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Archive: 31 December 2023

Posts in 31 December 2023

Webinar on Critical Issues in Faceless Assessments under Income Tax Act, 1961

February 14, 2025 3630 Views 0 comment Print

Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.

Proceedings during moratorium should involve Official Liquidator: Kerala HC

December 31, 2023 996 Views 0 comment Print

Explore the Kerala High Court judgment in Platino Classic Motors vs Deputy Commissioner. Learn how the court directs a decision on unpaid service tax and central excise dues after hearing the Official Liquidator.

Service tax payment delay due to delay in receipt of payment: Karnataka HC Directs CA Firm to Settle with Rs.2,50,000 Payment

December 31, 2023 4527 Views 0 comment Print

Explore the Karnataka High Court’s resolution in V.K. Niranjan And Co. vs. Commissioner of Service Tax, emphasizing the court’s pragmatic approach to settle service tax disputes, involving a review petition challenging penalty imposition.

Investment in Partnership Business or Joint Venture Excluded from Definition of Financial Debt

December 31, 2023 1089 Views 0 comment Print

Dive into the legal battle of Chiragsala Sales vs. Vaishno Devi Traders at NCLT Guwahati. Explore the complex issue of financial debt, investment, and the implications under sec. 7 of the Code.

Section 68: Cash Receipts from Jewelry Sales Not Unexplained Cash Credits 

December 31, 2023 2487 Views 0 comment Print

ITAT Chennai rules in favor of Sahana Jewellery Exports Pvt. Ltd. against ITO, highlighting the importance of evidence and legal interpretation in cases of cash deposits during demonetization, underlining the principles of assessing unexplained cash credits.

Taxation of IPL Income under Section 115BBA of Income Tax Act 1961 for Mitchell Starc & Pat Cummins

December 31, 2023 8481 Views 0 comment Print

Explore tax implications of Mitchell Starc and Pat Cummins’ Rs. 45.25 crores IPL earnings under Section 115BBA. Learn about TDS, exemptions, and dual taxation agreements between India and Australia.

Interest on delayed TDS payment is not an allowable business deduction

December 31, 2023 3798 Views 0 comment Print

Explore the Expat Engineering India Ltd. vs ACIT case regarding interest on late TDS payment. Understand the arguments, tribunal decision, and implications

Petitioner cannot repeatedly ask for time in response to successive show cause notices

December 31, 2023 582 Views 0 comment Print

Explore the Kerala High Court judgment in Shaju Pachelil Pathrose vs ACIT. The court upholds an income tax assessment order, citing denial of repeated time requests by the assessee in response to show cause notices.

Action cannot be initiated against custom broker based on vague hypothesis & presumptions

December 31, 2023 459 Views 0 comment Print

Read the detailed analysis of JKG Infralogistics Pvt. Ltd. vs. Commissioner of Customs case. CESTAT Kolkata sets aside penalties, citing lack of evidence for Customs Broker violations.

Customs Duty: Section 114A Prescribes Penalty Equivalent to Duty or Interest, as Applicable

December 31, 2023 1539 Views 0 comment Print

CESTAT Bangalore ruling in IBM’s favor: Penalty under Customs Act (Section 114A) equals duty, not duty and interest. Detailed analysis of the case.

Madras HC Grants Interim Stay in Cognizant’s Tax Case Appeal against ITAT Order

December 31, 2023 1002 Views 0 comment Print

Madras High Court halts Rs. 9403.09 Cr Income Tax demand against Cognizant Technology Solutions India. Detailed analysis and implications of the order.

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