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ITAT deletes addition of Cash Deposit against Opening Balance during demonetization

May 24, 2024 7299 Views 0 comment Print

Discover why ITAT Jodhpur ruled that cash deposits made by a 77-year-old assesse during demonetization couldn’t be added under section 68 of the Income Tax Act.

Waste Exceeding SION Norms Exempt from Customs Duty if cleared with Proper Permissions & Payments

May 24, 2024 1785 Views 0 comment Print

CESTAT Ahmedabad held that waste and scrap, even if exceeding SION norms, are exempt from customs duty provided they are cleared with proper permissions and duty payments.

ITAT allows filing of Form No. 10AB despite exclusion from timeline extension Circular

May 24, 2024 1386 Views 0 comment Print

Learn how ITAT Chennai extended the timeline for filing Form 10AB for recognition under section 12A of the Income Tax Act up to 30.09.2023, allowing appeals against denial of registration under section 80G(5).

NCLT Cannot Set Aside Arbitral Award During IBC Moratorium

May 24, 2024 1098 Views 0 comment Print

NCLT Kolkata rules it cannot annul an arbitral award during an IBC moratorium. Detailed analysis of Mahavir Industrial Corporation vs Hindustan Controls & Equipment Pvt Ltd.

No Section 56(2)(viib) Addition Required for Discrepancy of less than 10%

May 24, 2024 1293 Views 0 comment Print

Discover the ITAT Delhi’s ruling on Sakshi Fincap Pvt. Ltd. vs. ITO, addressing valuation discrepancies and retrospective amendments under Section 56(2)(viib) of the Income Tax Act.

Depreciation Claim on Fixed Assets by Trust – ITAT Directs reconsideration

May 24, 2024 1101 Views 0 comment Print

Discover ITAT Bangalore’s directive on re-evaluating depreciation disallowance claimed on asset acquisition in the case of ACIT vs. Raghavendra Educational for the assessment year 2016-17.

Debt & default against Corporate Debtor: Section 7 IBC Application Admissible

May 24, 2024 807 Views 0 comment Print

Delve into the legal intricacies of New Era Propcon Pvt. Ltd. vs SREI Equipment Finance Ltd. case at NCLAT Delhi. Detailed analysis, implications, and conclusions explored.

No section 271(1)(c) penalty for mere section 35(2)(AB) claim disallowance

May 24, 2024 762 Views 0 comment Print

xplore DCIT Vs Polyplex Corp. Limited case. Learn why penalty for disallowed tax claim isn’t justified. Details & key takeaways here.

House’ Refers to Single Residential Unit for Section 54 Deduction: ITAT Chennai

May 24, 2024 2184 Views 0 comment Print

Detailed analysis of ITAT Chennai order on Shri Srikanth appeal against the disallowance of Section 54 deductions in the computation of Long Term Capital Gains.

Employee Salary Reimbursement Not Taxable as FTS under India-Japan DTAA

May 24, 2024 1305 Views 0 comment Print

Understand the grounds of appeal in the case against the final assessment order under the Income Tax Act, 1961, for AY 2017-18, involving taxability of employee cost reimbursements and more.

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