Finance : Explore the recent amendment to Section 43B of the Income Tax Act aimed at bolstering the financial well-being of MSMEs through ti...
Income Tax : Learn how recent tax code amendments (Section 43B(h)) impact businesses' deductions for Micro and Small Enterprise (MSE) payments....
Income Tax : Explore the impact of Finance Act, 2023, on MSME payment enforcement under section 43B(h) of the Income Tax Act, 1961. Understand ...
Company Law : Explore the game-changing Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024, paving the way for Indian...
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...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
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...
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...
Income Tax : The Mumbai ITAT reaffirmed that lease rentals from SEZ and IT Parks along with amenities are taxable as business income. The rulin...
Fema / RBI : The Tribunal ruled that transactions predating the alleged crime cannot be treated as proceeds of crime without a clear link. It s...
Income Tax : The Tribunal held that unfinished properties classified as work-in-progress cannot be subjected to notional rent under section 23....
Corporate Law : Supreme Court held that negligence on part of bank in presentation of cheque within the validity period of cheque leads to ‘defi...
Corporate Law : The dispute concerned whether courts could revisit the validity of an arbitration clause after appointing an arbitrator. The Supre...
Corporate Law : Discover the latest MSME policy urging MSEs to include EM numbers on documents for better identification and compliance with incom...
The ITAT held that reversal of MSMED Act interest cannot be taxed if the provision was never claimed as a deduction. The matter was remanded for verification, with directions to delete the addition if the claim is confirmed.
ITAT Pune held that disallowance of interest paid on housing loan is upheld since assessee has failed to provide documentary evidence like loan sanction letter or bank certificate. Accordingly, ground raised by assessee is dismissed.
Jaipur ITAT held that interest on a commercial property not used for business cannot be claimed as a business expense but is allowable under Section 24(b) from house property income.
ITAT held that the entire disputed turnover cannot be added when purchases are accepted and books are not rejected. Only the embedded profit is taxable, leading to restriction of addition to 5% of turnover.
Karnataka HC confirms that compensation for land acquired under National Highways Act after 01.01.2014 is fully exempt under Section 96 of RFCTLARR Act, preventing any TDS or income tax deduction.
Bombay High Court held that customs duty paid on goods lost or rendered unavailable before the time of clearance for home consumptions is liable to be refunded back in terms of section 23 of the Customs Act, 1962. Accordingly, the petition is allowed.
Delhi High Court held that the mark ‘SoEasy’ for Hindi language learning is suggestive in nature and it is settled law that suggestive Trade Marks are liable to be protected under the Trade Marks Act, 1999. Accordingly, appeal is allowed and order is set aside.
The judgment confirmed that Section 11(2) of the EPF Act creates a first charge that overrides SARFAESI’s priority clause. Thus, provident fund contributions, interest, penalties, and damages must be paid before clearing secured creditors’ dues.
This case addressed the scope of judicial interference under the Arbitration Act regarding the interest awarded in a commercial dispute. The Court found no perversity in the Arbitrator’s decision to award the contractual 24% rate, rejecting the borrower’s claims under the outdated Usurious Loans Act, 1918. The ruling emphasizes that the Arbitration Act framework overrides State usury laws for NBFC lending and bars courts from reopening contractual rates.
Tribunal held that notional rent on unsold flats treated as stock-in-trade cannot be taxed under Income from House Property. The ruling clarifies that only actual rental income or sale proceeds are taxable, protecting developers from arbitrary assessments.
