under Section 54 of the Income Tax Act. Learn how to calculate capital gains, conditions for exemption, and the benefits it offers to landowners. Make informed decisions with insights from tax professionals. Read now
QIBs are an important source of funding for issuers seeking to raise funds through private placement of listed debt securities. QIBs are major participants in public issues of debt securities.
ITAT find from assessment order that there has been no abnormal cash deposit and assessment order is based on estimation and strange logic and without any legal basis and hence, held to be legally invalid.
Explore the Supreme Court’s judgment on sales tax implications for warranty claims in Tata Motors Ltd. vs. Deputy Commissioner case, addressing dealer-manufacturer transactions.
Admittedly, the assessee had got the books of account audited for the first time for the relevant assessment year. Prior to the relevant assessment year, the assessee was under the bonafide belief that only the gross commission receipts are to be taken as turnover for the purpose of audit.
Income Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the State of West Bengal. The business group is controlled by a person with an active political background. Search was also conducted on his close business associate.
