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Archive: 21 September 2023

Posts in 21 September 2023

GST Reporting in case of Restaurant Services Through E-Commerce Operator

September 21, 2023 6738 Views 0 comment Print

Learn about GST reporting for restaurant services through E-Commerce Operators (ECOs) and recent changes in GST Council regulations.

Reassessment proceeding void if based on Change of Opinion Without New Evidence

September 21, 2023 1275 Views 0 comment Print

In the case of Bharat Electronics Ltd. Vs ACIT (ITAT Bangalore), the reassessment was found void as it relied on a mere change of opinion without new evidence.

Mechanical Approval U/S 153D Vitiates Assessment: ITAT Mumbai

September 21, 2023 1080 Views 0 comment Print

ITAT Mumbai’s landmark decision: Mechanical approval under Section 153D of the IT Act vitiates assessments, making them liable to be quashed.

Release of seized gold refused as general corroboration sufficient to seize smuggled gold

September 21, 2023 783 Views 0 comment Print

CESTAT Kolkata held that seized gold biscuits cannot be released as transportation of smuggled gold not justified based on fabricated transit challan and held mere general corroboration is sufficient.

Purchase of own shares comes within the ambit of dividend u/s 2(22) of Income Tax Act

September 21, 2023 3060 Views 0 comment Print

ITAT Chennai held that transaction of purchase of own shares by the appellant company is distribution of accumulated profits within the meaning of section 2(22) of the Income Tax Act, 1961. Accordingly, it is treated as dividend u/s. 2(22)(a)/2(22)(d) read with section 115-O of the Act.

Benefit under Budgetary Support Scheme not available to unit undergoing relocation, expansion & change of ownership

September 21, 2023 1005 Views 0 comment Print

Sikkim High Court held that as per guidelines of the Budgetary Support Scheme, if any unit undergoes for relocation, expansion and change of ownership, it will not be eligible under the Budgetary Support Scheme.

Builders Ordered to Hand Over Common Areas to Homebuyers: KRERA

September 21, 2023 3363 Views 0 comment Print

In a landmark decision, Karnataka Real Estate Regulatory Authority (KRERA) orders builders to allot common areas to homebuyers, addressing long-standing concerns of Karnataka Home Buyers’ Forum.

Deduction towards fringe benefit tax available while computing book profits u/s 115JB

September 21, 2023 693 Views 0 comment Print

ITAT Delhi held that fringe benefit tax is an allowable deduction in computing book profit as per Section 115JB of the Income Tax Act.

Exemption u/s 54 Cannot Be Denied for Non-Compliance with 54(2)

September 21, 2023 1527 Views 0 comment Print

Learn about case of Smt. Maninder Kartik vs. DCIT (ITAT Delhi) regarding denial of exemption u/s 54 due to non-compliance and legal precedents that support taxpayer’s claim.

Brand names being intangible assets are amenable to depreciation u/s 32(1)(ii)

September 21, 2023 672 Views 0 comment Print

Delhi High Court held that ‘brand names’ falls within the scope of intangible assets and, accordingly, are amenable to deprecation under Section 32(1)(ii) of the Income Tax Act.

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