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Archive: 12 June 2023

Posts in 12 June 2023

Stamp duty value on date of allotment is to be taken as per first proviso to section 56(2)(vii)(b)

June 12, 2023 2112 Views 0 comment Print

ITAT Mumbai held that as per first proviso to section 56(2)(vii)(b), where date of agreement fixing amount of consideration for transfer of property and ate of registration is not same, the stamp duty value on the date of allotment is to be taken.

Benefit of deduction u/s 80IA available towards interest income earned on fixed deposit

June 12, 2023 1113 Views 0 comment Print

ITAT Delhi held that benefit of deduction under section 80IA of the Income Tax Act eligible for interest income earned on fixed deposit.

GST officials can initiate action under GST Acts against SEZ unit: Gujarat High Court

June 12, 2023 1770 Views 0 comment Print

Gujarat High Court ruling empowers GST authorities to investigate SEZ units, asserting jurisdiction and penalizing non-cooperation. RHC Global’s challenge dismissed, highlighting lawful enforcement against evasion in SEZs.

Construction of Chamber Block of Sales Tax Bar Association directed after 15 years delay

June 12, 2023 507 Views 0 comment Print

Delhi High Court directed to commence construction of Chamber Block of Sales Tax Bar Association being delayed for the last more than 15 years.

Disallowance of genuine depreciation claim on very flimsy reason is unjustified

June 12, 2023 549 Views 0 comment Print

ITAT Delhi held that disallowance of genuine claim of depreciation merely because the depreciation figure is not reflected in column no. 45 of ITR is unsustainable in law. Action of lower authorities of disallowing the genuine claim of depreciation on a very flimsy reason is unjustified.

NFRA Imposes Penalty on Auditor for Non-Reporting of Company’s AS Non-Compliance

June 12, 2023 1986 Views 0 comment Print

National Financial Reporting Authority (NFRA) issues an order imposing a penalty on CA Gautam Guha of Rupees One Lakh (Rs. 1,00,000) for failure to report the non-compliance of M/s Nicco Uco Alliance Credit Limited with Accounting Standards (AS). The NFRA initiates an investigation into the role of statutory auditors based on irregularities observed in the […]

RTI reveals 54.57% GST Registration Applications rejected by Department

June 12, 2023 8034 Views 0 comment Print

This article presents a detailed analysis of Goods and Services Tax (GST) Registration applications across multiple zones in India, providing insights into the rejection rates and the reasons behind them. According to the data provided, an overwhelming 4,935,505 GST Registration application were received across 21 zones in the country. Astonishingly, approximately 54.57% of these applications […]

Choosing the Right File Converter for Your Specific Requirements

June 12, 2023 693 Views 0 comment Print

People working in many professions today deal with a variety of file formats. To use your files across operating systems, you may need to convert, compress, and alter them.

Cost Inflation Index for the financial year 2023-24/Assessment Year 2024-25

June 12, 2023 13377 Views 1 comment Print

CBDT notifies the Cost Inflation Index for the financial year 2023-24, i.e., Assessment Year 2024-25, at 348, vide Notification No. 39/2023 Income-Tax, dated 12th June 2023 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 39/2023 Income-Tax | Dated: 12th June, 2023 S.O. 2571(E).— In exercise of the powers conferred by […]

e-advance rulings (Amendment) Scheme, 2023

June 12, 2023 1008 Views 0 comment Print

CBDT notifies e-advance rulings (Amendment) Scheme, 2023 which amend e-advance rulings Scheme, 2022. Amendments are related to Board for Advance Rulings and notified vide Notification No. 38/2023 Income-Tax Dated: 12th June, 2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 38/2023 Income-Tax | Dated: 12th June, 2023 S.O. 2569(E).—In exercise of […]

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