CBDT issues new compounding guidelines simplifying process, eligibility, charges, and procedures under the Income-tax Act from October 17, 2024.
ITAT Pune held that since object of the trust are charitable in nature and genuineness of activity is established by documents, assessee is eligible for registration under section 12A read with section 12AB of the Income Tax Act. Accordingly, appeal of assessee allowed.
Gujarat High Court held that Commissioner of Customs doesn’t have jurisdiction to reassess into bond bill of entry in respect of clearances effected from private bonded warehouse. Accordingly, appeal of the revenue is dismissed.
ITAT Mumbai held that payment towards bandwidth service without transfer of right to use equipment or process could not be characterized as ‘royalty’ under section 9(1)(vi) or Article 12 of India-UAE DTAA. Thus, appeal decided in favour of assessee.
NCLT Cuttack held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against Corporate Debtor [ASB Energy Systems and Construction Pvt. Ltd.] is admitted as operational debt and default thereon is admitted.
Chhattisgarh High Court held that assessee is barred from raising objection regarding jurisdiction after one month of service of notice under section 143(2) of the Income Tax Act. Accordingly, ITAT absolutely justified in not entertaining jurisdictional question.
Indian tax law restricts cash transactions to promote digital payments. Limits apply to expense payments (Sec 40A(3): ₹10k/day), accepting loans/advances (Sec 269SS: ₹20k limit), and receiving funds (Sec 269ST: ₹2 lakh threshold). Non-compliance results in penalties or disallowance of expenditure.
ICDS, mandatory for ‘Mercantile system’ assessees, ensures uniform taxable income computation under the Income-tax Act. These FAQs cover ICDS III (Construction Contracts), IV (Revenue Recognition), V (Fixed Assets), VI (Foreign Currency), VII (Government Grants), VIII (Securities), IX (Borrowing Costs), X (Provisions), I (Accounting Policies), and II (Inventories), detailing their scope, applicability to presumptive taxation/AMT, and required Form 3CD disclosures.
Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, documentation, and TDS/TCS compliance with prescribed penalty amounts.
ITAT Delhi held that no addition can be made u/s 153A of the Income Tax Act without there being any incriminating material relating to unabated assessment year. Therefore, additions made in the assessment order is deleted and appeal is partly allowed.
