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 : ITAT Kolkata clarifies Section 14A disallowance limits, deletes notional income addition for unsold flats (AY 2014-15), and remand...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Corporate Law : Held that while considering the term “unfair trade practice”, this Court has found that such one-sided Agreements, as in the p...
Corporate Law : Uttarakhand High Court held that bail of accused involved in drug trafficking and money laundering matter deserved to be rejected ...
Custom Duty : CESTAT Bangalore held that the quantity of crude oil actually received into a shore tank in a port in India should be the basis fo...
Corporate Law : Discover the latest MSME policy urging MSEs to include EM numbers on documents for better identification and compliance with incom...
ITAT Chandigarh held that receipts of the assessee trust from its activities of sale of plots, flats and commercial booths and also its income earned form non-construction fee, transfer fee, penal interest and compounding fee, etc., are held to be entitled for exemption under Section 11 of the I.T. Act.
ITAT Indore held that in the absence of any major discrepancies or defects in the books of accounts, the rejection of the books of account only for want of tax audit report is not justified.
ITAT Chandigarh held that addition on account of failure to provide necessary explanation in respect of source of cash deposits in bank confirmed without considering explanation set aside with one more opportunity to assessee in the interest of substantial justice and fair play.
Facts- Petitioner statedly is a limited company engaged in procuring vehicles from Tata Motors Limited (“TML”) and selling them to dealers within and outside the State of Maharashtra.
Supreme Court held that as the State of Himachal Pradesh didn’t took any steps for realization of its dues, recourse to Himachal Pradesh Land Revenue Act (HPLR Act) for recovery of dues as arrears of land revenue not sustainable.
Madras High Court held that confirmation of Dabba trading is based on inadmissible piece of evidence. Accordingly, prosecution becomes a futile exercise and hence quashed.
Section 22 of the Income tax Act, 1961 is the charging section for head Income from House Property. As per this section, the assessee must be the owner of the property which is subject to income under the head House Property. Property can be any building or land not necessarily residential.
Allowability of society maintenance charges from rental income – Section 22 : deals the Annual value of property and Section 23 determine the ‘Annual value’, whereas the Allowable deductions from ‘Income from House property’ is in section 25 and Section 25 the amounts not deductable from ‘Income from House property’.
Article On Section 23 In Case The Owner of Property Is Not Able To Find A Tenant And Property Remains Vacant, Can Addition On Account Of Notional Rent Be Made Or Not ? Here we are discussing Section 23 of Income Tax Act 1961 which provides how to determine annual value of a property for […]
Empire Infraspace India Pvt. Ltd. Vs ACIT (ITAT Mumbai) Actually, the premises in question was on rent earlier with the HDFC Bank. Under the compelled circumstances, the tenant HDFC Bank vacated the premises because the Metro Rail Project came before the premises, therefore, the said premise was vacated by Bank. On similar circumstances, the Hon’ble […]
