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No Late Fees under Section 234E Before June 1, 2015: ITAT Chennai

June 20, 2023 912 Views 0 comment Print

ITAT Chennai in Bank of India vs ACIT case decides on applicability of TDS late fees under section 234E before June 2015,

No section 271(1)(c) Penalty for Misclassified Interest Expense

June 20, 2023 762 Views 0 comment Print

ITAT Ahmedabad case between Standard Radiators Pvt Ltd and ACIT, involving an inaccurate income penalty dispute related to interest expense misclassification

No Addition under Section 69A when Income Source adequately Explained

June 20, 2023 7524 Views 0 comment Print

In Ram Kishan Vs ITO case, ITAT Delhi ruled that no addition u/s 69A of Income Tax Act when income source was appropriately explained during assessment.

Order of AO can be challenged before CIT(A), Not ITAT – Appeal Dismissed

June 20, 2023 1353 Views 0 comment Print

Read about dismissal of an appeal by ITAT Mumbai in case of BLPL Singapore Pvt Ltd Vs DCIT. Sssessee’s appeal against penalty order under Section 270A for non-disclosure of interest income was dismissed.

Delayed GST Reimbursement: HC Orders 9% Interest Payment for Negligence

June 20, 2023 1512 Views 0 comment Print

A detailed exploration of the Jammu & Kashmir HC ruling in favor of Greenland Cements Private Limited, which stipulates the payment of a 9% interest due to delayed GST reimbursement because of negligence by a tax officer.

SEBI Commences Execution Only Platforms under Stock Brokers Regulations

June 19, 2023 807 Views 0 comment Print

Commencement notification for Execution Only Platforms under the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 SEBI) has announced the commencement date for Execution Only Platforms under the Stock Brokers Regulations. This notification, issued under the powers conferred by the Securities and Exchange Board of India Act, 1992, specifies the provisions that will […]

Amendment in General Authorization for Export of Chemicals & Related Equipment

June 19, 2023 1593 Views 0 comment Print

DGFT has issued a public notice amending Handbook of Procedures (HBP) 2023 to revise procedure for General Authorization for Export of Chemicals and related Equipment (GAEC).

CESTAT Orders Re-Adjudication for Service Tax Refund Claim Denial

June 19, 2023 1200 Views 0 comment Print

In absence of proof of availment of Cenvat Credit while rejecting a service tax refund claim, CESTAT Bangalore has directed re-adjudication of case of Fairy Food Products Pvt Ltd vs Commissioner of Central Excise.

ITAT Delhi Upholds Education Cess Non-deductible Under Sections 37 & 40(a)(ii)

June 16, 2023 630 Views 0 comment Print

ITAT Delhi ruling in Maral Overseas Ltd Vs DCIT, asserting that Education cess is non-deductible as an expenditure under Sections 37 and 40(a)(ii) of Income Tax Act.

Capital Gain Tax without Adjusting Cost of Acquisition – HC directs appellant to file Appeal with CIT(A)

June 16, 2023 879 Views 0 comment Print

Detailed look into Delhi High Court’s ruling in Om Parkash Vs ITO case regarding taxation on agricultural land sale without adjusting cost of acquisition

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