The assessment of working capital requirement of borrowers, other than micro and small enterprises, requiring fund based working capital limits up to ₹ 1 crore and micro and small enterprises requiring fund based working capital limits up to ₹ 5 crore from the banking system may be made on the basis of their projected annual turnover.
As per data shared by the Union Minister of State for Finance, Shri Pankaj Chaudhary, the majority (89%) of these notes were issued prior to March 2017. The volume and value of the ₹2000 banknotes have seen a gradual decrease since their peak in 2018.
The ITAT Ahmedabad dismissed rectification orders passed under Section 154 of the Income Tax Act, upholding the setting off of business loss against property income and income from other sources.
CESTAT Delhi held that the collection of excess baggage charges would be leviable to service tax under the category of transport of passengers by air and not under transportation of cargo by air.
Bombay High Court held that different view by Authority of Advance Ruling (AAR) in case of another Applicant cannot be ground for reopening of assessment under section 147 of the Income Tax Act.
ITAT Delhi held that passing of project-specific architectural drawings and designs with measurements did not amount to making available technical knowledge, know-how, or processes. Since ‘make available’ clause is not satisfied, services rendered to the AOP does not fall within the purview of FIS under Article 12(4)(b) of the India-USA DTAA.
Delhi High Court dismissed the petition as not maintainable in matter rejection of licence for Indian-Made Foreign Liquor (IMFL) as statutory provision which permits the Petitioner to approach the Appellate Authority in terms of section 72 of the Excise Act, 2009.
Learn about the PFRDA’s recent announcement on Aadhaar verification under PMLA. Understand the responsibilities of Reporting Entities and NPCI in e-KYC setup.
Analysis of the Indian Institutes of Management (Amendment) Bill, 2023 that includes the renaming of NITIE to IIM Mumbai and other pivotal changes.
The CESTAT Bangalore has ruled that the Centre for Marine Living Resources and Ecology (CMLRE) is eligible for customs duty exemption on the import of spares and other items for vessel repair.
