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Excess Stock-Related Income is ‘Business Income & Not Subject to Section 69B

September 11, 2023 930 Views 0 comment Print

Explore the landmark ruling of Vijay Shriram Gundale Vs ACIT by ITAT Pune. Learn how excess stock income is categorized as business income, exempt from Section 69B of the Income Tax Act.

LPG Stored in ‘Bullet’ Facility at customers premises Not falls under Storage and Warehousing Services

September 10, 2023 819 Views 0 comment Print

Exploring legal intricacies of Total Energies Marketing India Pvt. Ltd. vs Commissioner of GST & Central Excise case ruled by CESTAT Chennai regarding LPG storage and service tax.

CESTAT allows Cenvat Credit on Capital Goods used for providing Output Service

September 9, 2023 825 Views 0 comment Print

A detailed analysis of the landmark CESTAT Kolkata ruling in Emta Coal Limited vs Commissioner of Central Excise & Service Tax. Understand the legal implications for Cenvat Credit on Capital Goods in the context of providing output services.

Addition for cash deposit: Generous Cash Gift to Grandson by maternal grandfather – ITAT restores matter to CIT(A)

September 9, 2023 19866 Views 0 comment Print

An in-depth analysis of the Pitchi Reddy Garlapati Vs ITO (ITAT Hyderabad) case, focusing on the addition for a generous cash gift to a grandson by his maternal grandfather.

Interest on Delayed TDS Payment not allowable as Business Expenditure

September 9, 2023 2280 Views 0 comment Print

Analyzing the ITAT Pune decision in the case of RBL Bank Ltd Vs DCIT on non-allowance of interest on delayed TDS payment and other key issues. A comprehensive review for financial and tax professionals.

MMR Service will be Treated as Exempted Service When the Service Provider did not Receive full Convertible Foreign Exchange within the Time Period Provided under Statute: CESTAT

September 9, 2023 687 Views 0 comment Print

CESTAT held that when there is doubt regarding documents, authority should seek clarification/explanation rather than relying on assumptions.

Appellate authority cannot reject refund on a ground not indicated in SCN

September 9, 2023 1344 Views 0 comment Print

In the Hindustan Motors Ltd vs. Commissioner of Customs and CESTAT Delhi case, the appellate authority’s power to reject a refund claim based on grounds not indicated in the show cause notice is discussed.

Service tax payable on Corporate guarantee & credit protection guarantee service

September 8, 2023 1887 Views 0 comment Print

An analysis of Hindustan Construction vs. Commissioner of Service Tax case, covering service tax on corporate guarantees and credit protection fees.

Company Fails to Hold Mandatory Board Meetings – MCA Imposes Rs. 1.60 Lakh Penalty

September 8, 2023 5016 Views 0 comment Print

In a recent case where Indira IVF Hospital Private Limited faces a Rs. 1.60 Lakh penalty for not holding mandatory board meetings, under Section 173 of Companies Act, 2013

RBI Directive: Additional Balance Requirements for Banks

September 8, 2023 696 Views 0 comment Print

Read Reserve Bank of India (RBI) notification dated 8th September 2023, outlining additional average daily balance requirements for banks in India

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