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Archive: March, 2024

Posts in March, 2024

Payment Gateway not liable under PMLA, 2002 for mere negligence without intent

March 19, 2024 1551 Views 0 comment Print

Explore the legal battle between Razorpay Software Pvt. Ltd. and the Union of India, as Karnataka High Court examines the impugned proceedings under PMLA Act.

ITAT Criticizes AO for Hasty 200% Penalty Imposition without application of Mind

March 19, 2024 1191 Views 0 comment Print

Analysis of ITAT Pune’s criticism of the Assessing Officer’s hasty penalty imposition at a 200% rate without proper application of mind in the Adinath Vasantrao Wandhekar case

Significant differences in product segments & marketing strategies: ITAT excludes comparable

March 19, 2024 552 Views 0 comment Print

Delhi High Court rules in favor of Oriflame India Pvt Ltd, withdrawing TPO’s proposed income adjustments, applies TNMM over RPM. Details of the case analysis here.

ITAT Must Correct Manifest Error in its order: Delhi HC

March 19, 2024 939 Views 0 comment Print

Delhi High Court rules ITAT should recall its order under Section 254 to correct a manifest error apparent on record in PCIT vs Fiserv India Pvt Ltd case. Details here.

Presumption of Interest-Free Usage When Interest-Free & Interest-Bearing Funds Are Mixed

March 19, 2024 777 Views 0 comment Print

Analysis of Bombay High Court’s ruling in CCIT(OSD)/PCIT Vs Bhupendra Champaklal Dalal regarding presumption of interest-free usage of funds when interest-free and interest-bearing funds are mixed

Advisory: Temporary Suspension of IGST/RoDTEP/RoSCTL/Drawback Scrolls

March 19, 2024 4299 Views 0 comment Print

CBIC issues advisory suspending scrolls for IGST refund, RoDTEP, RoSCTL, and Drawback temporarily. Details and implications explained.

Section 14A disallowance should be limited to investments generating tax-exempt income

March 19, 2024 1419 Views 0 comment Print

Kolkata ITAT ruling clarifies disallowance under Rule 8D(2)(iii) for investments yielding tax-exempt income. Get insights into the case and its implications.

Flawed estimation of gains on silver articles & excess gold and diamond jewellery: ITAT deletes Penalty

March 19, 2024 864 Views 0 comment Print

Read the ITAT Chennai ruling in Padam J. Challani Vs ACIT case, directing AO to allow telescoping benefit and delete additions of excess gold and diamond jewellery. Full analysis and implications.

Section 194A TDS Exemption for Individuals or HUF Below Taxable Slab

March 19, 2024 5496 Views 0 comment Print

Explore how individuals can avoid TDS deductions under Section 194A of the Income Tax Act if their income falls below taxable thresholds. Learn about Form 15G and Form 15H.

SEBI Draft Circular: Audiovisual Disclosures in Public Offer Documents

March 19, 2024 1131 Views 0 comment Print

Explore SEBIs draft circular proposing audiovisual (AV) representation of disclosures in public issue offer documents for investor awareness and informed decision-making.

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