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Archive: 23 October 2024

Posts in 23 October 2024

Provisions of 68 are not applicable on the sale transactions which is already credited in P&L: ITAT Jaipur

October 23, 2024 567 Views 0 comment Print

ITAT Jaipur held that provisions of 68 as such are not applicable on the sale transactions recorded in the books of accounts because the sale transaction are already part of the income which is already credited in statement of profit & loss account.

Retention of refund claim as amount deposited voluntarily is not justified in law: Delhi HC

October 23, 2024 258 Views 0 comment Print

Delhi High Court held that department cannot possibly seek to justify the retention of refund claim on account of its having been deposited voluntarily or being barred by limitation. Accordingly, refund claim allowed.

Additional evidence having direct bearing on all additions/ disallowance taken on record: ITAT Surat

October 23, 2024 255 Views 0 comment Print

ITAT Surat held that considering the veracity of evidence, additional evidence filed by the assessee is essential and has direct bearing on all the additions/ disallowance, hence, all the additional evidence are taken on record. Accordingly, matter restored back.

CENVAT on transportation costs to buyer’s premises not admissible as costs not included in assessable value

October 23, 2024 126 Views 0 comment Print

Kerala High Court held that as transportation costs from place of removal to buyer’s premises not included in the assessable value of goods for purpose of payment of Central Excise duty hence service tax levied on such transportation cost not available as CENVAT Credit.

Application u/s. 119(2)(b) to be considered without adopting pedantic technical approach: Gujarat HC

October 23, 2024 432 Views 0 comment Print

Gujarat High Court held that application filed u/s. 119(2)(b) of the Income Tax Act should be considered without adopting any pedantic technical approach. Accordingly, belated return filing permitted by exercising powers u/s. 119(2)(b).

Interest payable from date of refund application and not from date of passing of refund order: Bombay HC

October 23, 2024 411 Views 0 comment Print

Bombay High Court held that interest in terms of Section 27 and 27A of the Customs Act, 1962 is payable from the date of receipt of the application for refund and not from the date of passing of the order of refund.

Allotment letter given by developer construed as agreement of purchase: ITAT Kolkata

October 23, 2024 396 Views 0 comment Print

ITAT Kolkata held that allotment letter given by the developer to the assessee way back in 2010 would be construed as an agreement of purchase between the developer and the assessee. Thus, addition u/s. 56(2)(vii)(b) of the Income Tax Act not survived.

Comprehensive Guide for VAT Registration & Filing in UAE

October 23, 2024 468 Views 0 comment Print

Learn about VAT registration, eligibility criteria, required documents, VAT rates, and filing process in the UAE. Stay compliant with UAE tax laws.

Updated Detailed Analysis of Invoice Management System (IMS)

October 23, 2024 1320 Views 0 comment Print

Explore the new Invoice Management System (IMS) on GST Portal, launched on 1st October 2024, for managing invoice corrections and amendments with suppliers.

SEBI Guidelines on Associations for Intermediaries and Agents

October 23, 2024 216 Views 0 comment Print

SEBI restricts associations of intermediaries and agents with unauthorized persons for advice or performance claims on securities. Learn more about the latest guidelines.

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