"03 October 2023" Archive

Gist of CGST/IGST Notifications – Issued on 29.09.2023

Explore important GST notifications issued on September 29, 2023, affecting taxation of online gaming, actionable claims, and advance payments. Get the latest updates...

Bombay HC directs Intelligence Officer & DRI to reply in Customs Seizure Case

Chokshi Arvind Jewellers Vs Union of India & Ors. (Bombay High Court)

Bombay High Court directs Senior Intelligence Officer and Directorate of Revenue Intelligence to respond in a custom seizure case involving valuable gold bars and coins....

Equitable Application of Penal Charges: Ensuring Fair Lending Practices

Explore RBI's groundbreaking guidelines on penal charges in loan accounts, promoting fair lending practices. Understand the key changes and their impact on borrowers and lenders....

GST पोर्टल अपडेट: DRC 03 संशोधन, ई-इनवॉइस परिवर्तन, DRC 01C का विवरण

GST पोर्टल पर हुए हाल के बदलावों की जानकारी, जैसे DRC 03 संशोधन, ई-इनवॉइस में परिवर्तन, और DRC 01C का महत्व। GSTIN अनुपालन और जुर्मानों के बारे मे...

Interest on TDS being compensatory in nature is allowable u/s 37(1)

Manglam Arts Vs PCIT (ITAT Jaipur)

ITAT Jaipur held that interest paid on TDS is compensatory in nature and is a business expenditure allowable u/s 37(1) of the Income Tax Act...

Section 271(1)(c) penalty unjustified without Income Concealment or Inaccurate Particulars

DCIT Vs Raytheon Company (ITAT Delhi)

ITAT Delhi held that imposition of penalty u/s. 271(1)(c) of the Income Tax Act unsustainable in absence of any concealment of income or furnishing inaccurate particulars of income by the assessee....

Donations to Specified Institutions for CSR Compliance Qualify for Sec. 80G Deduction

Power Mech Projects Ltd Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad held that donations given for compliance with Corporate Social Responsibility (CSR) u/s. 135 of Companies Act to institutions mentioned in Section 80G are qualified for deduction u/s. 80G of the Income Tax Act....

Unsustainable Demand Under Extended Limitation Period Without Tax Evasion Intent

Rangoli Division Vs Commissioner (Appeals) Central Excise & CGST (CESTAT Delhi)

CESTAT Delhi held that mere non-disclosure of the receipts in the service tax return would not mean that there was an intent to evade payment of service tax. Hence, demand invoking extended period of limitation unsustainable....

Amendment to provisions of section 50C(1) is retrospective in nature

Anupama Krishna Rao Premaraju Vs ITO (ITAT Hyderabad)

ITAT Hyderabad held that amendment to provisions of section 50C(1) of the Income Tax Act is retrospective in nature and hence the value adopted or assessed or assessable by the Stamp Valuation Authority on the date of agreement has to be taken for the purpose of full value of the consideration....

Purchaser obliged to discharge encumbrances as property purchased along with known encumbrances

Indian Overseas Bank Vs Assistant Commissioner of Central Excise and service Tax (Madras High Court)

Madras High Court held that once the purchaser has purchased the property even after knowing about the encumbrances then it is his obligation to discharge the encumbrances. The Bank cannot file a writ petition so as to protect the interest of the third party, who has purchased the property knowing the fact that there are other encumbrance...

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