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Archive: 20 March 2024

Posts in 20 March 2024

Madras HC Quashes Denial of GST Input Tax Credit due to Wrong GSTIN Indication

March 20, 2024 1068 Views 0 comment Print

Learn how Madras High Court ruled against denial of GST Input Tax Credit due to a mismatch between GSTR-3B and GSTR-2A, citing a clerical error in GSTIN indication.

Reopening of assessment under Section 147/148 not permissible when final settlement order under Section 245D(4) has been passed

March 20, 2024 882 Views 0 comment Print

Delve into the crucial judgment of Orchid Infrastructure Developers Pvt Ltd Vs PCIT, where the Delhi High Court ruled against reopening assessments under Section 147/148 after a final settlement order under Section 245D(4).

Government notifies PIB Fact Check Unit under IT Rules 2021

March 20, 2024 321 Views 0 comment Print

Discover the latest notification Centre establishes Fact Check Unit under PIB of Ministry of Information & Broadcasting. Detailed analysis and implications

ITAT Deletes Jewellery Addition, Considering Assessee’s family Background & professional standing

March 20, 2024 705 Views 0 comment Print

Read the ITAT Delhi’s decision in Mudita Chaturvedi Vs ACIT case, where the addition of jewellery under section 69 is deleted, citing it as Stri Dhan from parents.

Rule 3 applies only when a concession in rent is provided by employer to employee

March 20, 2024 570 Views 0 comment Print

ITAT Delhi dismisses Revenue’s appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and tax deduction on rent-free accommodation provided to employees by Indian Institute of Technology (IIT). Get insights into the case and the tribunal’s ruling.

Goods smuggled from Foreign Origin without customs clearance in absence of reasons to believe was invalid

March 20, 2024 402 Views 0 comment Print

In the absence of “reason to believe” recorded by the authorities, revenue authorities had hopelessly failed to bring out to recordthat  the goods (here Arecanuts) imported from outside the country was without valid customs clearance.

Section 68 not apply to outgo or payment on account of expenditure

March 20, 2024 1821 Views 0 comment Print

ITAT Delhi in Feather Infotech Pvt. Ltd. Vs DCIT held that Section 68 is inapplicable to expenditure as same applies to credit in books of account

Faceless Assessment Lapses Shouldn’t Prejudice Effective Administration: ITAT Kolkata

March 20, 2024 789 Views 0 comment Print

Explore the Kolkata ITAT ruling on Abhishek Shaw Vs ITO, highlighting lapses in faceless assessment and their impact on effective administration.

IRDAI Notification 2024: De-notification of Insurance Tariffs

March 20, 2024 4134 Views 0 comment Print

Understand the implications of the recent IRDAI notification de-notifying various insurance tariffs in India. Learn how it affects insurers and consumers.

IRDAI (Insurance Products) Regulations, 2024

March 20, 2024 5577 Views 1 comment Print

Explore the latest Insurance Regulatory and Development Authority of India (IRDAI) regulations for insurance products in 2024. Learn about the key objectives, principles of product development, pricing, governance, and more.

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