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Archive: 04 June 2024

Posts in 04 June 2024

ICAI Imposes 5-Year Debarment for Mobile Phone Use in May 2024 Exams

June 4, 2024 2361 Views 0 comment Print

ICAI takes strict action against CA exam candidates for using mobile phones during exams, debarring them for 5 years. Important announcement!

Registration Procedure for Partnership Firms under Indian Partnership Act

June 4, 2024 4980 Views 0 comment Print

Learn the simple steps to register a partnership firm under the Indian Partnership Act, its advantages, disadvantages, documents required, and estimated timeline.

जीएसटी पोर्टल पर महत्वपूर्ण अपडेट

June 4, 2024 936 Views 0 comment Print

जीएसटी पोर्टल पर अद्यतन द्वारा नई सुविधा: DRC-01 फॉर्म में व्यक्तिगत सुनवाई का विकल्प। मद्रास उच्च न्यायालय के फैसले और शिकायतों से इस मामले की उम्मीद है।

Cash deposit cannot be treated as unexplained without rejecting books of Account

June 4, 2024 7746 Views 0 comment Print

Pilani Industrial Corporation Limited Vs ACIT (ITAT Delhi) case analysis. The ITAT Delhi ruled that cash deposits during demonetization can’t be deemed unexplained without rejecting the books of account. Full text of the order included.

ITAT Kolkata allows Section 80M deduction for ‘Dividend Distributed’ before Income Tax Return filing due date

June 4, 2024 384 Views 0 comment Print

Read the detailed analysis of Kolkata ITAT’s ruling allowing deduction under Section 80M of the Income Tax Act for dividends distributed by Purnasons Pvt Ltd vs ITO.

GST: Provisional attachment must be on a genuine apprehension that taxpayer may evade liabilities

June 4, 2024 360 Views 0 comment Print

Bombay High Court scrutinizes Section 83, MGST Act, emphasizing stringent conditions for provisional property attachment by GST Authorities.

No confiscation & redemption fine when issues relates to interpretation

June 4, 2024 291 Views 0 comment Print

Hindustan Distributors Vs Commissioner of Customs case analysis. CESTAT Chandigarh quashes redemption fine and penalty on prime pre-painted steel coils.

Tax on interest received by Indian PE on deposit maintained with Head Office/Overseas Branch

June 4, 2024 414 Views 0 comment Print

Delhi High Court verdict on Commissioner of Income Tax vs Bank of Tokyo-Mitsubishi UFJ Ltd. states that interest received by Indian Permanent Establishment on deposits maintained with Head Office/Overseas Branch is not taxable in India.

No Customs Act Penalty for mere Early Arrival of Over Dimensional Cargo

June 4, 2024 255 Views 0 comment Print

Explore Ace Manufacturing Systems Ltd vs State of U.P. case. Learn why Allahabad HC rules no penalty under Customs Act for Over Dimensional Cargo arriving earlier. Full text judgment included.

Section 14A disallowance not warranted for investments not yielding tax-free income

June 4, 2024 330 Views 0 comment Print

In the case of DCIT vs. Paranjapee Schemes Construction Ltd., ITAT Mumbai rules no disallowance under Section 14A of the Income Tax Act is warranted for investments not yielding tax-free income.

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