Explore the successes and failures of India’s Insolvency and Bankruptcy Code (IBC), its impact on the economy, and strategic recommendations for improvement. Learn about realisation rates, timeline challenges, and potential solutions for a more effective insolvency framework.
Understand the income tax rules for individuals departing India. Learn about the forms and procedures for obtaining tax clearance and no objection certificates. Find out the necessary information for domiciled and non-domiciled individuals.
Understand recent Calcutta High Court ruling on recovering Input Tax Credit (ITC) from purchasers. Analysis of judgment and its implications. Learn when tax department can proceed against buyers.
ITAT Mumbai held that expenditure claimed by the assessee relating to earning of only exempt income is not allowable as deduction. Accordingly, the whole expenditure incurred for earing exempt income cannot be allowed to carryforward.
In present facts of the case, it was held by the National Commission that Consumer Protection Act being a beneficial legislation, benefit of ambiguity/doubt needs to go to the Consumer.
ITAT Delhi held that there is no justification of adopting lower Fair Market Value (FMV) merely on the basis of DVO report as DVO has failed to consider the specific features of the property commanding higher value.
ITAT Mumbai held that since the impugned MTM loss was duly reversed in the subsequent year and offered to tax, revisionary proceedings invoked under section 263 of the Income Tax Act cannot be sustained as there is no prejudice to the revenue.
ITAT Mumbai held that services provided by Indian Company to company registered in Isle of Man (i.e. non-resident company) under Canvasser Agent Agreement, on principal-to-principal basis not taxable in India.
ITAT Mumbai held that cash sales accepted and then deposit of said cash in bank account cannot be treated as deposits made out of any undisclosed income. Accordingly, addition under section 68 unsustainable.
CESTAT Ahmedabad held that single invisible contract involving supply of raw material and construction activity is classified under works contract hence taxable only from 01.06.2007. However, in case of divisible works contract clearly defining value of service portion and raw material is classifiable under ‘Commercial and Industrial Construction’ prior to 01.06.2007.
