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 Tribunal held that the Assessing Officer could not validly refer the valuation issue to the DVO for Assessment Year 2012-13. S...
Income Tax : Mumbai ITAT held that income from house property can be assessed only in the hands of an owner or deemed owner under the Income-ta...
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 : Discover the latest MSME policy urging MSEs to include EM numbers on documents for better identification and compliance with incom...
Read the CESTAT Ahmedabad order on ONGC Petro’s customs duty remission appeal for imported raw material destroyed in a fire at its SEZ unit. Analysis and insights included.
ITAT Mumbai held that unsold flats which are in stock in trade should be assessed under the head “business income” and there is no justification in estimating the rental value from those flats and notionally computing annual letting value under section 263 of the Act.
ITAT Kolkata held that as per provisions of section 23(1)(c) the annual lettable value of the vacant property of unsold units/flats held as stock-in-trade by the assessee but remained vacant during the year is to be computed at Rs. NIL.
Delhi High Court held that as discrepancies in sales figures as well as physical stock not explained, the assessing authority took a fair view in enhancing sales by 10% of net GTO after deducting the stock transfer figure of GTO. Accordingly, levy of tax with interest confirmed.
ITAT Delhi ruling: DCIT Vs Jah Developers Pvt. Ltd. ITAT deletes addition of notional rental income. Detailed analysis of the case and its implications.
ITAT Mumbai held that the assessee had furnished sufficient evidences to justify the genuineness of the payments and therefore their mere non-attendance of summons, cannot be reason enough to disbelieve the genuineness of the transactions with them. Accordingly, addition u/s. 69C deleted.
Himachal Pradesh High Court held that the Bank has first charge over the properties being secured creditor in priority over all Other Debts, Revenues, Taxes, Cesses and Other Rates payable to the Central or State Government or Legal Authority.
In present facts of the case, the revision petition was filed under section 21 of the Consumer Protection Act, 1986 which assails the order dated 05.05.2016 of the State Consumer Disputes Redressal Commission, Punjab, Chandigarh allowing the appeal and dismissing order dated 28.01.2013 of the District Consumer Disputes Redressal Forum, Bhatinda.
CESTAT Ahmedabad held that actual oil quantity physically received into the shore tank should be taken as the basis for payment of duty at the time of ex-bond bills of entry.
ITAT Mumbai held that damage on account of right to sue is a capital receipt and accordingly not chargeable to tax.
