ITAT Delhi held that notice issued initiating the penalty proceeding without specifying the limb of section 271(1)(c) of the Income Tax Act is bad-in-law and liable to be quashed.
CESTAT Chandigarh held that CENVAT Credit cannot be denied merely because final products are destroyed during testing. Notably, testing is integral to the activity of manufacture and CENVAT attributable to inputs that have gone into the manufacture of final products cannot be denied.
CESTAT Bangalore held that the product i.e. ‘553 series for 4500 Full A/N Prox. Exp Memory’ which functions like a badge reader is rightly classifiable under Chapter 8543.
Dive into critical tax regulations and provisions, from related party payments to cash disallowance, and learn how they impact your deductions. Uncover the complexities of tax compliance.
Discover the essential format and details of a Notice of Extra-Ordinary General Meeting (EGM) for a listed company. Navigate through compliance with MCA and SEBI circulars, electronic notice distribution, e-voting facilities, and the significance of updating shareholder information. Ensure transparency and effective communication in corporate governance.
Dive into the details of TDS on cash withdrawals under Section 194N. Learn about who needs to deduct tax, rates, exemptions, and more in this in-depth analysis.
ITAT Raipur held that ad-hoc disallowance of expenditure without specifying expenditure which was either not incurred for the purpose of business or was not substantiated by documentary evidence/material is unsustainable in law.
Corporate responsibility from environmental impact to legal accountability: Revise energy policy or face dire consequences, UN warns. ClientEarth sues Shell Plc. board on slow emission reduction targets.
In this article, we will delve into Section 112A, explaining its key provisions, and provide answers to 25 frequently asked questions (FAQs) to help taxpayers better understand its implications.
ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law.
