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Assessee failed to Submit details: ITAT Restores Section 54F Deduction Matter

September 1, 2023 3543 Views 0 comment Print

ITAT Chennai restores the matter of Salma Ahmed’s capital gain deduction under section 54F to CIT(E) due to inadequate details provision by the assessee.

Rental & Service Income Classification Mustn’t Change on Mere surmises

September 1, 2023 609 Views 0 comment Print

Swar Maya Infotech’s treatment of rental and facility management income is evaluated by ITAT Delhi, emphasizing on consistency and accurate deduction claims.

Excess stock found at the time of survey is Business Income: ITAT Chennai

September 1, 2023 1425 Views 0 comment Print

ITAT Chennai rules in favor of Mookambika Impex, stating that excess stock is due to regular business activities. Dive into the detailed analysis.

Trust can claim both depreciation & application of income on asset in its purchase year

September 1, 2023 9480 Views 0 comment Print

ITAT referred to SC’s judgment in CIT v. Rajasthan & Gujarati Charitable Foundation, Poona, which stated that an entity could claim both depreciation and application of income on asset in its purchase year.

Additional Director appointment Beyond AGM date: MCA Imposes Penalty

August 31, 2023 1377 Views 0 comment Print

Government of India, Ministry of Corporate Affairs penalizes Mayflower Infra Realty for violating Section 161 of Companies Act, 2013. Detailed analysis of the case and imposed penalty.

IFSCA Circular: Additional AML Measures for Regulated Entities in GIFT-IFSC

August 31, 2023 924 Views 0 comment Print

IFSCA specifies the following additional measures to be complied by all Regulated Entities: 1. In a cross-border wire transfer where the amount to be transferred is equal to USD 1000, every bank which is an ordering institution shall also comply with the requirements specified under clause 7.7.3(a) of the Guidelines.

Revised SION’s for the leather, leather products and footwear

August 31, 2023 1134 Views 0 comment Print

Standard Input Output Norms (SIONs) for Leather, Leather Products and Footwear and General Note for Leather & Leather Products stand amended with effect from 15.09.2023. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) Public Notice No. 30/2023-DGFT | Dated: 31st, August, 2023 Subject: Revised SION’s for the leather, leather products […]

Proposed Amendments on IFSC Insurance Office Investment Regulations 2023

August 31, 2023 723 Views 1 comment Print

Overview of proposed amendments by IFSCA for investments by International Financial Service Centre Insurance Office in 2023. Participate in public consultation.

Merchant Bankers/Issuers Advised to File Abridged Prospectus in XBRL Format

August 31, 2023 1125 Views 0 comment Print

NSE has now established a provision that requires the filing of the Abridged Prospectus in the XBRL (eXtensible Business Reporting Language) format.

Tariff Value Update: Edible Oils, Metals and Areca Nut wef 01.09.2023

August 31, 2023 1641 Views 0 comment Print

An overview of latest tariff values for Edible Oils, Brass Scrap, Gold, Silver, and Areca Nut as amended by Notification No. 63/2023- Customs(N.T.)  Dated: 31st August, 2023

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