In present facts of the case, the Hon’ble Supreme Court while restoring the award of Arbitral Tribunal observed that it is well-settled that courts ought not to interfere with the arbitral award in a casual and cavalier manner.
ITAT Chennai held that as capital profit are to be excluded while computing book profit u/s 115JB, similarly, the adjustment of loss could also not be allowed u/s 115JB. Hence, loss on sale of investment could not be reduced from Book Profits u/s 115JB of the Income Tax Act.
ITAT Indore held that the penalty levied u/s 271D of the Income Tax Act without any assessment proceedings in the case of the assessee is not valid and liable to be quashed.
SEBI initiates third round of distribution to affected IPO investors from 2003-2005 irregularities. Get insights on the Wadhwa Committee, disbursement details, and more.
RBI increases offline small value payment limit to ₹500 as per August 10, 2023 policy. Learn about the impact and implications of this enhancement
Insights into Chartered Accountants Association of Surat’s representation on issues in Income Tax Law & Practice, addressing Finance Minister.
Details about the CS Professional & Executive Programme Exam results, June 2023 session, by the Institute of Company Secretaries of India.
Noorul Hasan Baig Vs DCIT/ACIT case at ITAT Indore, exploring necessity of remand for an assessee’s second chance to present relevant documents.
ITAT Chandigarh’s ruling on assessment of surrendered income under section 69 of Income Tax Act. Jaspreet Singh Mauj’s case offers insights into legitimacy of such assessments.
Dive into the ITAT Chandigarh’s ruling in case of Manjeet Singh vs. ITO, which deliberates on validation of unexplained cash deposits.
