The Ministry of Finance amends the Integrated Tax Rate for helicopter passenger transport, effective October 10, 2024, clarifying input tax credit rules.
The Ministry of Finance amends Central Tax rates for air transportation, effective October 10, 2024, specifying passenger transport conditions.
In view of this, tax officer did not allow the offset of LTCL against LTCG and the carry forward. CIT (A) overturned tax officer’s decision, stating that the transactions were part of legitimate tax planning and that the method of sale was a commercial consideration.
ITAT Chennai held that interest earned out of savings bank account maintained in a co-operative bank cannot be treated as income or dividend from investment and accordingly deduction u/s. 80P(2)(d) of the Income Tax Act not eligible.
After taking cognisance of the reply of the assessee, PCIT held that AO has not applied his mind in respect of the amended provisions of Section 14A and, therefore, the Assessment Order is prejudicial to the interest of Revenue and is erroneous.
ITAT Chandigarh held that passing of an ex-parte order by CIT(A) without considering the merits of the case is unjustified. Accordingly, matter restored to the file of CIT(A) for fresh consideration.
Patna High Court held that petitioner cannot be deprived of the benefit due to non-constitution of the Tribunal accordingly, petitioner must be extended statutory benefit of stay u/s. 112(9) of Bihar Goods and Services Tax Act.
The assessee is in the wholesale distribution of sale of premium motorcycles manufactured by Ducati, Thailand to the dealers in India and in distribution of spare parts, accessories, clothing and merchandise imported from its Ducati group entities to the dealers in India.
Delhi HC ruled that mere pendency of a criminal case doesn’t automatically disqualify individuals from seeking long-term opportunities abroad, emphasizing rights to work and travel.
Notification No. 06/2024 revises Union Territory Tax on metal scrap sales, effective from 10th October 2024.
