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Archive: October, 2023

Posts in October, 2023

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

October 3, 2023 4848 Views 0 comment Print

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 में जानें।

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

October 3, 2023 5286 Views 0 comment Print

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

October 3, 2023 4035 Views 0 comment Print

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

October 3, 2023 3564 Views 0 comment Print

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

October 3, 2023 2448 Views 0 comment Print

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

October 3, 2023 3756 Views 0 comment Print

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

October 3, 2023 3762 Views 0 comment Print

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 encumbrances.

NCLT approved Resolution plan in respect of BKM Industries Limited

October 3, 2023 2013 Views 0 comment Print

NCLT Kolkata held that application filed by resolution professional of BKM Industries Limited (Corporate Debtor) for approval of resolution plan stand approved.

Pros and Cons of Different Tax Payment Methods

October 3, 2023 1911 Views 0 comment Print

Explore advantages and disadvantages of various tax payment methods, including online, over-the-counter, mobile banking, and net banking.

No Deduction u/s 80I(4) of Income Tax Act to be Allowed without Agreement between Assessee and Government /Statutory body: ITAT

October 3, 2023 1356 Views 0 comment Print

DCIT Vs HES Infra Private Limited (ITAT Hyderabad) The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the agreement was not entered between the assessee and the Government / Statutory Government and there was a violation laid down by the statute and therefore, the assessee is not entitled to claim deduction The assessee […]

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