"02 November 2023" Archive - Page 2

CBIC notifies New Monetary Limits for Appeals before SC, HC & CESTAT

F. No.  390  Misc/30/20231C 02/11/2023

The Ministry of Finance, Department of Revenue announces monetary limits for appeals before CESTAT, High Courts, and Supreme Court to reduce government litigation....

Issuing Final Assessment Order Without Section 144C Compliance Unlawful

Defsys Solutions Pvt Ltd Vs ACIT (ITAT Delhi)

ITAT Delhi held that passing of final assessment order without complying with the terms of section 144C of the Income Tax Act, 1961 is untenable in law....

Writ Dismissed as Provisional Attachment Lifted under Section 24(4)(b)(i) of Benami Property Act

P.M. Sharijth Vs ACIT (Kerala High Court)

Kerala High Court dismissed the writ petition as provisional attachment made u/s 24(4)(b)(i) of the Prohibition of Benami Property Transactions Act, 1988 in respect of the properties of the petitioner was lifted....

No Service Tax on Advance Club Membership Fees: CESTAT Ruling

Learn about a CESTAT ruling regarding service tax on advance membership fees collected by clubs. Analysis and implications included....

Posted Under: Custom Duty |

Section 154 Notice can be challenged under Article 226 of Constitution of India

Mastek Limited Vs ACIT (Gujarat High Court)

Gujarat High Court held that Challenge to notice issued under section 154 of the Income Tax Act is maintainable under Article 226 of the Constitution of India....

Unjustified Addition under Section 68: Creditworthiness Established

ACIT Vs Hasmukhbhai Ravjibhai Ahir (ITAT Surat)

ITAT Surat held that addition under section 68 of the Income Tax Act towards unexplained cash credit unjustified as creditworthiness of the loan giver established and transaction undertaken through banking channel....

Trading and Profit and Loss Account Format in India

Explore the intricate details of the Trading and Profit and Loss Account format in India, governed by the Companies Act, 2013, and ICAI standards. Delve into components, calculations, and vital insights for comprehensive financial reporting and informed decision-making....

Posted Under: Custom Duty |

Shares/securities/PMS/Mutual fund held as investment taxable under capital gains

DCIT Vs Hero Investment Pvt. Ltd. (ITAT Delhi)

ITAT Delhi held that income from sale of shares/securities/PMS/Mutual Funds, etc. which were held as investment and not as stock-in-trade is taxable under the head capital gains and not under the head business income....

Revisional jurisdiction u/s 263 not invocable as order neither erroneous nor prejudicial to interest of revenue

Surat People’s Co Operative Bank Ltd Vs PCIT (ITAT Surat)

ITAT Surat held that invocation of revisional jurisdiction under section 263 of the Income Tax Act unsustainable as order passed by AO was neither erroneous nor prejudicial to the interest of the revenue....

E-Payment of Direct Taxes: Simplifying Tax Payments

Learn about of e-payment of direct taxes and its mandatory and optional aspects. Discover benefits, requirements, and steps for making tax payments online, ensuring a hassle-free process...

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February 2024