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Payments Made to Retiring Partners: taxable income Vs. applications of firm income

July 3, 2024 576 Views 0 comment Print

Explore the ITAT Mumbai’s decision on payments to retiring partners by Deloitte Haskins and Sells LLP. Understand why it’s not considered income under tax law.

Interest from Co-Op Banks Eligible for Section 80P(2)(d) deduction as they are Co-op- Societies: ITAT Mumbai

July 3, 2024 342 Views 0 comment Print

Explore ITAT Mumbai’s verdict granting deduction under Section 80P(2)(d) to Grand Paradi Co-op Housing Society, clarifying co-op banks as cooperative societies in banking business.

GST Advance Ruling binds applicant, not third party taxpayers: Calcutta HC

July 2, 2024 492 Views 0 comment Print

Court clarified that an Advance Ruling is only binding on the applicant and jurisdiction that issued it, not on third-party taxpayers or other jurisdictions.

ITAT allows section 11 exemption as payment of Salary & Rent to specified persons was not excessive 

July 2, 2024 627 Views 0 comment Print

The ITAT Mumbai upholds exemptions for the Catholic Education Society under Section 11 of the Income Tax Act, dismissing the Revenue’s appeal on excessive salary and rent payments.

NCLT admits CIRP of Richfeel Health & Beauty Pvt Ltd

July 2, 2024 243 Views 0 comment Print

Explore the detailed analysis of Mayur Rajendra Kumar Popat Vs Rajul Mehta & Ors. case from NCLT Mumbai. Learn about the resolution plan, creditors’ approvals, and financial implications.

HC directs Reconsideration of L-10BB License Liquor Renewal Amid Policy Changes

July 2, 2024 108 Views 0 comment Print

HC directs to reconsider the petitioner’s application for the renewal of the L-10BB Liquor license in light of the compliance with policy changes and the timely application for the amendment of the GST Registration Certificate.

Delhi HC Limits GST Registration Cancellation to Date of Show Cause Notice

July 2, 2024 225 Views 0 comment Print

Delhi High Court restricts retrospective cancellation of GST registration from date of Show Cause Notice issuance. Analysis of Shree Bankey Bihari Trading Company case.

Cuttack ITAT condones 145-Day Appeal Delay as Order Email Landed in Spam

July 2, 2024 228 Views 0 comment Print

Cuttack ITAT condones a 145-day delay in the Tirupati Prasad Sahu vs. ITO case due to emails going to spam. Case restored for merits adjudication.

No e-way bills requirement during 01.02.2018 to 31.03.2018: HC Quashes Penalty

July 2, 2024 768 Views 0 comment Print

Read the full judgment of Hira Lal Arun Kumar vs State Of U.P. (Allahabad High Court) where penalties for transporting goods without GST e-way bill were overturned.

Insufficient response time for SCN: HC remits case back to PCIT for reconsideration

July 2, 2024 198 Views 0 comment Print

Himachal Pradesh HC sets aside order U/S 143(3) of the Income Tax Act due to insufficient response time for SCN, remits case back to PCIT for reconsideration.

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