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Archive: 13 February 2024

Posts in 13 February 2024

Refund of Extra Duty Deposit under SVB Investigation

February 13, 2024 2052 Views 0 comment Print

Explore how Extra Duty Deposit (EDD) refunds work in customs, including laws, unjust enrichment, and the role of SVB in provisional assessments.

ITAT Upholds Denial of Section 35(1)(ii) Deduction for Donations to Trust Issuing Bogus Bills

February 13, 2024 588 Views 0 comment Print

ITAT Ahmedabad dismisses Haresh Acids and Chemicals Pvt Ltd’s appeal, rejecting deduction under Section 35(1)(ii) for bogus donation bills, emphasizing legal compliance.

Assessment Order not sustainable when no reasonable opportunity is granted for proper representation and filing of reply

February 13, 2024 660 Views 0 comment Print

Explore the case of Tvl. Shanthi Vijay Granites v. Assistant Commissioner (ST), where Madras High Court nullifies the Assessment Order, citing inadequate opportunity for representation.

Assessee Allowed Withdrawal from Frozen Bank Account for Appeal Filing

February 13, 2024 516 Views 0 comment Print

In a landmark decision, Madras High Court permits the Assessee to withdraw pre-deposit from a frozen bank account for filing an appeal. Get insights into the case and its implications

Assessee Eligible for ITC on Rooftop Solar System used in Business furtherance

February 13, 2024 951 Views 0 comment Print

Explore the Gujarat AARs decision on Input Tax Credit eligibility for rooftop solar systems used in business. Learn the implications and analysis of In Re: M/s. Unique Welding Products Pvt. Ltd

GST: No penalty for mere technical errors lacking any intent to evade tax

February 13, 2024 1296 Views 0 comment Print

Explore the Allahabad High Courts decision on tax penalties for technical errors without intent to evade tax. Understand the implications and key takeaways from the Rawal Wasia Yarn Dying case.

Understanding TDS Obligations for E-commerce Operators under Section 194O

February 13, 2024 1407 Views 1 comment Print

Explore Section 194-O of the Income Tax Act, focusing on Tax Deducted at Source (TDS) requirements for e-commerce operators. Understand key provisions, thresholds, rates, and compliance obligations.

Section 56(2)(viib) Inapplicable for Share Allotment at Premium by Subsidiary to Holding Company

February 13, 2024 1152 Views 0 comment Print

ITAT Delhi dismisses Revenue’s appeal, confirming that share premium from a holding company’s equity shares does not fall under Section 56(2)(viib) of the Income Tax Act.

Budget 2024: Decoding GST changes – Input Service Distribution ISD

February 13, 2024 2064 Views 0 comment Print

Explore the latest budgetary provisions for Input Service Distribution (ISD) under GST, aimed at ensuring equitable revenue distribution among states. An insightful analysis sheds light on practical implications and action points.

SEBI Warning: Beware of Unregistered Entities Making False Claims

February 13, 2024 258 Views 0 comment Print

SEBI cautions against fraudulent entities falsely claiming registration, promising high returns. Verify before investing and stay informed for a safer investment journey.

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