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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 1398 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 2247 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 249471 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 1827 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 20967 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 46745 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 48855 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 48 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 333 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 138 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 183 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 732 Views 0 comment Print


GST: Non-production of relied upon documents Violates Natural Justice principles

December 9, 2024 1173 Views 0 comment Print

Allahabad High Court held that non-production of documents which were relied upon by the department amounts to violation of principles of natural justice. Accordingly, impugned order liable to be quashed.

Refund of service tax paid under RCM without complying with transitional provisions under GST not admissible

November 18, 2024 633 Views 0 comment Print

CESTAT Allahabad held that claim of cash refund of service tax paid under RCM not admissible since CENVAT Credit was never claimed and transitional provisions under GST was not complied.

Customs duty not sustained on material intended for use in factory being destroyed by fire: CESTAT Chennai

November 12, 2024 444 Views 0 comment Print

CESTAT Chennai held that no customs duty could be demanded on the material intended for use in the factory, however, were destroyed by fire accident. Accordingly, duty demand not sustained.

Unsold flats held as stock-in-trade should be treated as business stock and not Income from House Property

October 29, 2024 1977 Views 0 comment Print

Assessee was in the business of construction and in developing housing complexes i.e to construct the property and sell it therefore, unsold flats held as stock-in-trade should be treated as business stock, not income from house property.

‘Income from leasing of property’ was ‘Income From Business” not “Income from House property”

October 28, 2024 2241 Views 0 comment Print

Assessee was engaged in the business of purchasing and renting properties, as also the entire income of the assessee was based on the income received from leasing its properties.

Assessment u/s 147 on protective basis could not be made without a substantive assessment

October 17, 2024 1089 Views 0 comment Print

As per AO, Shri Birat Chandra Dagara was one of the partner of the assessee firm and had owned the mining lease and submitted the details as per which the assessee was found indulged in the illegal production of iron ore.

Land purchased as agricultural land cannot be treated as non-agricultural as not declared as abadi land

August 27, 2024 1440 Views 0 comment Print

Held that the land in question was purchased as an agricultural land and at the time of survey, it was also not in dispute that the proceedings of Section 143 of UPZA and LR Act were not initiated and the land in question was not declared as an abadi land.

Order quashed as pre-condition for best judgement assessment u/s. 23(2) of MVAT Act not satisfied: Bombay HC

August 15, 2024 318 Views 0 comment Print

It is Petitioner’s case that a show cause notice dated 7th December 2023 without any details was issued calling upon Petitioner to attend the office of Respondent No.2. Respondent No.2 proceeded to pass the impugned order dated 28th March 2024 u/s. 23 of the MVAT Act.

Section 23 of Central Act exempts Advocates Welfare Fund from income tax: ITAT Chennai

July 31, 2024 360 Views 0 comment Print

ITAT Chennai held that section 23 of the Central Act provides for exemption of Income-tax to the Advocates Welfare Fund of the State. Accordingly, exemption granted and appeal of revenue dismissed.

No Custom duty liability on Goods Destroyed due to fire in SEZ: CESTAT Ahmedabad

June 26, 2024 696 Views 0 comment Print

Learn about P I Industries Ltd’s appeal against customs duty demand for goods lost in a fire at their SEZ unit. Detailed analysis of SEZ Rules and Customs Act provisions.

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