CBIC’s latest updates include a Customs cooperation deal with New Zealand, a new Hindi magazine, and significant seizures of smuggled cigarettes and narcotics.
West Bengal Transport Workers’ Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021-2022 to 2025-2026.
MCA revises Indian Accounting Standards, updating Ind AS 101, 103, 105, and 107, and omitting Ind AS 104 as per Notification G.S.R. 492(E) on August 12, 2024.
Madras HC invalidates non-speaking orders against Queen Agencies, highlighting lack of transparency and legal responsibility in tax assessment disputes.
Delhi High Court revokes orders demanding 40% pre-deposit by AO & Principal Commissioner in Sushen Mohan Gupta vs. PCIT case, citing failure to assess merits and consider undue hardship. Full text of the judgment available.
Learn about the Companies (Registration of Foreign Companies) Amendment Rules, 2024, including updates to Rule 3 & Rule 8, effective from September 9, 2024.
The assessee had filed return of income of Rs.92,06,590 which was selected for complete scrutiny and during the course of assessment proceedings, AO had examined the expenses debited in regard to the sets under consideration.
ITAT Hyderabad directed to exclude companies having turnover of more than or less than 10 times of the turnover of the assessee from the list of comparable. Accordingly, matter remanded back to the file of AO/ TPO.
ITAT Ahmedabad held the Discounted Cash Flow Method [DCF method] adopted by the assessee for valuing the CCPS is legitimate and in accordance with Rule 11UA of the Income Tax Rules. The AO cannot reject the method chosen by the assessee if it is prescribed by law.
ITAT Pune held that delay of 2086 days in filing of an appeal against CIT(A) not condonable as sufficient cause or sufficient reason not shown for inordinate delay.
