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Archive: December, 2023

Posts in December, 2023

CIT cannot extend time for submission of Section 142(2C) Audit report by CA

December 21, 2023 924 Views 0 comment Print

Explore the Delhi High Court’s ruling in PCIT vs. B.L. Kashyap. Learn why CIT cannot extend Section 142(2C) Audit report submission time; crucial insights revealed.

Section 69A Inapplicable if Books of Account Not Required to be maintained

December 21, 2023 15264 Views 0 comment Print

he court examines Section 69A, emphasizing that it deals with unexplained money and requires the owner to maintain books of account. Notably, the respondent, being a non-resident Indian, is not obligated to maintain such books in India. The court acknowledges this prima facie and agrees to keep the question open for future deliberation.

Kerala HC Dismisses Writ Petition for Lack of Natural Justice Violation

December 21, 2023 900 Views 0 comment Print

Kerala High Court’s decision in N.T.K. Jewellers vs. Assistant Commissioner case. No violation of natural justice found in CGST/SGST assessment order.

CA not updated Email ID on income tax portal: ITAT Mumbai Grants Relief

December 21, 2023 4104 Views 0 comment Print

Read the detailed analysis of Maheshwar Niketan Co-operative Housing Society Limited vs. ITO case. ITAT Mumbai grants relief for CA’s email ID failure on the Income Tax portal.

When Profit Is Estimated, Cash Deposit During Demonetization Is Not Taxable Separately

December 21, 2023 1641 Views 0 comment Print

Explore the ITAT Hyderabad’s order in Puligilla Purnachander Vs ITO case for insights on Income Tax Act Section 69A, gross sales, and demonetization deposits.

ITAT upheld disallowance of employee’s contribution to PF & ESI 

December 21, 2023 1704 Views 0 comment Print

Read the detailed analysis of O Clock Software Pvt Ltd vs. ACIT case by ITAT Chennai. Learn why deduction was denied for delayed PF/ESI payment under section 36(1)(va).

Denial of LTCG exemption: ITAT directs AO to allow exemption after examination

December 21, 2023 963 Views 0 comment Print

Read the full text of the ITAT Kolkata order in the case of Pan Emami Cosmed Limited vs. DCIT. The denial of LTCG exemption overturned, directing AO to allow after examination.

BEPS 2.0: Unpacking Pillar One and Pillar Two Proposals

December 21, 2023 6438 Views 0 comment Print

Dive into BEPS 2.0 with an in-depth analysis of Pillar One & Pillar Two proposals, reshaping international tax. Explore the impact, India’s stance, and global implications.

Penalty Imposed for Company Without Board or Website (Section 12(1) Violation)

December 21, 2023 17679 Views 0 comment Print

Breaking: SITARAM MAHARAJ SAKHAR KARKHANA (KHARDI) LIMITED faces penalties for non-compliance with Section 12(1) of the Companies Act, 2013. Read the adjudication order.

Foreign Exchange Management (Manner of Receipt & Payment) Regulations, 2023

December 21, 2023 3207 Views 0 comment Print

Explore the latest Foreign Exchange Management Regulations by RBI in 2023. Learn about payment methods, trade transactions, and the impact on India’s financial landscape.

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