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Archive: 20 July 2023

Posts in 20 July 2023

Bombay HC: No Addition for Penny Stock – Documentary Evidence

July 20, 2023 3030 Views 0 comment Print

Analyze the case of PCIT Vs Indravadan Jain, HUF in the Bombay High Court, where the issue of addition u/s 68 for penny stock transactions was examined. Discover how documentary evidence played a crucial role in the court’s decision.

Loan Availed in Earlier Years: No Annual Commercial Expediency Proof Needed

July 20, 2023 588 Views 0 comment Print

The issue under consideration is that whether the assessee is required to demonstrate commercial expediency during each year concerning a loan which was availed during previous year relevant to A.Y. 2005-06.

No Penalty under Section 271A for Maintained Books of Account

July 20, 2023 2238 Views 0 comment Print

The ITAT Bangalore in the case of Suresh Sharma vs ITO reaffirms the principle that penalty proceedings under Section 271A of the Income Tax Act cannot be initiated if the Books of Account are properly maintained

Comparative study of Mortgage, Hypothecation & Pledge

July 20, 2023 4863 Views 0 comment Print

Explore the nuances of Mortgage, Hypothecation, and Pledge in a comparative study. Understand the differences in security types, ownership transfer, registration, and compliance under the Companies Act, 2013. Know when to use each method for loans and stay informed on the applicable regulations.

GST: Summary of CBIC Circulars issued on 17th July 2023

July 20, 2023 2037 Views 0 comment Print

Stay updated on GST with a comprehensive summary of CBIC Circulars issued on 17th July 2023. Explore clarifications on issues like TCS liability, ITC differences, warranty replacement, and more. Get insights into the latest changes affecting your business.

Income Tax Exemption for IFSC Aircraft Leasing under section 10(34B)

July 20, 2023 1317 Views 0 comment Print

The Ministry of Finance has issued Notification No. 52/2023-Income Tax, Dated : 20th July, 2023 under section 10(34B) of the Income Tax Act, 1961. The notification provides an income tax exemption for dividends from aircraft leasing within International Financial Services Centres (IFSC). The notification specifies that no income tax deduction shall be made from any dividend income paid by […]

IBBI (Insolvency Professionals) (Amendment) Regulations, 2023

July 20, 2023 597 Views 0 comment Print

Read about the Insolvency and Bankruptcy Board of India’s (IBBI) amendment regulations for insolvency professionals in 2023.

IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2023

July 20, 2023 804 Views 0 comment Print

The Insolvency and Bankruptcy Board of India (IBBI) has introduced the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2023. The IBBI’s amendment regulations, it introduces a new explanation to clarify regulatory fee exemption for approved resolution plans involving real estate projects handled by associations or groups of allottees. […]

DGFT Extended Deadline for Broken Rice Export to Senegal, Gambia & Indonesia

July 20, 2023 393 Views 0 comment Print

Director General of Foreign Trade (DGFT) has announced Trade Notice No. 16/2023-DGFT on 20th July, 2023, stating the extension of the last date for submitting applications to obtain a license for exporting broken rice to Senegal, Gambia, and Indonesia on humanitarian grounds. The new deadline for submission is 27th July, 2023. Government of India Ministry […]

Reassessment Proceedings Invalid Without New Tangible Material

July 20, 2023 543 Views 0 comment Print

Explore the ITAT Chennai ruling in the V.K. Sasikala vs DCIT case, where the importance of tangible new material in reassessment proceedings has been underscored. Learn how the tribunal’s decision impacts the treatment of reassessment cases in Indian Tax Law.

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July 2023