An in-depth analysis of the ITAT Delhi case between ACIT and International Recreation Parks. Learn why income taxed as house property can’t be taxed as business income later.
Egis International S.A. Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi recently adjudicated a noteworthy case involving Egis International S.A. and Assistant Commissioner of Income Tax (ACIT). The core issue revolved around whether non-compliance with an e-notice, due to the concerned employee leaving the company, could be considered a “reasonable cause.” The […]
The International Financial Services Centres Authority (IFSCA) has issued Circular No. F. No. 887/IFSCA/UAPA/ 2023-24/03 dated 5th September 2023, addressing important modifications regarding the implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967. This circular impacts all regulated entities in the GIFT-IFSC jurisdiction. Key Modifications: A. The circular refers to Clause 11.2 of […]
An in-depth analysis of ITAT Mumbai’s landmark decision in the case of ITO vs Kamalesh Mohandas Lakhwani. Explore why mere suspicion isn’t enough for additions under Section 69B of the Income Tax Act.
The Ministry of Corporate Affairs (MCA) has imposed penalties on United Telecoms Limited for violations related to an Extraordinary General Meeting (EGM) notice. The case revolves around the failure to include a statement regarding the proposed independent director’s qualifications. This article discusses the details of the violation and the penalties imposed. Detailed Analysis United Telecoms […]
Bombay High Court held that dismissal of appeal without hearing the case on merits merely on the ground that matter is remanded back by Commissioner (A) unjustified as remand was only for limited purpose of re-quantification of customs duty.
ITAT Mumbai held that assessee claimed benefit u/s 54 on a different document, whereas ultimately the transaction completed on altogether a different set of conditions and property, which is not permissible to claim benefit u/s. 54 of the Act. Accordingly, benefit u/s. 54 denied.
ITAT Bangalore held that in case of non-resident, income arising in India by way of royalties or technical charges could be taxed in India but that could be only on the receipt basis under India-Switzerland DTAA and not on accrual basis.
ITAT Jodhpur held that merely by transferring the reserve created out of the tax paid profit subsequently transferred to capital account of the firm is not a mistake apparent on record and cannot be rectified under the guise of provision of section 154 of the Act
CESTAT Chandigarh held that service tax demand under reverse charge mechanism unsustainable in case the IPR is registered in any foreign country and is not registered in India.
