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Archive: September, 2023

Posts in September, 2023

Delhi HC restricts Set-off of Tax Refunds Against Disputed Demands at 20%

September 5, 2023 2052 Views 0 comment Print

Delhi HC rules in favor of Jindal Stainless LTD in a tax dispute against DCIT. The court directs the release of excess tax adjustments, limited to 20% of disputed demands. Learn what this means for businesses facing similar tax disputes.

CESTAT Sets Aside Tax Demand: Job Fabrication Not Manpower Recruitment Service

September 5, 2023 561 Views 0 comment Print

A deep dive into CESTAT Ahmedabad verdict in Hitech Industries Vs C.S.T.-Service Tax. The tribunal clarified that job fabrication does not fall under the category of Manpower Recruitment or Supply Agency Service, setting aside Service Tax demand.

Waiver of Loan Not Cessation of Trading Liability under Section 41(1): ITAT Delhi

September 5, 2023 1401 Views 0 comment Print

Analysis of ITAT Delhis ruling in Luxor Writing Instruments (P) Ltd Vs DCIT. The tribunal clarifies that the waiver of a loan does not amount to cessation of trading liability under Section 41(1) of the Income Tax Act.

Late Form No. 67 Filing Doesn’t Deny Foreign Tax Credit Under India-Tanzania DTAA

September 5, 2023 858 Views 0 comment Print

A detailed look at the recent ITAT Ahmedabad ruling in the case of Manoj Kaushikprasad Jingar Vs Assessing Officer. Explore how the tribunal addresses the issue of late filing of Form No.67 under the India-Tanzania DTAA.

Actual Gratuity Deduction Not Disallowed: ITAT Directs Fresh Consideration

September 5, 2023 2652 Views 0 comment Print

Explore a detailed analysis of the recent ITAT Bangalore verdict on Integrace Private Limited Vs NFAC/CIT(A), focusing on provisions of gratuity and tax deductions under section 37 and 43B.

Corporate Criminal Liability in India, UK And USA: A Comparative Approach

September 5, 2023 4005 Views 0 comment Print

The paper deals with explaining the concept of corporate criminal liability, from the time when there was no concept to set the liability on the company for default and till present how this concept has developed.

Crucial Challenges and Solutions for Current GST Problems in India

September 5, 2023 14145 Views 0 comment Print

Uncover most critical challenges related to GST issues, including Section 16(4), RCM, high penalties, & more. Learn actionable solutions to these complicated tax matters.

MCA Penalizes Company, Directors & CS for EGM Notice Non-Display on website

September 5, 2023 31773 Views 0 comment Print

Learn about penalty imposed by MCA on a company, its directors, and company secretary for failing to display an EGM notice on website.

Guidance Note on Tax Audit under Section 44AB

September 5, 2023 141426 Views 0 comment Print

Explore the latest 2023 revision of the ICAI’s Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961. Learn about updates, compliance requirements, and the role of chartered accountants in the tax audit process.

Demat Transactions via Registered Broker Not ‘Unexplained Income’ u/s 68

September 5, 2023 2823 Views 0 comment Print

Analyzing ITAT Mumbai’s landmark ruling in the case of ITO Vs Sanjay Mahabir Maheshka that deems income from share sales via Demat account as not Unexplained Income under section 68.

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