Explore the new standard operating procedures (SOP) issued by India’s Ministry of Finance for recomputing income for co-operative sugar factories.
ITAT Chennai held that rejection of special audit report of the special auditor appointed in terms of section 142(2A) of the Income Tax Act on flimsy grounds without any finding as to how observation of the special auditor is incorrect.
CESTAT Kolkata held that activity undertaken by the appellant as calibration tests and upgradation/configuration of the appliances according to the requirements/specifications of the customers, does not amount to manufacture as no new product came into existence. Hence, demand unsustained.
CESTAT Kolkata held that activity undertaken by the appellant as calibration tests and upgradation/configuration of the appliances according to the requirements/specifications of the customers, does not amount to manufacture as no new product came into existence. Hence, demand unsustained.
ITAT Delhi held that addition merely on the sole basis that there was mismatch between TDS certificate/26AS and the turnover/receipts shown by the assessee in its P&L account unsustainable as difference successfully established.
Delhi High Court’s recent ruling addresses coaching centers in Mukherjee Nagar violating Master Plan for Delhi, 2021. Explore the judgment’s key points and implications for residents and institutes.
Reserve Bank of India (RBI) addresses discussions on social media regarding the Star (*) symbol on banknotes, clarifying that it indicates a replacement for defectively printed notes. The banknote with the Star (*) symbol is legally valid, and information is available on the RBI website.
Orissa High Court held that 150 HP Fully Automatic ATS (Auto-Transformer Starter) Control Panel, Motor Starter Panel Board and other Control Panel is comprehended in the term “accessories” under OVAT Act which attracts a rate of tax @ 4% for the tax periods prior to 01.04.2012 and @5% for the tax periods commencing from 01.04.2012 to the periods of assessment.
In present facts of the case, the Hon’ble Delhi High Court observed that Section 35FF of the Excise Act indicates that interest would commence from the date of the order of the Appellate Authority as distinct from the making of an application which is prescribed to be the starting point insofar as Section 11BB of the Act is concerned.
Explore 25 FAQs on Significant Economic Presence (SEP) for Non-Residents in India. Understand the impact of SEP on digital and e-commerce business models, reasons for its application, income tax implications, criteria, challenges, and immunity through Double Taxation Avoidance Agreements (DTAA). Stay informed about legal obligations, special roles for professionals, and the governments challenges in managing income tax leakages in the digital and e-commerce sectors. Expert insights for NRs operating in India.
