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Archive: September, 2023

Posts in September, 2023

TDS in case of ESOP is deductible at time option is exercised and shares are allotted to employees

September 28, 2023 1233 Views 0 comment Print

ITAT Mumbai held that TDS is not deductible at the time of grant of ESOP but is deductible at the time of option is exercised by employees of the assessee and shares are allotted to the employees.

Denial of deduction u/s. 80IB(10) unjustified as separate building planning permission obtained for each block

September 28, 2023 717 Views 0 comment Print

ITAT Ahmedabad held that denial of deduction u/s. 80IB(10) of the Income Tax Act alleging non-completion of some blocks unjustified as separate building planning permission were obtained by assessee from Local Authority namely AMC for each Block as a separate housing project.

Reassessment u/s. 147 without new tangible material is unsustainable

September 28, 2023 990 Views 0 comment Print

ITAT Delhi held that assuming jurisdiction under section 147 of the Income Tax Act without new tangible material is unsustainable and hence the entire reassessment is null and void.

Differential demand of service tax under composite works contract unsustainable as VAT paid on goods component

September 28, 2023 537 Views 0 comment Print

CESTAT Chennai held that where the value has already been split as per the state law and VAT has been paid on the goods component of the composite works contract, no service tax can be levied on such component again taking recourse to Rule 2A(ii) of Service Tax (Determination of Value) Rules, 2006.

Addition u/s. 56(2)(viib) by rejection of valuation determined by assessee without referring to DVO unjustified

September 28, 2023 870 Views 0 comment Print

ITAT Mumbai held that addition towards difference of share premium u/s. 56(2)(viib) of the Act by rejecting the valuation determined by the assessee without referring the matter for valuation to DVO is unjustified. Matter remanded for referring the same to DVO.

Subsequent Intimation of DIN without quoting It on Body of Assessment Order Is Invalid

September 28, 2023 9465 Views 0 comment Print

Learn about Harish Gupta Vs DCIT case at ITAT Delhi where subsequent intimation of DIN number without quoting it on assessment order is deemed invalid.

Draft LLP Agreement: Key Clauses and Essentials

September 28, 2023 5367 Views 0 comment Print

Explore a sample LLP agreement’s vital elements and definitions. Understand importance of designated partners, contributions, and business scope.

Ancillary/other object Clauses for MOA: Company Incorporation

September 28, 2023 7224 Views 0 comment Print

Explore ancillary clauses for your company’s Memorandum of Association (MOA) to enhance your business scope and legal framework.

Issuance of notices under GST to online gaming companies

September 28, 2023 2232 Views 0 comment Print

Explore recent GST amendments affecting online gaming companies, the distinction between games of chance and skill, and potential implications

Disqualifications as Tax Auditor under section 44AB – Income Tax Act

September 28, 2023 4386 Views 0 comment Print

Explore disqualifications outlined in Income Tax Act for tax auditors in India, ensuring integrity and transparency in financial governance

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