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Archive: 09 February 2024

Posts in 09 February 2024

Audit Report Omission doesn’t Hinder Section 11 Exemption Claim: Ahmedabad ITAT

February 9, 2024 588 Views 0 comment Print

Gyandeep Charitable Trust’s appeal against the denial of exemption under section 11 of the Income Tax Act, due to a delay in filing Form 10B, is upheld by ITAT Ahmedabad, citing procedural nature.

Reopening Based on Incorrect Grounds Invalidates Assessment: ITAT Mumbai

February 9, 2024 561 Views 0 comment Print

Mumbai ITAT invalidated the assessment against Good Shepherd Church due to reopening based on incorrect grounds. Get insights from the detailed analysis of the case.

Deduction Eligibility: Compensation for Goods Destruction Pre-Sale Under Sec. 80IA/80IB

February 9, 2024 225 Views 0 comment Print

Mumbai ITAT’s ruling on Colorplus Realty Limited vs. Dy. CIT case regarding deduction u/s 80IB for compensation received from insurance company for destroyed goods before sale.

No addition for loan solely on statements obtained during search proceedings

February 9, 2024 855 Views 0 comment Print

Ahmedabad ITAT rules that if identity, creditworthiness, and genuineness of transaction are established, loans from shell companies can’t be treated as unexplained under section 68.

All about Section 43B(h) of income tax act 1961 with illustrations

February 9, 2024 8352 Views 4 comments Print

Delve into Section 43B(h) of the Income Tax Act, 1961, focusing on its impact on timely payments to MSEs, with illustrations and key takeaways for businesses.

MCA Imposes Rs. 20000 penalty for Rs. 190 defect in eform PAS-3

February 9, 2024 8355 Views 0 comment Print

The Ministry of Corporate Affairs (MCA) recently imposed a Rs. 20000 penalty for a Rs. 190 error in an eform PAS-3. Learn more about the implications and regulatory framework of this case.

SEBI’s Revised Pricing Methodology for Privately Placed InvITs: Analysis

February 9, 2024 516 Views 0 comment Print

Explore SEBI’s recent amendments on privately placed InvITs pricing methodology. Understand its implications, criticisms, and the promising future of InvITs in India.

Step-by-step guide on how to activate your UAN

February 9, 2024 1377 Views 1 comment Print

Learn how to activate your UAN with our easy step-by-step guide. Access various EPFO services like checking PF balance, updating KYC, and more securely.

GST & Interim Budget 2024: ISD Registration & penalty for non-registration of machines by tobacco manufacturer

February 9, 2024 846 Views 0 comment Print

Discover the key GST updates from Interim Budget 2024, focusing on mandatory ISD registration and penalties for tobacco manufacturers’ non-compliance with machine registration.

GST Not Exempt on services for Loading and Unloading of Imported Pulses

February 9, 2024 447 Views 0 comment Print

Discover why loading/unloading services for imported pulses like Toor, Whole Pulses, and Black Matpe don’t qualify for GST exemption under serial 54(e).

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February 2024