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Archive: September, 2023

Posts in September, 2023

No Section 14A Disallowance if Assessee has Surplus Interest-Free Funds Exceeding Exempt Income Investments

September 30, 2023 993 Views 0 comment Print

Aditya Birla Nuvo Limited receives relief as ITAT Mumbai rules that investments yielding exempt income must be considered for disallowance under Rule 8D(2).

Income Surrendered During Survey Not Taxable at 60% under Section 115BBE

September 30, 2023 2415 Views 0 comment Print

ITAT Delhi quashes revision order, ruling that additional income surrendered during survey proceedings should not be taxed at 60% under Section 115BBE of the Income Tax Act.

No Section 44ADA Addition for Consultancy Income by 10th-Passed Assessee

September 30, 2023 13536 Views 0 comment Print

ITAT Mumbai rules that income earned from a consultancy business, even with TDS deductions, should not be taxed under Section 44ADA of the Income Tax Act.

No Section 14A Disallowance of Expenditure for Stock-in-Trade Securities

September 30, 2023 606 Views 0 comment Print

ITAT Mumbai grants relief to Central Bank of India, disallowing expenditure under Section 14A for securities held as stock-in-trade, citing the Maxopp Investment Ltd case.

CESTAT Rules Denial of Interest on Cenvat Credit Refund After 3 Months Not Legal

September 30, 2023 342 Views 0 comment Print

Analysis of CESTAT Delhi’s decision in Shakti Pumps (India) Ltd. vs. Commissioner of Central Goods & Service regarding the denial of interest on a refund of Cenvat Credit.

ITAT upheld Section 147 reopening as AO had tangible material in his possession

September 30, 2023 381 Views 0 comment Print

In the case of Lakshman Tools Pvt. Ltd. Vs. ITO (ITAT Delhi), learn about the validity of Section 147 application, non-genuine purchases, and commission payments.

Service Tax: No Section 78 Penalty without Misrepresentation or Suppression of Facts

September 30, 2023 1284 Views 0 comment Print

In Scaria Thomas & Co vs. Commissioner of Central Excise & ST (CESTAT Ahmedabad) case, learn about the absence of penalty under Section 78 in service tax due to no misrepresentation.

ITAT Grants Section 12AA Registration for Trust’s COVID-19 Relief Activities

September 30, 2023 219 Views 0 comment Print

In a recent case, ITAT Pune grants 12AA registration to Kanojiya Pardeshi Dhobi Trust, allowing its charitable activities during COVID-19. Full order analysis.

No Section 271B Penalty without Assessee’s Reasonable Opportunity to be Heard

September 30, 2023 768 Views 0 comment Print

In a landmark decision, ITAT Mumbai rules in favor of Evermore Polymer Systems Ltd., stating that penalties under Section 271B require a reasonable opportunity to be heard.

Bonus Share Issuance Not Subject to Section 56(2)(vii)(c): ITAT

September 30, 2023 357 Views 0 comment Print

ITAT Delhi rules on the taxability of bonus shares in the case of DCIT vs. Smt Aruna Chandhok. Detailed analysis of the decision and its implications.

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