F. No. 225/66/2023 — ITA-II -
03/08/2023
Government of India issues guidelines for compulsory selection of returns for Complete Scrutiny during FY 2023-24. Find the procedure and clarification here....
Understand whether stamp duty is applicable on off-market transfers of securities without consideration, such as gifts or legacy transfers, as per the Indian Stamp Act amendments....
Assessing Officer issued DIN through a separate communication dated 03.02.2022, which demonstrates that the DIN was not issued within a period of 15 working days of the issuance of the assessment order....
On 31st July the CBIC notified the various notifications in context with the recommendation made by the GST Council Meetings. (These notifications cover the recommendation made by the GST Council not only in 50th Meeting but it is covering the matter discussed in earlier meeting also such as in 47th Meeting, 49th Meeting) Following are ...
HC held that loan facility availed by a credit card holder, where being a credit card holder is a condition for eligibility, is not considered a credit card service. Instead, it is treated as a standard loan which is exempt under GST. Directed the bank to refund the GST collected from the assessee....
ACIT Vs Ashok W. Wesavkar (ITAT Mumbai) -
According to the Income Tax Act, there is no requirement for active agricultural activity to be present at the time of selling agricultural land. The key condition is that the land must qualify as agricultural land. The Honourable Third Member supported this view and dismissed the Revenue's appeal, concluding that the consideration receiv...
Anuj Bajpai Vs Employee Provident Fund Organisation (NCLT Mumbai) -
NCLT Mumbai held that PF/Gratuity dues are third-party assets belonging to workers and should be prioritized in liquidation. The EPFO claims will not fall under the waterfall mechanism of the IBC....
Reegal Construction Vs ITO (ITAT Kolkata) -
ITAT Kolkata held that as provisions of section 43CA of the Income Tax Act are introduced with effect from 1st April 2014, the said provisions are not applicable to ‘agreement to sell’ entered prior to 1st April 2014....
MMTC Ltd Vs DCIT (ITAT Delhi) -
ITAT Delhi held that income classified as ‘business income’ but not considered for the purpose of working of deduction u/s 80HHC merely on the nomenclature that income are not derived from export is unjustifiable as it is not justified that income has no nexus with earning of export....
In re Charudutt Marathe (NCLT Ahmedabad) -
NCLT Ahmedabad held that resolution plan submitted by Resolution Professional (RP) of the corporate debtor- Safeco Hygiene Films Pvt. Ltd. duly complies with regulations of CIRP Regulations, 2016 as well as IB Code and, the resolution plan is found to be both feasible and viable as held by CoC. Accordingly, the same is approved....