ITAT Pune held that addition in respect of share capital not sustainable as no incriminating material found during course of search regarding non-genuine share capital. Accordingly, addition towards the same deleted.
ITAT Ahmedabad held that initiation of proceedings u/s. 147 of the Income Tax Act based on material found during search of another company is untenable as proceedings should be initiated u/s. 153C and not u/s. 147.
CA Mickey and CA Mini explain Section 40A(2)(b) of the Income Tax Act, focusing on controlling excessive payments to specified persons, with insights from Artisans Micro Finance (P) Ltd. v. ITO.
Discover the pros and cons of the Unified Pension Scheme (UPS) vs. the old and new pension schemes. Understand its benefits, limitations, and impact on government employees.
Supreme Court rules royalty payments for mining rights are not subject to GST. Key judgments and implications discussed.
IES for Rupee Export Credit extended till 30th Sept 2024 for MSME manufacturing exporters. Terms remain unchanged. Refer to RBI guidelines.
Madras HC rules Settlement Commission orders can’t be rectified under Section 154 of the Income Tax Act, upholding the principles from Brij Lal case.
Explore the issues surrounding cross-empowerment under GST, including constitutional provisions, administrative frameworks, and conflicting court judgments.
Key changes in the Finance (No. 2) Act 2024 include revised income tax rates, capital gains tax adjustments, and new definitions impacting tax calculations.
CBIC announces phase-wise implementation of Sea Cargo Manifest and Transshipment Regulations (SCMTR) at Indian ports starting from September 2024.
