MCA approves withdrawal of another 7,338 prosecutions pending before various courts under Special Arrears Clearance Drive-II towards promoting Ease of Doing Business and decriminalisation of compoundable offences under Companies Act, 2013
The tribunal examined previous precedents such as The Vainganga Nagari Sahakari Pat Sanstha Ltd. Vs. ITO, and found the deduction on interest income received from nominal members has been allowed in these cases. Furthermore, the tribunal took into account that the Kerala Act and Maharashtra Act consider ‘Nominal Members’ within the ambit of ‘Members’, thereby making such interest income eligible for deduction u/s 80P(2)(a)(i).
On April 4, 2022, HDFC Ltd, a prominent mortgage lender, announced its intention to merge with HDFC Bank. This merger, which is contingent upon various statutory and regulatory approvals, including those from the Competition Commission of India (CCI), the National Company Law Tribunal (NCLT), and relevant authorities, as well as the consent of shareholders and creditors of both companies.
ITAT Mumbai held that deduction u/s 80P(2)(d) of the Income Tax Act is duly available to co-operative society on the interest income/dividend received/earned from deposits with the co-operative banks.
ITAT Visakhapatnam held that penalty u/s 271B of the Income Tax Act not imposable as provision of section 44AB of the Income Tax Act doesn’t apply to income that is treated as income from other sources.
ITAT Mumbai held that the assessee is eligible to claim exemption u/s. 54 of the Income Tax Act as the construction of residential house completed within three years from the relevant date.
Punjab and Haryana High Court held that the department is liable to make payment of interest after the expiry of three months from the date the refund of pre-deposit amount becomes due.
CESTAT Chandigarh held that collection of toll by the assessee would not be considered as Business Auxiliary Service provided to NHAI as the assessee is not rendering any service which is incidental or auxiliary on behalf of NHAI and the NHAI is not undertaking any business activity.
ITAT Mumbai held that membership fee expenses have been incurred for acquisition of individual club membership is not allowable as expenditure in terms of provisions of section 37 of the Income Tax Act.ITAT Mumbai held that membership fee expenses have been incurred for acquisition of individual club membership is not allowable as expenditure in terms of provisions of section 37 of the Income Tax Act.
CESTAT Ahmedabad held that service provided to SEZ units are exempt from service tax vide notification no. 09/2009-ST dated 03.03.2009. Exemption benefit cannot be denied for procedural requirement.
