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Archive: 07 December 2023

Posts in 07 December 2023

Entire reassessment proceeding illegal without issuance of notice u/s. 143(2)

December 7, 2023 732 Views 0 comment Print

ITAT Hyderabad held that entire re-assessment proceeding is illegal and deserves to be quashed in absence of mandatory issue of notice under section 143(2) of the Income Tax Act.

Payment of club membership fees for employees allowable as business expenditure

December 7, 2023 1104 Views 0 comment Print

ITAT Mumbai held that club membership fees for employees are to be treated as business expenditure of a company under section 37 of the Income Tax Act.

Smart Watch is classifiable under 8517 6290 and not under 9102 1900

December 7, 2023 459 Views 0 comment Print

CESTAT Delhi held that G-Watch i.e. Smart Watch is classifiable under 8157 6290 and not under CTH 9102 1900. Accordingly, benefit of entry serial no. 955 of notification no. 15/2009-Cus. dated 31.12.2009 doesn’t apply.

Revisionary power u/s 263 cannot be invoked in case of ‘inadequate enquiry’

December 7, 2023 831 Views 0 comment Print

Delhi High Court held that revisionary power under section 263 of the Income Tax Act can be invoked only in case of no enquiry. The revisionary power cannot be invoked in case of inadequate enquiry.

Customs Exchange Rates effective from 8th December, 2023

December 7, 2023 855 Views 0 comment Print

Explore Notification 90/2023-Customs (N.T.) dated 7th December, 2023, revealing revised foreign exchange rates for imports and exports. Detailed schedules and implications discussed

Export policy of onions amended to ‘Prohibited, till 31.03.2024

December 7, 2023 1068 Views 0 comment Print

Explore the impact of DGFT Notification 49/2023 on onion exports. Changes in export policy, conditions, and exemptions discussed. Effective from December 8, 2023

CBIC exempts imports of Yellow Peas from BCD & AIDC up to 31.03.2024

December 7, 2023 528 Views 0 comment Print

Explore Customs Notification 64/2023 exempting Yellow Peas [HS 0713 10 10] from duty and AIDC until March 2024. Details, analysis, and implications discussed

Denial of benefit of project import regulations and concessional rate unjustified

December 7, 2023 348 Views 0 comment Print

CESTAT Kolkata held that denial of benefit of project import regulations and the concessional rate of duty despite clearly taking note of factual position is certainly an error of judgement.

Motor vehicle tax payable at rates prescribed for construction equipment vehicle when vehicle used only for construction purpose

December 7, 2023 447 Views 0 comment Print

Kerala High Court held that vehicles are liable to be taxed at the rate prescribed for construction equipment as use of vehicle is only for the construction purpose. Accordingly, writ dismissed.

Adjustment towards interest on receivables unjustified as assessee is debt free company

December 7, 2023 411 Views 0 comment Print

Delhi High Court held that the assessee company being a debt free company the question of receiving any interest on receivables did not arise. Accordingly, the adjustment made by AO on account of interest on outstanding receivables. Writ dismissed as no substantial question of law arose.

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