ITAT Bangalore held that unless the debt has been written off in the books of accounts of both the assessees, it cannot be said that that cease to exist.
Discover the critical changes in Section 43B of the Income Tax Act, 1961, with clause (h) introduction, promoting timely payments to MSMEs from AY 2024-25 and its impact on businesses.
Learn about payroll compliance, its importance, regulations governing payroll, and the benefits of adhering to payroll laws in India. Ensure timely and accurate payment to employees.
Explore ITAT Mumbai’s interpretation on Section 80P(2)(d) deductions for Co-Op Societies on interest income from co-op banks, setting a precedent for future tax assessments.
Explore how the new 43 B (h) clause of the IT Act impacts Kerala Textiles and Garments Dealers Welfare Association and their appeal to MSMEs.
Discover the groundbreaking launch of RuPay cards and UPI connectivity between India, Mauritius, and Sri Lanka by RBI. Enhance travel payments and deepen financial integration
Draft IRDAI (Actuarial, Finance and Investment Functions) Regulations, 2024 to simplify & enhance ease of doing business. Learn more about the key updates.
Exploring the Madras High Court’s decision on Jinsasan Distributors vs. CT regarding input tax credit reversal after seller registration cancellation.
In the case of Reliance Power Ltd vs. DCIT, Mumbai ITAT’s ruling clarifies disallowance under Section 14A of the Income Tax Act, emphasizing that investments yielding exempt income should be considered for disallowance.
In the case of Rajesh Lakhmshi Nisar Vs ITO, Mumbai ITAT admitted additional evidence, emphasizing taxpayers shouldn’t be penalized for not submitting material evidence.
