"16 July 2023" Archive - Page 4

ISD vs Cross Charge: What You Need to Know After 50th GST Council Meeting

Unlock the complexities of ISD vs Cross Charge for distributing input tax credit (ITC) after the 50th GST Council Meeting. Understand the implications, taxability of supplies between distinct persons, and the recommended clarifications. Stay informed for compliance in the evolving GST landscape....

Foreign Liability Assets Return (FLA)

Navigate the complexities of Foreign Liability Assets Return (FLA) under FEMA 1999. Learn about the entities required to submit FLA, exemptions, filing deadlines, and the step-by-step process. Stay compliant and understand the penalties associated with non-compliance....

IGST Refund can’t be Withheld on Mere Duty Drawback availment Suspicion

Get insights from the Sunlight Cable Industries case as the Bombay High Court quashes Revenue's order on withholding IGST refund. Explore the assessment of double benefit claims. ...

Angel Tax: Reforms, Impact & Government Initiatives in India’s Startup Ecosystem

Finance bill 2023 introduced amendments to the angel tax provisions. The amendments extended the scope of angel tax to include the issuance of shares by Companies having Common Heritage Certificates (CHCs) to non-resident investors....

Unjustified Reconciliation Statement Rejection: CESTAT Orders Re-adjudication

Jagat Janani Services Vs Commissioner of Central Excise (CESTAT Kolkata)

In a dispute involving Jagat Janani Services and the Commissioner of Central Excise, CESTAT Kolkata has ordered re-adjudication after the original adjudicating authority rejected a reconciliation statement without adequate reasoning....

ITAT Chennai Partly Upholds AO’s Order on Excess jewellery Stock Valuation

MRS Jewellery Vs DCIT (ITAT Chennai)

Explore ITAT Chennai's recent ruling in MRS Jewellery Vs DCIT, where they partly upheld the AO's assessment of excess stock, creating a significant impact on the taxation of jewellery businesses....

Specific explanation needs to be given for Unreported Jewelry in Wealth Tax Return

Rekha Khaitan Vs DCIT (ITAT Delhi)

ITAT Delhi held that more specific plea and explanation ought to be given by an assessee for discharging burden u/s 69B of the Income Tax Act to explain jewelry beyond that mentioned in Wealth Tax Return....

Assessee’s Burden to Prove Non-Accrual of Capital Gain: ITAT directs Re-Adjudication

P. Selvamani Ranjithan Vs ITO (ITAT Chennai)

The ITAT Chennai ordered for the re-adjudication of capital gain assessment in the case of P. Selvamani Ranjithan vs ITO, emphasizing the responsibility of the assessee to prove non-accrual of capital gains....

No Disallowance under section 14A if assessee not earned any exempt income

NCC Infrastructure Holding Limited Vs ACIT (ITAT Hyderabad)

The ITAT Hyderabad recently ruled in favor of NCC Infrastructure Holdings Limited, declaring no disallowance of deduction under section 14A of the Income Tax Act can be made if the assessee hasn't earned any exempt income....

ITAT Upholds Disallowance for Delayed Employees’ Contribution Fund Deposit

Poddar Car World Private Limited Vs ACIT (ITAT Guwahati)

The ITAT Guwahati upholds the disallowance concerning the delay in depositing the Employees' Contribution Fund in the case of Poddar Car World Pvt Ltd vs ACIT....

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February 2024