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Archive: 09 July 2024

Posts in 09 July 2024

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1950 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Slump Sale: Key Considerations

July 9, 2024 1161 Views 0 comment Print

Slump sale is a concept that plays a critical role in restructuring and consolidation of businesses. Under Income-tax Act a slump sale involves transfer of one or more undertakings as a going concern, where the consideration for transfer is in form of a lump sum, without values being assigned to individual assets and liabilities.

Disregarding Binding Precedent Constitutes Manifest Error in the Order: SC

July 9, 2024 585 Views 0 comment Print

SC that ignoring the law laid down by the Constitution Bench of this Court in Bhagat Ram and taking a view totally contrary to the same itself would amount to a material error, manifest on the face of the order. Ignoring the judgment of the Constitution Bench, in our view, would undermine its soundness.

Validity of Reopening Assessment Beyond Four-Year Limitation Period Hinges on Assessee’s Full Disclosure

July 9, 2024 570 Views 0 comment Print

Reopening of assessment beyond four-year limitation period invalid if AO fails to establish failure on the part of Assessee to fully and truly disclose all material facts necessary for assessment.

Section 263 cannot be invoked merely due to perceived inadequate inquiry

July 9, 2024 348 Views 0 comment Print

Read about the ITAT Mumbai’s ruling in AVTIL Enterprises Ltd Vs PCIT, where the invocation of section 263 was challenged for the AY 2017-18.

ITAT follows principle of consistency; Restricts addition for Bogus Purchase to 3% 

July 9, 2024 516 Views 0 comment Print

Explore the detailed ITAT Mumbai order on Trustar Diamonds appeal against ACIT for A.Y. 2012-13, addressing alleged bogus purchases in the diamond industry.

ITAT deletes addition made by CIT(A) without adequate justification 

July 9, 2024 294 Views 0 comment Print

Read the full text of the ITAT Mumbai order in the case of Krimesh Ramesh Divecha Vs DCIT for A.Y. 2015-16. Understand the assessment details and implications.

Condonation cannot be based solely on subsequent changes in law: SC

July 9, 2024 309 Views 0 comment Print

Supreme Court allows delay condonation for DDA in public interest while upholding acquisition under 1894 Act in various cases. Analysis of the landmark judgment.

Increase in Document Upload Size for GST Registration and Amendment

July 9, 2024 3333 Views 0 comment Print

Learn about the latest GSTN update: Increased document upload sizes for Principal Place of Business and Additional Places of Business. Details and implications here.

SEBI Master Circular on Surveillance of Securities Market- July 2024

July 9, 2024 282 Views 0 comment Print

Explore SEBI’s latest Master Circular on surveillance of securities markets, covering trading rules, insider trading regulations, and more. Read now!

Dividend on Donated Shares to Corpus Fund Not Income from Other Sources

July 9, 2024 387 Views 0 comment Print

Explore ITAT Delhi’s ruling on dividend income exemption under section 11 of IT Act 1961. Detailed analysis of judgment against Revenue appeal for AY 2021-22.

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