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Archive: 31 May 2024

Posts in 31 May 2024

Section 115BBE Applies When Source of Income Unexplained

May 31, 2024 705 Views 0 comment Print

ITAT Chennai analyzes the applicability of Section 115BBE to seized cash and gold coins in the case of Uthangarai Sri Vidya Mandir Educational Trust. The trust argued that Section 115BBE applies only if no explanation is provided for the income.

Bail Cannot Be Revoked Solely for Breach of Compromise Terms: Jharkhand HC

May 31, 2024 639 Views 0 comment Print

The Jharkhand HC ruled that bail cannot be cancelled solely due to non-compliance with a compromise agreement, emphasizing a nuanced approach to bail conditions.

Statutory due date Compliance Calendar for June 2024

May 31, 2024 6411 Views 2 comments Print

Stay compliant with the statutory due dates for June 2024 in India. Check our comprehensive calendar to keep track of important deadlines for tax, GST, and other filings.

TPO fails to Apply Industry Filter while Determining ALP of Interest: ITAT Deletes addition

May 31, 2024 381 Views 0 comment Print

ITAT Delhi dismisses DCIT’s appeal against DLF Urban Pvt. Ltd. TPO failed to apply industry filter for ALP of interest, resulting in the deletion of Rs. 6.29 crores addition.

ITAT Quashes Assessment as AO Failed to Issue Section 148 Notice to All Legal Heirs After Individual’s Death

May 31, 2024 1215 Views 0 comment Print

Maddikunta Sanjeeva Reddy Vs ITO (ITAT Hyderabad): Analysis of ITAT’s decision to delete additions made by AO due to incomplete notice under section 148.

CIRP Can Be Initiated Against Corporate Debtor Even on Principal-Agent Relationship

May 31, 2024 288 Views 0 comment Print

NCLT Mumbai rules that CIRP can be initiated against Prime Cargo Movers despite their claim of being a mere agent, holding them liable for debts.

SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2024

May 31, 2024 750 Views 0 comment Print

SEBI updates Foreign Portfolio Investors Regulations 2024, detailing new compliance requirements and deadlines. Effective immediately.

West Bengal Extends Profession Tax Return Deadlines

May 31, 2024 1215 Views 0 comment Print

The last date for online filing of West Bengal Profession Tax returns for FY 2023-24 is extended to 15-06-2024, with paper submission extended to 30-06-2024.

Identity, Creditworthiness & Transaction Genuineness Proven: Section 68 Addition deleted

May 31, 2024 669 Views 0 comment Print

ITAT Kolkata deletes Rs. 40 Lakh addition against City Shoppe Estates, affirming identity, creditworthiness of share subscribers, and transaction genuineness.

Non-finalized Documents found on third-party premises without independent corroboration cannot justify additions

May 31, 2024 516 Views 0 comment Print

ITAT Ahmedabad rules no addition based on third-party documents in Smt. Lilaben Rameshbhai Savaliya Vs. DCIT. Detailed analysis of the case and implications.

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