"04 November 2023" Archive - Page 2

Notice u/s 274 needs to be issued before limitation period prescribed u/s. 275(1)(c)

PCIT Vs Thapar Homes Limited (Delhi High Court)

Delhi High Court held that the notice under Section 274 of the Income Tax Act should have been issued before the period of limitation as prescribed under section 275(1)(c) of the Income Tax Act....

Assessment Proceedings Void Due to Invalid Draft Order

FedEx Express Transportation and Supply Chain Services (India) Private Limited Vs DCIT (ITAT Mumbai)

FedEx Express Transportation and Supply Chain Services (India) Private Limited Vs DCIT (ITAT Mumbai) The case of FedEx Express Transportation and Supply Chain Services (India) Private Limited Vs DCIT (ITAT Mumbai) revolves around the validity of a Transfer Pricing order, draft assessment order, and the consequent final assessment order. T...

Treatment of Non-Compete Fees & Depreciation on Software Licenses

CIT Vs Computer Age Management Services Pvt. Ltd. (Madras High Court)

In a recent judgment, the Madras High Court permitted a 60% depreciation rate on computer software licenses, emphasizing the specific entry in the tax laws and clarifying the treatment of non-compete fees as revenue expenditure....

What is a Cost Sheet and Its Format: A Comprehensive Guide

In this comprehensive guide, we will explore the intricacies of cost sheets, their purpose, the format they follow, and their profound impact on decision-making within organizations....

Posted Under: Income Tax |

IFSCA Invites Public Feedback: Review of Bullion Exchange Regulations 2020

Participate in IFSCA's call for suggestions on Bullion Exchange Regulations 2020 review. Contribute to shaping future policies for the precious metals industry in IFSC...

Posted Under: Income Tax |

FATF Identifies High-Risk Jurisdictions and Updates Monitoring List

The FATF's latest update highlights high-risk jurisdictions and those under increased monitoring for AML/CFT deficiencies. Get the details here....

Posted Under: Income Tax |

IFSCA Issues Caution on Unauthorised Entities in IFSC

IFSCA warns the public about Nyara Consultancy Services' unauthorised activities in the International Financial Services Centre. Protect your investments with IFSCA guidance....

Posted Under: Income Tax |

Director Remenuration Under Section 197 of Companies Act, 2013

Explore Section 197 & 198 of Companies Act, 2013 on director remuneration. Learn limits, approval, and penalties for public company remuneration....

Posted Under: Income Tax |

Addition u/s 68 unsustainable as documentary evidences furnished not proved to be defective

DCIT Vs Jayesh R. Thakkar (ITAT Ahmedabad)

ITAT Ahmedabad held that addition towards unexplained cash credit under section 68 of the Income Tax Act rightly deleted by CIT(A) as documentary evidences proving identity, creditworthiness of the parties and genuineness of the transaction were not proved to be defective by revenue....

Reversal under rule 6(3) of CCR, 2004 doesn’t apply when CENVAT attributable to non-excisable goods not availed

Hindustan Colas Pvt. Ltd. Vs Commissioner of CGST &

CESTAT Kolkata held that provisions of rule 6(3) of the CENVAT Credit Rules, 2004 is not applicable when CENVAT Credit attributable to non-excisable goods not availed. Accordingly, demand set aside....

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February 2024