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Archive: 06 May 2024

Posts in 06 May 2024

Nirmala Sitharaman Swears in Sanjaya Kumar Mishra as GSTAT President

May 6, 2024 1158 Views 0 comment Print

Union Finance Minister Nirmala Sitharaman inaugurates Sanjaya Kumar Mishra as the first President of GST Appellate Tribunal in New Delhi. Learn about the significance and impact.

Taxation of Physical Gold, Paper Gold & Gold Derivatives in India

May 6, 2024 2607 Views 0 comment Print

Explore the intricacies of gold taxation in India, covering physical gold, paper gold, gold derivatives, inheritance tax, and compliance measures.

Reporting on Audit Trail under the Companies Act, 2013

May 6, 2024 69804 Views 0 comment Print

An audit trail serves as a digital footprint, meticulously documenting each financial transaction and alteration made within a company’s accounting records. This trail not only provides a historical record of financial activities but also acts as a safeguard against fraudulent or erroneous manipulations.

Investments from NRE Accounts not taxable under Section 10(d) of Income Tax

May 6, 2024 5772 Views 0 comment Print

Explore the Gujarat High Court judgment on reopening an NRI assessment, analyzing investments from NRE accounts and failure to file income returns. Detailed legal insights provided.

Cancellation of liquor License Requires Cogent Material: Allahabad HC

May 6, 2024 432 Views 0 comment Print

Detailed analysis of Sandeep Singh vs. State of U.P. regarding cancellation of liquor license under United Provinces Excise Act 1910 by Allahabad High Court.

Section 43B deduction cannot be denied merely for not claiming in tax audit report

May 6, 2024 2115 Views 0 comment Print

Explore the detailed analysis of Maruti Enterprise Vs ADIT(CPC) case by Rajkot ITAT regarding the allowance of deduction U/s 43B based on payment basis. Understand the implications of tax audit report discrepancies.

ITAT allows rectification of mistake of applying registration in Form 10AB instead of Form 10A

May 6, 2024 1887 Views 0 comment Print

Explore the Mandava Foundation vs. ITO case, where the Hyderabad ITAT condones an assessee’s mistake in registration, allowing them to rectify the error and granting regular registration.

Section 271(1)(c) penalty not automatic on mere expense Disallowance or Income Enhancement 

May 6, 2024 1194 Views 0 comment Print

Tribunal ruled that mere disallowance of expenses or enhancement of returned income does not automatically warrant the imposition of penalties under Section 271(1)(c)

Bullion Purchases: LBMA Rates vs. KITCO and Reuters for ALP

May 6, 2024 369 Views 0 comment Print

ITAT considered the justification provided by the assessee, which referenced KITCO and Reuters databases for determining transaction prices. However, the Transfer Pricing Officer (TPO) argued that the London Bullion Market Association (LBMA) should be the primary source for estimating bullion trading prices.

Procedural difficulties during Demateralization of shares

May 6, 2024 1815 Views 0 comment Print

There was a time when people used to invest in physical assets and they find gold as the safest medium to pool their savings to secure a better future. But with time, things changed and so do the priorities of people who wants to invest their hard-earned money for the better returns. Increase in the […]

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