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Archive: 01 September 2023

Posts in 01 September 2023

Excess stock found at the time of survey is Business Income: ITAT Chennai

September 1, 2023 1005 Views 0 comment Print

ITAT Chennai rules in favor of Mookambika Impex, stating that excess stock is due to regular business activities. Dive into the detailed analysis.

93% of ₹2000 Banknotes in Circulation as of May 19, 2023 Returned

September 1, 2023 414 Views 0 comment Print

Reserve Bank of India’s decision to withdraw ₹2000 banknotes has been highly effective, with 93% of these notes already returned from circulation.

Trust can claim both depreciation & application of income on asset in its purchase year

September 1, 2023 6045 Views 0 comment Print

ITAT referred to SC’s judgment in CIT v. Rajasthan & Gujarati Charitable Foundation, Poona, which stated that an entity could claim both depreciation and application of income on asset in its purchase year.

Service Income Misclassification Doesn’t Make it a Donation

September 1, 2023 270 Views 0 comment Print

Analysis of ITAT Delhi’s verdict on Global Research Forum’s service income labeled as a donation. The impact of misclassifying income in financial records.

Tax Implication on Sale & Purchase of Immovable Property for Seller & Buyer

September 1, 2023 41640 Views 7 comments Print

Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, and reporting obligations.

Procedure for appointment of an Independent Director

September 1, 2023 34482 Views 0 comment Print

Detailed steps for appointment of independent directors under Companies Act 2013. From databank selection to statutory disclosures, get an all-inclusive overview.

Goods exempted from e-way bill requirements can’t be detained for lacking e-way bill

September 1, 2023 1476 Views 0 comment Print

Analysis of J.K. Cement Ltd. vs State Of U.P. case where goods detained for e-way bill were exempted at the relevant time. Insights into Allahabad High Court’s decision.

Entire GST Refund Can’t Be Denied Due to One Supplier’s Irregularity

September 1, 2023 717 Views 0 comment Print

Analysis of Delhi HC judgment on GST refund where a supplier was found non-existent. A pivotal decision ensuring rightful GST claims aren’t denied.

Mineral (Auction) Amendment Rules, 2023

September 1, 2023 669 Views 0 comment Print

(1) These rules may be called the Mineral (Auction) Amendment Rules, 2023. (2) They shall come into force on the date of their publication in the Official Gazette.

Electricity (Third Amendment) Rules, 2023

September 1, 2023 1560 Views 0 comment Print

These rules may be called the Electricity (Third Amendment) Rules, 2023. (2) They shall come into force on the date of their publication in the Official Gazette.

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