With the increasing involvement of companies in foreign investments, adherence to the regulations of the Foreign Exchange Management Act (FEMA) and ensuring compliance has become a crucial aspect of their operations. One of the compliance requirements that companies engaged in Foreign Direct Investments (FDI) or investing in foreign compa...
Sanket Kumar Agarwal & Anr Vs APG Logistics Private Limited (Supreme Court of India) -
Supreme Court held that for calculating limitation period for filing an appeal to NCLAT, the date on which order was pronounced and the time taken to provide certified copy is to be excluded....
REF: IRDAI/F&I/CIR/INV/121/6/2023 -
05/06/2023
NaBFID is regulated by RBI as an All India Financial Institution and its role in developing bonds and derivatives markets for infrastructure financing....
Mahindra Holidays & Resorts Ltd Vs DCIT (LTU) (ITAT Chennai) -
ITAT Chennai held that depreciation towards payment as non-compete fee for purpose of business of assessee is duly allowable....
Carpet Export Promotion Council Vs Union of India & Anr. (Delhi High Court) -
Delhi High Court held that rejection of application under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (the SVLDR Scheme) merely because of some non-material errors in quantum of duty is unsustainable....
Unilever India Exports Limited Vs ACIT (ITAT Mumbai) -
ITAT Mumbai held that disallowance u/s 14A untenable as AO has mechanically applied rule 8D without having recorded his satisfaction or examining the nature of investments whether they have yielded any exempt income or not....
LTIMindtree Limited Vs DCIT (ITAT Bangalore) -
ITAT Bangalore held that depreciation under section 32 of the Income Tax Act is allowable only when the asset is put to use for the business purpose. Notably, the onus is on the assessee to prove that the assets are put to use for the business purposes only....
Microsoft Technology Licensing Vs Assistant Controller of Patents And Designs (Delhi High Court) -
Delhi High Court held that rejection of Microsoft patent application for invention relating to ‘Methods and Systems for authentication of a user for sub-locations of a network location’ solely on the basis of non-patentability under Section 3(k) of the Patent Act, 1970 is unjustified and needs re-examination....
Gujarat Info Petro Ltd Vs DCIT (ITAT Ahmedabad) -
ITAT Ahmedabad held that as the revenue from selling of bandwidth business of the assessee is shared between the assessee and its parent company, profits eligible to deduction under section 80IA(4)(ii) of the Income Tax Act is reducible....
Pankaj Gupta Vs ITO (ITAT Cuttack) -
ITAT Cuttack held that addition towards the unexplained investment for SBN deposits during demonetization period sustained in absence to establish source of the same without documentary evidences....