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Depreciation Claim on Fixed Assets by Trust – ITAT Directs reconsideration

May 24, 2024 1185 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 930 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 864 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 2235 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 1410 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.

Section 271(1)(c) Penalty cannot continue after Assessee’s Death

May 24, 2024 375 Views 0 comment Print

Pune ITAT held that penalty proceedings under Section 271(1)(c) cannot continue against legal heirs when initiated after the assessee’s demise. The Tribunal ruled that legal representatives are not personally liable for such penalty proceedings under Section 159.

Advance for Share Allotment Not a Financial Debt under IBC: NCLT

May 24, 2024 816 Views 0 comment Print

Delve into the NCLT Kolkata case of Mittson Fille Enterprise vs. Sammaan Ventures Limited regarding share application money and financial debt under the IBC. Analysis of key arguments and findings.

Upholding Fairness: Calcutta HC Affirms Jurisdiction in Contractual Matters with Public Bodies

May 24, 2024 432 Views 0 comment Print

Analyzing the Calcutta High Court’s verdict in PCIT vs Sri Manoj Parmar, a case concerning arrears of rent. Detailed examination of the judgment and implications.

CENVAT Credit Allowed for Fabricating Capital Goods Used in Final Product Manufacturing

May 24, 2024 633 Views 0 comment Print

Explore the CESTAT Kolkata verdict on CENVAT Credit for steel items. Detailed analysis, rulings, and implications.

Section 69 not applies to Loan & Advances recorded in the books

May 23, 2024 6636 Views 0 comment Print

Learn about the ITAT Kolkata ruling in Manohar Dealcom vs ITO, addressing jurisdiction issues and the applicability of Section 69 of the Income Tax Act.

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