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Archive: 28 December 2023

Posts in 28 December 2023

FIU IND issues compliance SCN to 9 offshore VDA SPs

December 28, 2023 312 Views 0 comment Print

Financial Intelligence Unit India issues compliance notices to 9 offshore Virtual Digital Assets Service Providers. Ministry of Finance acts against illegal operations. Details here.

Section 80P(4) not restrict Section 80P(2) deduction claimed by Co-op Society: HC

December 28, 2023 1983 Views 0 comment Print

Explore the Madras High Court’s judgment on CIT vs Tamilnadu Cooperative Housing Federation Ltd. Get insights into key tax implications and deductions under Section 80P of the Income Tax Act.

Future of Artificial Intelligence in Everyday Life

December 28, 2023 578 Views 0 comment Print

Artificial intelligence (AI) has become an integral part of our lives, revolutionizing various industries and transforming the way we interact with technology. From voice assistants to personalized recommendations, AI is making our everyday tasks more efficient and convenient.

Department of Economic Affairs Year 2023: Achievements & Global Leadership

December 28, 2023 408 Views 0 comment Print

Explore the Ministry of Finance’s Year Ender 2023, highlighting economic growth, global leadership, G20 achievements, sustainable finance, and major initiatives.

Ministry of Finance Year Ender 2023: Department of Financial Services

December 28, 2023 390 Views 0 comment Print

Explore the Ministry of Finance’s Year Ender 2023 report, detailing the Department of Financial Services’ achievements in reforms, NPAs, digital payments, and financial inclusion.

Ministry of Finance Year Ender 2023: Revenue Department Achievements

December 28, 2023 477 Views 0 comment Print

“Explore the significant accomplishments of the Department of Revenue, Ministry of Finance, in 2023. From tax collections to GST milestones, discover the year-end highlights.”

Bombay HC Upholds Taxpayer’s Right to Interest on Excess Equalization Levy Refund

December 28, 2023 786 Views 0 comment Print

Bombay High Court rules in favor of taxpayers, affirming the right to interest on excess Equalization Levy refunds. Detailed analysis and implications.

Income Tax Notice issued prior to date of approval of Resolution Plan was quashed

December 28, 2023 858 Views 0 comment Print

The impugned notices and orders were issued by the respondents/revenue admittedly subsequent to the public announcement under Section 15 of the Code regarding CIRP process pertaining to assessee and it was only subsequent to approval of the Resolution Plan of the Tribunal that Revenue issued the impugned Assessment Order and Demand Notice.

HC dismisses writ petition challenging conditional stay on tax demand

December 28, 2023 384 Views 0 comment Print

Read the Kerala High Court judgment on Covenant Stones vs CIT, where the writ petition challenging the conditional stay on tax demand is dismissed. Analysis of undisclosed income assessment provided.

Transfer of assets of partnership to retiring partners is taxable u/s. 45(4) of Income Tax Act

December 28, 2023 5262 Views 0 comment Print

ITAT Hyderabad held that transfer of assets of the partnership to the retiring partners would amount to the transfer of the capital assets in the nature of capital gains and business profits which is chargeable to tax under section 45(4) of the Income Tax Act.

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