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Archive: 27 June 2024

Posts in 27 June 2024

CBDT Order under DTVsV Act 2020 on acceptance of delayed Payment

June 27, 2024 894 Views 0 comment Print

CBDT order allows delayed tax payments under DTVsV Act conditions, easing compliance for taxpayers. Details on Form-3 modifications and filing deadlines.

Loss of penny stock: Section 263 revision not valid if twin conditions not fulfilled

June 27, 2024 225 Views 0 comment Print

Explore the Calcutta High Court judgment in PCIT Vs Kaushalya Dealers Pvt Ltd under Income Tax Act 1961, focusing on Section 263 jurisdictional issues and assessment validity.

Draft Rules on Breath Analyzer for comments from stakeholders

June 27, 2024 129 Views 0 comment Print

Explore the Draft Rules on Breath Analyzer by the Ministry of Consumer Affairs, inviting stakeholder comments. Learn about specifications, legal implications, and how to participate.

In Absence of Separate Source, Surrendered Amount Taxable as Business Income

June 27, 2024 207 Views 0 comment Print

Relying on various judicial precedents, including the cases of Harish Sharma vs. ITO and Daulatram Rawatmull vs. CIT, the representative contended that in the absence of any separate source of income, the surrendered amount should be treated as business income.

Income voluntarily surrendered during survey related to business is taxable as business Income

June 27, 2024 207 Views 0 comment Print

Understand Parmod Singla Vs ACIT (ITAT Chandigarh) case on excess stock surrendered during survey and its tax implications under Sections 69, 69A, and 115BBE.

Assessee Proves Shareholder Identity and Creditworthiness, Section 68 Application Unjustified

June 27, 2024 201 Views 0 comment Print

Assessee has placed sufficient documents and materials on record to prove identity and creditworthiness of shareholders and genuineness of transaction of receiving share capital and share premium, invoking provisions of Section 68 of was not justified

SEBI (Stock Brokers) (Amendment) Regulations, 2024

June 27, 2024 426 Views 0 comment Print

Explore the SEBI notification on Stock Brokers Amendment Regulations 2024. Understand the new institutional mechanisms for fraud detection and market abuse.

Section 69B & 115BBE inapplicable to Investments with source Disclosed in Books & Tax Returns

June 27, 2024 252 Views 0 comment Print

Read the detailed analysis of the ITAT Chandigarh verdict on DDK Spinning Mills vs DCIT, focusing on the implications of Section 69B and 115BBE of the Income Tax Act.

CBIC extends Defence Equipment Basic Customs Duty Exemption till 30.06.2029

June 27, 2024 258 Views 0 comment Print

Notification No. 26/2024-Customs extends the import exemption for specified defence equipment until 2029, ensuring continued support for national defense.

Non-completion of formalities for increase in Capital: MCA Imposes ₹4 Lakh penalty

June 27, 2024 78 Views 0 comment Print

Learn about MCAs penalty on JKJM Infrastructure Private Limited for non-compliance with Companies Act 2013 regarding capital increase. Details, analysis, and implications.

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