ITAT Mumbai held that expenditure incurred on community development/CSR are allowable under section 37(1) of the Income Tax Act.
Section 2 (94A) of companies act of 2013 refers to winding up under the act or juxtapose as per IBC, 2016. To begin with the prima facie understanding of the said procedure, a company winding up will always have an administrator who will act like a liquidator responsible for the distribution of remaining resources by assuming control.
ITAT Kolkata held that in respect of any adjustment proposed to be made u/s 143(1)(a), a prior intimation is required to be served on the assesse. Failure to issue such prior intimation to the assessee before making an adjustment by way of disallowing the claim of exemption u/s. 11 of the Act is unjustified.
Discover expert views on the prolonged growth potential of the Indian economy, with the Chief Economic Advisor projecting a growth rate of over 7 percent in the current financial year. Get insights into the latest GDP forecast by the OECD and stay updated with key GST updates, including extension of due dates, guidelines for GST registration, the upcoming GST Council meeting, and measures to combat fake registrations.
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Master the nuances of lease rent taxation with our comprehensive guide. Learn how courts, including the Supreme Court, determine if lease rent is business income or income from house property. Uncover the impact on tax liabilities and deductions, with insights into claiming benefits like a 30% standard deduction or business expenses.
Part III of the Insolvency and Bankruptcy Code (Code) provides insights into the interim moratorium and its impact on individuals and partnership firms. Learn about the scope of protection, willful defaulter proceedings, quasi-criminal proceedings, future liabilities, and the role of the interim moratorium in personal guarantor cases.
ITAT Indore held that in the absence of any major discrepancies or defects in the books of accounts, the rejection of the books of account only for want of tax audit report is not justified.
Bombay High Court held that it is settled principle that for the mistake on the part of the professionals, the litigant should not suffer. Accordingly, condonation of delay of 36 days in filing of return of income granted.
Gujarat High Court held that show cause notice proposing cancellation of GST registration without specifying reasons for cancellation is cryptic and deserved to be quashed.
