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Archive: 13 February 2024

Posts in 13 February 2024

Mumbai ITAT Upholds Deletion of Additions, Maintains Status Quo in Identical Case

February 13, 2024 390 Views 0 comment Print

Mumbai ITAT rules in favor of Speco Infrastructure, maintaining deletions of tax additions by appellate authority in a reasoned order for AY 2013-14.

Cash Deposits Explained by Sale Proceeds Not Unexplained Credit: ITAT Delhi

February 13, 2024 1167 Views 0 comment Print

Uncover the Delhi ITAT ruling where cash deposits from sale proceeds, if properly explained, aren’t deemed unexplained credits. Read a detailed case analysis.

TNVAT: ITC Reversal for Non-Production of Original Tax Invoice Not Double Taxation

February 13, 2024 510 Views 0 comment Print

A comprehensive breakdown of the Madras High Court judgment on ITC reversal without original tax invoices, affirming it doesn’t constitute double taxation under TNVAT Act.

Bombay High Court allows income tax deduction for excise duty claims

February 13, 2024 225 Views 0 comment Print

Bombay High Court allows income tax deduction for excise duty claims, clarifying it doesn’t lead to double deduction. Key details and implications explained.

Calcutta HC Quashes 200% Penalty in Expired E-Way Bill Case

February 13, 2024 966 Views 0 comment Print

In a landmark ruling, the Calcutta High Court quashed a 200% penalty imposed for an expired e-way bill during goods export to Bangladesh, citing exceptional circumstances.

Funds Held in Fiduciary Capacity by Trust cannot be Treated as Income: ITAT Delhi

February 13, 2024 339 Views 0 comment Print

Delhi ITAT’s landmark decision: Funds received by charitable trusts under Swachh Bharat Abhiyan in a fiduciary capacity are not considered income. Details inside.

No 271(1)(c) Penalty Without Willful Concealment or Furnishing Inaccurate Details

February 13, 2024 1467 Views 0 comment Print

Mumbai ITAT deletes penalty under section 271(1)(c) for Eureka Outsourcing Solutions, stating making an incorrect claim does not amount to furnishing inaccurate particulars.

Improper Vouchers Alone Insufficient for Ad Hoc Disallowance: ITAT Delhi

February 13, 2024 297 Views 0 comment Print

Explore the case of Zheng Yuan Mobiles Pvt. Ltd. vs DCIT at ITAT Delhi. Learn why improper vouchers led to disallowance and how it was overturned.

Section 263 Jurisdiction cannot be exercised When Larger Issue Pending Before CIT(A)

February 13, 2024 924 Views 0 comment Print

Chennai ITAT finds revisionary authority’s exercise of jurisdiction under section 263 invalid when a larger issue is pending before CIT(A), upholding legal precedents.

DGFT notifies ITC (HS) based Export Policy for Chapter 01-39 of Schedule 2  

February 13, 2024 897 Views 0 comment Print

Explore the impact of Notification No. 60/2023-DGFT, where the Indian Trade Classification (Harmonised System) of Export Items is notified under Chapter 01-39 of Schedule 2

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