Assessee challenged the disallowance before the Chennai bench of ITAT arguing that the disallowance of Rs. 134.25 crore under Section 14A was excessive and not justified because only Rs. 74.98 lakh had been spent to earn the exempt income.
Madras High Court directs department to consider the reply filed by the petitioner on blocking the GST Electric Credit Ledger which was not considered by the department at the time of passing impugned order.
ITAT Ahmedabad quashed the reassessment proceedings under section 147 of the Income Tax Act as intraday profit is less than limitation of Rs. 1,00,000/- for reopening of assessment u/s. 147 of the Act.
ICAI requests CBDT to allow rebate u/s 87A on short-term and long-term capital gains under Sections 111A and 112, citing inconsistency in income tax utility.
ITAT Chandigarh held that since Form 67 has actually been filed within extended date of filing the return of income hence Foreign Tax Credit (FTC) claimed by the assessee is granted.
Reverse Charge applies to metal scrap from unregistered suppliers to registered buyers from 10.10.2024. GST to be paid by the recipient as per Notification 06/2024.
Learn about ICSI’s recent decisions on governance, infrastructure, amendments, and student initiatives from its 312th Annual Council Meeting in October 2024.
Analysis of Saket Agarwal Vs ITO case (ITAT Jaipur), focusing on the Rs. 3.17 Cr addition of unproved creditors and assessment under Section 41(1).
Ministry of Finance amends GST notification, exempting metal scrap suppliers from provisions of notification No. 5/2017-Central Tax, effective October 10, 2024.
The Ministry of Finance amends GST notification, exempting metal scrap suppliers from provisions of notification No. 5/2017-Central Tax, effective October 10, 2024.
