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Archive: August, 2024

Posts in August, 2024

Streamlining of the first-time importer mapping with regards to DPD facility

August 23, 2024 693 Views 0 comment Print

Streamlining DPD registration for first-time importers at JNCH with updated verification via Advait. Previous notices modified; contact DPD Cell for issues.

Co-operative credit society providing credit facilities only to its members not hit by section 80P(4): ITAT Mumbai

August 23, 2024 552 Views 0 comment Print

The assessee is a co–operative credit society, registered under Maharashtra co–operative society Act, 1960 and is engaged in providing credit facilities to those CIDCO employees who are members of credit society.

Notice initiating fresh assessment set aside as issued beyond prescribed time limit: Delhi HC

August 23, 2024 1779 Views 0 comment Print

Delhi High Court held that department need to comply with the order of the Tribunal in passing a fresh assessment order within the time limit prescribed under section 153(3) of the Income Tax Act. Thus, notices initiating fresh assessment set aside.

Revision proceedings u/s. 263 cannot be invoked without giving reasons for setting aside assessment order

August 23, 2024 426 Views 0 comment Print

ITAT Chennai held that invoking the revisionary powers under section 263 of the Income Tax Act without giving any reasoning for setting aside the assessment order and merely directing AO verification without any basis is unjustifiable.

Deduction u/s. 80IA(4)(i) allowed to sole developer for developing, operating & maintaining infrastructure facilities

August 23, 2024 516 Views 0 comment Print

ITAT Ahmedabad held that the assessee has established that they were the sole developer in the contracts which are related to the developing, operating and maintaining the infrastructure facilities as envisaged u/s. 80IA(4)(i) of the Income Tax Act.

आगामी जीएसटी एमनेस्टी स्कीम की समीक्षा

August 23, 2024 2787 Views 0 comment Print

जीएसटी एक्ट 2017 के तहत अगस्त 2024 से लागू होने वाली एमनेस्टी स्कीम की समीक्षा। छूट, नियम और तैयारियों पर विस्तार से जानकारी प्राप्त करें।

Interest & Late Fee for Non-Compliance Under Various Acts, Being Compensatory, Are Allowable

August 23, 2024 5430 Views 0 comment Print

ITAT Bangalore allows Vyoma Technologies to claim GST late fees and interest as business deductions, ruling them compensatory, not penal, under Section 37(1).

Rejection of Appeal for Non-Payment of Advance Tax Without Return of Income is Invalid

August 23, 2024 771 Views 1 comment Print

ITAT Bangalore ruled CIT(A)’s rejection of Smt. Prameela Parameshwar’s appeal for non-payment of advance tax invalid, as the addition was based on incorrect information.

Advisory on taxation for startups, AIFs and IFSCs

August 23, 2024 1620 Views 0 comment Print

Explore taxation aspects of startups, Alternative Investment Funds (AIFs), and International Financial Service Centres (IFSCs) in India, including benefits and exemptions.

Failure to register charges on secured assets: MCA imposes Penalty

August 23, 2024 1710 Views 0 comment Print

The Ministry of Corporate Affairs imposes penalties on Cryo Scientific Systems Pvt Ltd and its director for non-compliance with Section 77 of the Companies Act, 2013.

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