Rule 8(1) states that income from business of tea growing & manufacturing is computed as 40% of total income determined under Income Tax Act
A penalty of was levied under section 271FA of Income Tax Act, 1961. The assessee’s subsequent appeal, stating that SFT was filed when e-filing portal was available, lacked supporting evidence and hence did not hold in court.
In Srikals Graphics Private Ltd Vs Assistant Commissioner (ST), Madras HC ordered a fresh enquiry due to absence of notice on freezing of a bank account
Learn the step-by-step procedures and find answers to frequently asked questions about incorporating and converting a One Person Company (OPC) in India. Understand the forms to be filed, thresholds for conversion, eligibility criteria, and more.
Vinit Kumar Vs DCIT – ITAT Delhi clarified the application of Section 56(2)(vii) on properties purchased for more than the circle rate.
CESTAT Delhi in case of Quality Builders & Contractor vs Commissioner of Central Excise, set a new precedent for service tax refund claims.
Detailed review of NCLAT judgment in H S Oberoi Buildtech Pvt. Ltd. Vs Inderjit Singh & Anr., highlighting importance of principle of natural justice in passing orders
Detailed analysis of ITAT Delhi’s ruling in Nijhawan Travel Services Pvt. Ltd. Vs DCIT, exploring the critical determination that the loss of Chit Fund used for business is allowable as a business loss.
ITAT Kolkata’s decision, invalidating reassessment for Vansa Properties Pvt. Ltd. vs ITO due to non-issuance of notice under Section 143(2) within stipulated timeframe.
Explore the intricacies of revenue recognition under Ind AS 115 and IFRS 15, Revenue from Contracts with Customers. Understand the amendments introduced by the Companies (Indian Accounting Standards) Amendment Rules 2023. This comprehensive guide covers accounting standards, differences between Ind AS 115 and IFRS 15, the five-step model for revenue recognition, and recent amendments, providing valuable insights for financial practitioners and entities navigating these standards.
