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Archive: 05 January 2024

Posts in 05 January 2024

Reporting of 4/6 digit HSN in e-Waybill from 1st February 2024

January 5, 2024 6273 Views 0 comment Print

NIC issues advisory on HSN codes for E-Way Bills. Learn the changes for B2B and Export transactions. Implementation from Feb. 2024.

ITC Rejection due to Supplier’s GSTR-1 Delay: Kerala HC Remands matter to AO

January 5, 2024 8121 Views 0 comment Print

Explore Kerala High Court’s remand of ITC rejection case: Unity Ooh Media Solutions Pvt. Ltd. vs. Deputy State Tax Officer. Analysis, implications, and a legal precedent discussed.

AO Must Verify Documents Before Disallowing Business Loss: ITAT Ahmedabad

January 5, 2024 582 Views 0 comment Print

In a case of Suprinit Tradinvest Pvt. Ltd. Vs ITO, ITAT Ahmedabad directs AO not to disallow business loss in share transactions without thorough document verification.

ITAT Bangalore Disallowed Delayed payment of employees’ contribution of ESI & PF

January 5, 2024 582 Views 0 comment Print

ITAT Bangalore upholds disallowance of belated ESI & Provident Fund payments in Balmatta Diagnostic & Research Centre case. Portal glitches lead to delay, but disallowance confirmed.

ITAT Mumbai Upheld Reassessment on Undisclosed Property Transactions

January 5, 2024 615 Views 0 comment Print

ITAT Mumbai upholds reassessment proceedings in Himanshu Manoranjan Bhatt vs ITO case. Sale and purchase of property not disclosed; addition of LTCG contested.

Madras HC Revives GST Registration: Non-Payment of Tax

January 5, 2024 531 Views 0 comment Print

Madras High Court revives GST registration in a landmark decision. Analysis of legal proceedings, arguments, and court’s ruling.

Delhi HC upholds deletion of disallowed management fees to ATS Infrastructure Ltd.

January 5, 2024 264 Views 0 comment Print

Delhi High Court upholds deletion of disallowed management fees to ATS Infrastructure Ltd. in PCIT vs. Anand Divine Developers Pvt. Ltd. for AY 2013-14 and 2014-15.

Sundry Creditors arising out of Hawala-Linked Bogus Purchases: Income Tax Treatment 

January 5, 2024 6507 Views 0 comment Print

Explore ITAT Mumbai’s order on sundry creditors from bogus purchases. Learn about tax implications, sections 68 and 41(1), and the importance of accepted transactions.

RBI Circular: Revised Directions for Forex Transactions/Hedging of foreign exchange risk

January 5, 2024 1356 Views 0 comment Print

Explore RBI circular (2023-24) on risk management and inter-bank dealings, providing updated guidelines for forex transactions, effective April 5, 2024.

SEBI Circular on Framework for Short Selling in Indian Securities Market

January 5, 2024 2661 Views 0 comment Print

Explore SEBI’s latest circular on short selling, outlining the framework for investors, restrictions, and mandatory disclosures. Stay informed for secure trading.

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January 2024