In the case of Durga Signal Infra Pvt. Ltd. vs ACIT, ITAT Kolkata rules that there should be no disallowance made under Section 37(1) of the Income Tax Act for site expenses incurred for railway business. Learn about the case, its analysis, and conclusion.
The Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favor of Aman Kumar Jain against the Income Tax Officer, permitting rent paid to a wife as eligible for HRA deduction under section 10(13A) of the Income Tax Act.
Read the disciplinary order issued by the Insolvency and Bankruptcy Board of India (IBBI) warning Mr. Sanjay Kumar Singh, an Insolvency Professional, to be diligent in his duties. Learn about the alleged contraventions and the findings of the disciplinary committee
Six years after the rollout of the biggest indirect tax reform of India, the consistent monthly revenue of Rs 1.5 lakh crore from the Goods and Services Tax (GST) has established itself as the new normal. India implemented the Goods and Services Tax (GST) on July 1, 2017, marking a significant milestone in tax reform. […]
SEBI circular introduces new category of ESG investing schemes for Mutual Funds, allowing multiple schemes with different strategies. Enhanced disclosures and transparency measures implemented.
The ITAT Bangalore in the case of Suresh Sharma vs ITO reaffirms the principle that penalty proceedings under Section 271A of the Income Tax Act cannot be initiated if the Books of Account are properly maintained
Read about the Insolvency and Bankruptcy Board of India’s (IBBI) amendment regulations for insolvency professionals in 2023.
Director General of Foreign Trade (DGFT) has announced Trade Notice No. 16/2023-DGFT on 20th July, 2023, stating the extension of the last date for submitting applications to obtain a license for exporting broken rice to Senegal, Gambia, and Indonesia on humanitarian grounds. The new deadline for submission is 27th July, 2023. Government of India Ministry […]
Institute of Chartered Accountants of India has announced the further deferment of the second phase of the Peer Review Mandate. Learn more about the new applicability date and prerequisites for Practice Units.
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, has recently announced two new Quality Control Orders (QCOs) for ‘Resin treated compressed wood laminates’ and ‘Insulated Flask, Bottles and Containers for Domestic Use.’ These QCOs, set to take effect six months after their notification, are designed to […]
