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Archive: April, 2024

Posts in April, 2024

ITAT upholds disallowance of Sponsorship Fee unrelated to business

April 18, 2024 921 Views 0 comment Print

Yala Construction Co. Pvt Ltd’s disallowances upheld by ITAT Delhi include depreciation, interest on loan, commission, and sponsorship fee. Detailed analysis and conclusion provided.

Insufficient time given for Compliance: HC quashes order & directs de novo consideration

April 18, 2024 1140 Views 0 comment Print

Bombay High Court quashes order under Section 148A(d) of the Income Tax Act, citing insufficient time due to weekends, holidays, remands for de novo consideration.

Customs Act 1962: Telangana HC Rules Cargo Handling Regulations 2009 Ultra Vires

April 18, 2024 1023 Views 0 comment Print

Explore the detailed analysis of Central Board of Excise and Customs vs. GMR Hyderabad International Airport Limited case where Telangana High Court held the ‘Handling of Cargo in Customs Areas Regulations, 2009’ as ultra vires of the Customs Act, 1962.

SC refuses to entertain Appeal against NCLAT order remanding Appeal to NCLT

April 18, 2024 816 Views 0 comment Print

Supreme Court refuses to entertain appeal challenging NCLAT’s remand of NCLT order on Resolution Plan approval. Get insights on the case between Bank of Baroda and Suchi Paper Mills.

Calcutta High Court quashes Income Tax assessment order against deceased

April 18, 2024 1125 Views 0 comment Print

Calcutta High Court quashes assessment order against deceased Satish Agarwal. Full text judgment included. Analysis and conclusion provided.

No Service Tax on Goods Sales or Inclusion of goods in Service Value

April 18, 2024 2691 Views 0 comment Print

Read the detailed analysis of the CESTAT Ahmedabad order in the case of Hamon Shriram Cottrel Pvt Ltd vs Commissioner of C.E. & S.T.-Vapi. No service tax can be demanded on sale of goods or by including the value of goods in the service.

Income determination in assessment cannot dictate filing of ITRs: ITAT Quashes section 271F Penalty

April 18, 2024 3036 Views 0 comment Print

ITAT Ahmedabad quashes penalties under Section 271(1)(b) & 271F of the Income Tax Act, emphasizing that income determination in assessment orders cannot dictate filing of ITRs.

Moratorium under IBC does not shield directors/officers from liability: SC

April 18, 2024 1467 Views 0 comment Print

In a case involving Ansal Crown Heights Flat Buyers Association vs. Ansal Crown Infrabuild Pvt. Ltd., the Supreme Court rules that the moratorium under Section 14 of the IBC does not prevent executing a decree against directors/officers.

Customs Exchange Rates effective from 19th April, 2024

April 18, 2024 23757 Views 0 comment Print

Check the latest exchange rates for importing and exporting goods, as per Notification No. 30/2024 by the Central Board of Indirect Taxes and Customs

Standardization of Private Placement Memorandum (PPM) Audit Report

April 18, 2024 4351 Views 0 comment Print

SEBI issues a circular mandating standardization of Private Placement Memorandum (PPM) Audit Reports for Alternative Investment Funds (AIFs) to ensure uniform compliance and reporting ease.

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