ITAT Ahmedabad upheld decision of CIT(A), ruling in favor of Nirma Limited. The nature of payments for vessel damage was deemed as reimbursement and capital in nature, not falling under Section 5(2) of the Act. The appeal by Revenue was dismissed, affirming the cancellation of TDS deduction on the payment of USD 4,50,000.
Read the full judgment as Delhi High Court orders Customs Commissioner to release remaining amount after realizing redemption fine and penalty from seized foreign currency.
Explore impact of Rule 9B on private companies’ securities dematerialization. Learn compliance details, due dates, and broader shift toward digital securities in India.
Ketan Tokershi Shah Vs DCIT (ITAT Mumbai) Income belonging to firm whether disclosed or undisclosed can be taxed only in the hands of the firm and not in the hands of partner
Explore the challenges faced by Karnataka State Chartered Accountants Association (R) in processing updated returns under Section 139(8A) and proposed solutions for efficient tax administration.
Explore NFRA’s RFP for Chartered Accountant firms/LLPs/Proprietorships to compile, verify books, handle taxation matters. Key dates, eligibility, scope & more.
Read the full judgment as Madras High Court rules on the computation of the refund period under CGST Act, emphasizing the date of receipt in convertible foreign exchange.
Participate in shaping India’s fiscal future! Ministry of Finance calls for public suggestions on the draft ‘Indian Stamp Bill, 2023’ for 30 days. Have your say now.
The applicability of Goods and Services Tax (GST) on recoveries made by an entity providing food in the factory canteen has been a subject of inquiry.
Stay compliant with Bar Council of Indias verification rules. Learn the guidelines for Advocates declaration of existence in the legal profession. Urgent notice issued for clarity.
