Mumbai Customs’ advisory clarifies Customs Brokers’ liability in interpretative disputes, emphasizing evidence of wrongdoing for penalties.
Supreme Court disallows ₹10 crore bad debt deduction for Khyati Realtors Pvt Ltd, ruling it as capital expenditure, not eligible for deduction under Section 36(1)(vii).
Bombay High Court rules in Bhagyashri vs. Jagdish that a husband can claim maintenance from his wife, highlighting equal rights under Hindu Marriage Act.
Since cooperative banks were considered cooperative societies for the purpose of Section 80P(2)(d), thereby making assessee’s interest and dividend income eligible for deduction.
Assessee was a private limited company registered as a non-banking finance company (NBFC) with the RBI, engaged in providing loans, advances, and dealing in shares and securities.
The present Company petition is filed on 27/07/2023, under section 9 of the Insolvency and Bankruptcy Code, 2016, r/w. Rule 6 of the I&B (Application to Adjudicating Authority) Rules 2016, by JANUS GBAC LIMITED.
The case of the assessee was selected for scrutiny for the reasons of cash deposit during the demonetization. During assessment, AO noted that assessee have made cash deposit of Rs.10,50,000/- in his bank account.
The petitioner is a legal heir of late Mahasukhlal Navnidhlal Parekh who filed the original return of income for the Assessment Year 2015-16 on 31.08.2015. Late Mahasukhlal Navnidhlal Parekh expired on 30.09.2019.
ITAT Surat held that addition on account of cash deposit during demonetization confirmed by both AO and CIT(A) by passing ex-parte order. However, majority of cash deposits are prior to demonetization period. Hence, matter remanded back for fresh verification.
Calcutta HC permits 10% pre-deposit for GST appeal stay due to delay in tribunal constitution, providing relief to taxpayers until tribunals are established.
