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Jointly owned Property- Section 194IA TDS not applicable if Consideration for Property not exceeds Rs. 50 lacs

April 24, 2023 13833 Views 0 comment Print

ITAT Jodhpur exempts individual from TDS on property purchase under Rs.50 lacs, setting precedent for similar transactions.

Provisioning for standard assets by primary Urban co-operative banks – revised norms

April 24, 2023 5973 Views 0 comment Print

RESERVE BANK OF INDIA RBI/2023-24/18 DOR.STR.REC.12/21.04.048/2023-24 April 24, 2023 All Primary (Urban) Co-operative Banks, Madam / Dear Sir, Provisioning for standard assets by primary (Urban) co-operative banks – revised norms under four-tiered regulatory framework Please refer to circular DOR.REG.No.84/07.01.000/2022-23 dated December 01, 2022, in terms of which Urban Co-operative Banks (UCBs) have been categorized into four […]

GSTN Advisory on Bank Account Validation

April 24, 2023 19878 Views 1 comment Print

GSTN is pleased to inform you that the functionality for bank account validation is now integrated with the GST System. This feature is introduced to ensure that the bank accounts provided by the Tax Payer is correct.

Guidelines for validation of EPS-95 higher pension

April 23, 2023 11109 Views 1 comment Print

EPS-95 higher pension – Application for validation of option / joint options- Scrutiny of information & wage details submitted by employee & employer

CESTAT explains Test to determine unjust-enrichment

April 23, 2023 1209 Views 0 comment Print

CESTAT Ahmedabad orders a fresh look into Vapi Care Pharma’s refund claim, probing the unjust enrichment aspect and duty pass-through.

Rs. 20000 Limit under section 269SS & 269T is person wise

April 23, 2023 5022 Views 0 comment Print

ITAT Jaipur rules in favor of Shri Deepak Mata, deleting penalties under Sections 271E and 271D for loan transactions below Rs.20,000 threshold.

ITAT restores matter to CIT(E) as his order was non-speaking order

April 23, 2023 1185 Views 0 comment Print

CIT(E)’s order is also a non-speaking one to this extent we deem it appropriate to restore the assessee’s substantive grievance back to the very authority for appropriate adjudication as per law

Extended period of limitation cannot be invoked if facts were known to Revenue

April 23, 2023 1215 Views 0 comment Print

CESTAT Ahmedabad decides in favor of Eimco Elecon India Ltd, setting aside demand for reversal of cenvat credit and penalty, citing past tribunal order.

Depreciation allowed in initial years, cannot be disturbed in subsequent years

April 23, 2023 921 Views 0 comment Print

If in the initial year of claim the depreciation, is allowed, the claim cannot be disturbed in the subsequent years

Section 54B exemption eligible on Agricultural Property purchased against Advance of Agricultural Property Sale

April 23, 2023 1863 Views 0 comment Print

Assessee should be allowed benefit of deduction under section 54B of Act since purchase in new property has been made out of advances received towards sale of agricultural properties held by assessee.

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