The Institute of Cost Accountants of India grants a final extension until March 31, 2026, for CoP holders to clear the mandatory CPE hour shortfall from 2024-25. Non-compliance will lead to CoP discontinuation.
India offers foreign companies lower corporate tax rates (15-22%), skilled, low-cost labor, government subsidies, and vast consumer demand. Entity options include WOS, LLP, or JV.
Chennai ITAT cancelled the penalty u/s 270A on Redington’s Singapore subsidiary, holding that the existence of a Permanent Establishment (PE) was a debatable issue settled via MAP, not under-reported income.
Chennai ITAT ruled that surplus from land sold after 20+ years was Capital Gain, not business income, as sporadic transactions and long holding period negated intent to trade.
Chennai ITAT deleted a Rs.12.36 lakh cash deposit addition under Section 69A for a retired government employee, acknowledging retirement benefits and customary household savings as sufficient sources.
Delhi High Court confirmed that businesses must reduce prices to pass on GST rate cuts to consumers, rejecting claims that increased quantity or free products justify price retention. The profiteering amount was directed to the Consumer Welfare Fund.
ITAT Chandigarh held that disallowance under section 14A of the Income Tax Act set aside since own funds and reserves of the assessee are more than sufficient to cover the investment made during the year. Accordingly, appeal of revenue dismissed.
ITAT Chandigarh held that execution of Joint Development Agreement [JDA] doesn’t constitute transfer of capital asset which would result in earning of capital gain. Accordingly, addition is deleted and appeal is allowed.
ITAT Hyderabad held that assessment order passed by AO in old PAN cannot be survived if transactions reported by DGFT in old PAN is already reported by assessee in new PAN. Accordingly, matter restored back to re-verify.
Calcutta High Court put on hold a public notice restricting online legal advertising for trademark registration, keeping the issue of maintainability open for review.
