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section 23

Latest Articles


Understanding the Amendment to Section 43B of Income Tax Act for MSMEs

Finance : Explore the recent amendment to Section 43B of the Income Tax Act aimed at bolstering the financial well-being of MSMEs through ti...

June 12, 2024 1404 Views 2 comments Print

Tick-Tock! Is Your Tax Clock Running Out on MSME Payments?

Income Tax : Learn how recent tax code amendments (Section 43B(h)) impact businesses' deductions for Micro and Small Enterprise (MSE) payments....

February 7, 2024 2253 Views 0 comment Print

Payment to MSMEs in 45/15 Days: Section 43B(h) Explained

Income Tax : Explore the impact of Finance Act, 2023, on MSME payment enforcement under section 43B(h) of the Income Tax Act, 1961. Understand ...

February 5, 2024 251406 Views 9 comments Print

India Goes Global: Decoding Leap Rules & Listing Opportunities Abroad

Company Law : Explore the game-changing Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024, paving the way for Indian...

January 29, 2024 1839 Views 0 comment Print

Tax on Income from House Property

Income Tax : Section 22 of the Income tax Act, 1961 is the charging section for head Income from House Property. As per this section, the asses...

June 27, 2021 20982 Views 1 comment Print


Latest News


6 Suggestions for Amendments in Income Tax Act by BCAS

Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...

May 28, 2019 8124 Views 2 comments Print

Guidance note on Clause 17A of 3CD report – Amount inadmissible u/s. 23 of the Micro, Small and Medium Enterprises Development Act, 2006

Income Tax : This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Fo...

August 26, 2009 46757 Views 0 comment Print

Seller do not require NOC from society at the time of transfer of a flat

Finance : Actor Emraan Hashmi, who was refused an NOC to buy a flat in Nibbana housing society at Pali Hill allegedly because he was a Musli...

August 5, 2009 48921 Views 56 comments Print


Latest Judiciary


Redetermination of value set aside as goods were replacement for goods imported earlier

Custom Duty : CESTAT Bangalore held that question of redetermination of value doesn’t arise since the impugned goods were replacement for good...

May 5, 2025 63 Views 0 comment Print

Washing and dry cleaning covered within ‘manufacturing process’ u/s. 2(k) of the Factory Act

Corporate Law : Supreme Court held that washing and dry cleaning is covered within the meaning of ‘manufacturing process’ defined under sectio...

April 19, 2025 219 Views 0 comment Print

Violation of section 269ST doesn’t render agreement unenforceable in Civil Court

Income Tax : The plaintiff entity is a company engaged in the business of constructing and redeveloping immovable properties, either on a contr...

April 15, 2025 372 Views 0 comment Print

Stressed Assets Stabilization Fund is a deemed dealer under MVAT Act

Goods and Services Tax : Bombay High Court held that Stressed Assets Stabilization Fund is a deemed dealer as per Explanation to section 2(8) of the Mahara...

March 28, 2025 141 Views 0 comment Print

ITAT Deletes Notional Addition for Unsold Flats, Section 23(5) Not Applicable to AY 2014-15

Income Tax : ITAT Kolkata clarifies Section 14A disallowance limits, deletes notional income addition for unsold flats (AY 2014-15), and remand...

February 14, 2025 186 Views 0 comment Print


Latest Notifications


Enhancing MSE Supplier Identification: Key MSME Policy Update

Corporate Law : Discover the latest MSME policy urging MSEs to include EM numbers on documents for better identification and compliance with incom...

August 26, 2008 741 Views 0 comment Print


Latest Posts in section 23

Redetermination of value set aside as goods were replacement for goods imported earlier

May 5, 2025 63 Views 0 comment Print

CESTAT Bangalore held that question of redetermination of value doesn’t arise since the impugned goods were replacement for goods imported earlier which were found to be defective. Accordingly, appeal allowed.

Washing and dry cleaning covered within ‘manufacturing process’ u/s. 2(k) of the Factory Act

April 19, 2025 219 Views 0 comment Print

Supreme Court held that washing and dry cleaning is covered within the meaning of ‘manufacturing process’ defined under section 2(k) of the Factory Act, 1948 and hence Factory Act will be applicable. Accordingly, appeal is allowed and order of High Court set aside.

Violation of section 269ST doesn’t render agreement unenforceable in Civil Court

April 15, 2025 372 Views 0 comment Print

The plaintiff entity is a company engaged in the business of constructing and redeveloping immovable properties, either on a contractual or collaborative basis, and subsequently selling such properties.

Stressed Assets Stabilization Fund is a deemed dealer under MVAT Act

March 28, 2025 141 Views 0 comment Print

Bombay High Court held that Stressed Assets Stabilization Fund is a deemed dealer as per Explanation to section 2(8) of the Maharashtra Value Added Tax, 2002 [MVAT Act] and hence liable for payment of tax.

ITAT Deletes Notional Addition for Unsold Flats, Section 23(5) Not Applicable to AY 2014-15

February 14, 2025 186 Views 0 comment Print

ITAT Kolkata clarifies Section 14A disallowance limits, deletes notional income addition for unsold flats (AY 2014-15), and remands interest expense and unexplained expense issues.

License Fees for Goodwill acquisition Allowed as Expense U/S 37: Delhi HC

February 12, 2025 216 Views 0 comment Print

Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deduction under section 37 of the Income Tax Act. Accordingly, appeal of the revenue dismissed.

One-sided agreements are covered by ‘unfair trade practice’ definition: SC

February 12, 2025 411 Views 0 comment Print

Held that while considering the term “unfair trade practice”, this Court has found that such one-sided Agreements, as in the present case, would be covered by the definition of term “unfair trade practice”.

Bail of accused involved in drug trafficking & money laundering rejected by HC

January 21, 2025 249 Views 0 comment Print

Uttarakhand High Court held that bail of accused involved in drug trafficking and money laundering matter deserved to be rejected since various questions fall for deeper scrutiny during trial. Hence, bail rejected.

Customs duty payable on quantity of crude oil actually received in shore tank in India

December 31, 2024 192 Views 0 comment Print

CESTAT Bangalore held that the quantity of crude oil actually received into a shore tank in a port in India should be the basis for payment of customs duty. Thus, customs duty needs to be calculated based on crude oil received in shore tank.

Dispute Over Non-Payment of Wages and Termination Legality Non-Arbitrable

December 20, 2024 339 Views 0 comment Print

Supreme Court held that petition under section 11(6) of the Arbitration and Conciliation Act, 1996 is not maintainable since disputed that are related to non-payment of wages and legality and propriety of termination are non-arbitrable.

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