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Archive: 26 December 2024

Posts in 26 December 2024

Matter of addition based on low net profit remanded to re-examine books of account

December 26, 2024 99 Views 0 comment Print

During the course of survey proceedings, the statement of one of the partners of the firm Mr. Zinu, was recorded, who had stated that he earns commission @ 5.5% from M/s Shapoorji Pallonji for supply of manpower.

Section 10A of IBC inapplicable when date of default predates moratorium period

December 26, 2024 201 Views 0 comment Print

This appeal arises from an order dated 09.01.2024 by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The Appellant, Mr. Puneet P. Bhatia, a suspended director of Barracks Retail India Pvt. Ltd.

Order passed u/s. 263 without discussing or rebutting arguments of assessee not sustainable: ITAT Ahmedabad

December 26, 2024 108 Views 0 comment Print

PCIT was of the view that the export incentives and other income claimed by the assessee were not eligible for the exemption u/s. 10AA. PCIT was of the view that the assessee had claimed excess exemption under Section 10AA by a sum of Rs. 7,08,83,828.

Litigants Shifting Responsibility For Inordinate Delay To Counsel’s Negligence Is Unwholesome: Delhi HC

December 26, 2024 318 Views 0 comment Print

Delhi High Court dismisses a 6-year delayed writ petition, emphasizing litigants’ duty to track their cases and rejecting excuses based on counsel negligence.

Interest u/s. 234A leviable till date of payment of tax liability and not till date of filing of ITR

December 26, 2024 360 Views 0 comment Print

ITAT Delhi held that interest under section 234A of the Income Tax Act is leviable from the first date immediately following the due date till the date of full discharge of entire tax liability. Interest u/s. 234A has no relevance of date of filing of ITR.

GST Rule 86A Conundrum: Interpretation Battles in High Courts

December 26, 2024 816 Views 0 comment Print

Explore the legal debate on Rule 86A of CGST Rules. Conflicting High Court interpretations impact ITC blocking and business operations, sparking potential Supreme Court litigation.

Non-granting of registration u/s. 12AB as objective has element of commerciality not justified

December 26, 2024 105 Views 0 comment Print

The assessee-company incorporated u/s 8 of the Companies Act, 2013 claiming to be for charitable purpose, applied to CPC for grant of provisional registration u/s 12AB and provisional approval u/s 80G, which were granted by CPC.

Assessee’s Commitment to File Returns Justifies Setting Aside GST Registration Cancellation

December 26, 2024 363 Views 0 comment Print

Calcutta HC set aside GST cancellation, reinstating registration as the petitioner agreed to file returns and pay dues, aiding revenue collection and business continuity.

Disallowance due to delayed payment of employees’ contribution to PF and ESIC justified

December 26, 2024 216 Views 0 comment Print

After the receipt of intimation, the assessee found mistake in the Tax Audit Report in which the Tax Auditor has mistakenly filled the due date of payment in column of actual date of payment and vice-versa.

Mediation for social justice: navigating the path of equality

December 26, 2024 231 Views 0 comment Print

Explore mediation’s role in promoting social justice and equality, its legal framework in India, and how it addresses systemic inequalities through dialogue and collaboration.

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