The CESTAT Ahmedabad upholds Commissioner (Appeals)’ decision to remand the C.C.E. & S.T Vs Indian Oil Corporation Ltd case back to adjudicating authority for re-examination of documentary evidence regarding unjust enrichment.
ITAT Delhi, in a significant ruling, held that no addition can be made on unaccounted share capital if it has already been taxed under the category of ‘Source of Income’. Dive into the intricate details of the case: DCIT Vs Subhshree Investment Management Pvt Ltd.
ITAT Kolkata held that addition of advances received by the company as deemed dividend in terms of provisions of section 2(22)(e) of the Income Tax Act unsustainable as advances are received from the concerns purely as business transaction.
CESTAT Chennai held that the provisions made in the books of account by the appellant as per the GAAP towards sharing the expenditure on account of receipt of sponsorship services cannot be subjected to tax.
Ministry of Commerce and Industry has introduced the Special Economic Zones (Third Amendment) Rules 2023, which provide guidelines for the import and export procedures of ships by units in the International Financial Services Centre. This article explores the key provisions of the amendment, including the filing of Bill of Entry, examination and inspection processes, and customs procedures for ship transfers. Stay updated with the latest regulations governing Special Economic Zones.
ITAT Bangalore held that delay in filing the return and Form No.67, beyond period under section 139(1) of the Act, is not fatal to the claim of FTC. Foreign Tax Credit duly available in respect of income taxable in India and received outside India for the amount of taxes paid outside India.
ITAT Ahmedabad held that making of incorrect claim in law cannot tantamount to furnishing of inaccurate particulars or concealment of income. Therefore, the penalty under section 271(1)(c) of the Income Tax Act not sustainable.
Bitcoin, a decentralized digital currency, has been gaining popularity among investors and traders worldwide. While some countries are still unsure about its legality, others have embraced the Bitcoin trading system and are reaping significant benefits from it.
ITAT Chandigarh held that loss incurred on account of embezzlement during the course of day to day carrying out of charitable activities by the trust is revenue loss and duly allowable.
An Excel-based rate calculator to convert depreciation accounting from Straight Line Method (SLM) to Written Down Value (WDV) is a tool created in Microsoft Excel that helps in determining the depreciation rates for assets when transitioning from SLM to WDV method. Depreciation is the gradual decrease in the value of an asset over its useful […]
