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Archive: April, 2024

Posts in April, 2024

IND AS 116: Against the basic accounting principles

April 17, 2024 1881 Views 0 comment Print

Explore flaws in IND AS 116 lease accounting, its detour from accounting principles, and the dual recognition problem, with proposed solutions.

क्या न्यायालय किसी एडवोकेट के प्रैक्टिस करने के लाइसेंस को निलंबित कर सकता हैं?

April 17, 2024 3282 Views 0 comment Print

आज हम अधिवक्ता अधिनियम 1961 के अंतर्गत नामांकित अधिवक्ता की नियुक्ति, निलंबन और बर्खास्त होने की प्रक्रिया के संबंध में एक वाद जो सुप्रीम कोर्ट के समक्ष आयाI जिसमें बार काउंसिल आफ इंडिया के तत्कालीन अध्यक्ष श्री वी सी मिश्रा के विरुद्ध सर्वोच्च न्यायालय द्वारा निलंबन की कार्रवाई की गई ।इसके विरोध में सुप्रीम कोर्ट […]

Cash Sales Already Reported as Income Cannot Be Taxed Under Pretext of Inflation Sales to Mask Demonetization Currency

April 17, 2024 1746 Views 0 comment Print

ITAT Delhi held that that cash sales that is already offered as income cannot be taxed in the grab of inflation sales to cover up demonetization currency. Accordingly, addition u/s. 68 of the Income Tax Act directed to be deleted.

Know the Contrasts between PF and ESIC

April 17, 2024 3195 Views 0 comment Print

Learn the distinctions between EPF and ESIC, including eligibility, contributions, benefits, and compliance requirements. Ensure compliance with Indian social security laws.

CBDT signs record 125 Advance Pricing Agreements (APAs) in FY 2023-24

April 17, 2024 1800 Views 0 comment Print

CBDT achieves a record 125 APAs in FY 2023-24, marking a 31% increase. Learn about the significance and impact on transfer pricing certainty and ease of doing business.

Madras HC Quashes GST Demand which was confirmed for Lack of Response, Orders Re-adjudication with 10% Payment

April 17, 2024 1134 Views 0 comment Print

High Court grants petitioner opportunity to contest tax demand after failure to respond. Must pay 10% disputed tax & reply to notice in 3 weeks.

Order Passed Ignoring Taxpayer’s Reply is liable to be set aside: Delhi HC

April 17, 2024 2127 Views 0 comment Print

Delhi High Court rules in Kaycee Polymers Pvt. Ltd. vs Union of India that orders ignoring taxpayer replies are invalid. Get insights on this significant case.

Section 271B: How to Safeguard Against Audit Penalty

April 17, 2024 14158 Views 0 comment Print

Dive into Section 271B’s mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strategies for adherence.

Pre-Packaged Insolvency Resolution Process (PPIRP) under IBC

April 17, 2024 6771 Views 0 comment Print

Explore the concept, benefits, legal framework, and suggestions for improving the Pre-Packaged Insolvency Resolution Process (PPIRP) under the Insolvency and Bankruptcy Code (IBC) in India.

Taxability of Offshore Indirect Transfer of Capital Assets situated in India by Non-Resident Corporations/Entities

April 17, 2024 3606 Views 0 comment Print

Learn about tax implications of offshore indirect transfers of Indian capital assets by non-resident entities. Explore Vodafone case, amendments to Income Tax Act, and Explanation 5 of Section 9(1)(i).

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