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Archive: March, 2024

Posts in March, 2024

4 New Entities Allowed for e-KYC Aadhaar Authentication in Securities Market

March 19, 2024 1110 Views 0 comment Print

SEBI Circular announces addition of 4 entities for e-KYC Aadhaar Authentication in securities market. Learn about the implications and process here.

GST Registration not to be cancelled retrospectively when vague SCN is issued

March 19, 2024 1086 Views 0 comment Print

Discover the Delhi High Courts ruling preventing retrospective cancellation of GST registration due to vague SCNs, granting relief to affected businesses.

Service Tax is exempt for authorized operations conducted within SEZ

March 19, 2024 1920 Views 0 comment Print

Read about the CESTAT Ahmedabads ruling in the case of Inox India P Ltd. vs Commissioner of Central Excise, affirming the exemption of service tax for authorized operations within SEZ.

Interest expense on loans borrowed during the course of real estate and finance business is allowable: ITAT Delhi

March 19, 2024 1299 Views 0 comment Print

ITAT Delhi held that interest paid on loans borrowed during the course of business of real estate and finance business is allowable as deduction. Accordingly, disallowance of the same deleted.

Section 80G registration cannot be denied merely for Delay Due to Technical Glitches

March 19, 2024 1614 Views 0 comment Print

Delve into the analysis of a trust appeal against the rejection of its 80G registration under the Income Tax Act, 1961, due to limitation issues. Learn about technical glitches, legal arguments, and the final verdict.

Failure to substantiate identity & fund source: Kolkata ITAT Remits Matter for Re-adjudication

March 19, 2024 483 Views 0 comment Print

Kolkata ITAT remits case of Dahisar Traders Pvt Ltd vs ITO due to failure in substantiating identity & fund source, demanding re-adjudication. Full order details.

Addition which is not based on reasons for reopening is un-sustainable sans notice u/s 148

March 19, 2024 2496 Views 0 comment Print

Read the detailed analysis of Manu Stock Broking Pvt Ltd Vs ACIT case by Mumbai ITAT. Learn how additional issues impacted proceedings under section 147/148 of the Income Tax Act.

Section 50(C)(2): If taxpayer objects to valuation, AO must refer valuation to valuation officer

March 19, 2024 1767 Views 0 comment Print

Mumbai ITAT orders AO to follow Sec 50C if stamp values exceed property FMV, in Rakhmabai Mhatre Mukkam Bhalgaon vs ITO case. Full text available.

AOs failed to complete Assessment within time limit: Deposited Amounts cannot be retained

March 19, 2024 939 Views 0 comment Print

Delhi High Court rules that Income Tax Officer cannot withhold taxpayer’s deposited amount without framing final assessment order during stay period. Full judgment analysis.

Direction of DRP should be followed by TPO for calculation of TP adjustment: ITAT Kolkata

March 19, 2024 1191 Views 0 comment Print

ITAT Kolkata held that TPO should follow the direction of Hon’ble Dispute Resolution Panel (DRP). Accordingly, matter to the file of ld. TPO/AO for further calculation of TP adjustment by considering the direction of the Hon’ble DRP.

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