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Income Tax : Explore provisions under the Income-tax Act for computing business income, including various chargeable incomes and accounting met...
Income Tax : Explore the discussion between CA Micky and CA Mini on Sections 68 & 44AD of the Income Tax Act. Learn about unexplained cash cred...
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Income Tax : Explore the impact of Finance Act, 2023, on MSME payment enforcement under section 43B(h) of the Income Tax Act, 1961. Understand ...
Income Tax : ITAT Mumbai held that head office expenditure incurred outside India exclusively for the Indian branches does not fall within the ...
Income Tax : ITAT Delhi held that fees for providing Spa Consultancy falls under the category of ‘Independent Personal Service’ and hence w...
Income Tax : Calcutta High Court held that initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act and passing of penal...
Goods and Services Tax : Delhi High Court held that the authorities are legally obligated to conclude the adjudication with due expedition, thus an inordin...
Income Tax : ITAT Ahmedabad orders AO to re-examine rectification request after depreciation was wrongly considered as net profit in tax intima...
Delhi High Court held that Eating House Registration/ License shall be deemed to be duly registered until its registration certificate is duly renewed OR renewal has been refused in terms of para-6(ii) of the Delhi Eating Houses, Registration Regulations, 2023.
Therefore, such interest partook the character of the compensation itself. The Court further observed that the statutory obligation to pay compensation for compulsory acquisition was rooted in Article 300A of the Constitution, which safeguarded a citizen’s right to property.
The assessee is engaged in the business of running a Ginning Mill and dealing in cotton. A search and seizure action u/s. 132(1) of the Income Tax Act, 1961 was conducted on the assessee on 12/02/2015.
Delhi High Court held that matters having financial liabilities or penal consequences cannot be kept unresolved for years. Thus, show cause notice issued in 2013, 2014, 2015, 2016 and 2018 adjudicated vide order issued in 2024 is liable to be quashed.
Complainants stated that sometime in March – 2018, Respondent No.- 1 started Shifting its Work from Goregaon Godown to Bhivandi Godown and ultimately closed Down the Establishment at Goregaon and shifted its activities to Bhivandi.
Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee was thus justified in accounting for the same. Thus, that question is answered in favour of assessee.
ITAT Delhi held that seized document merely indicates some rates than pinpointing any specific on-money payment or receipt; as the case may be, involving the assessee. Thus, addition is liable to be deleted.
While at the time of debonding, the value of raw material cleared had to be valued at the time of importation, and the rate of duty was the effective rate of duty leviable on the imported goods at the time of debonding.
ITAT Mumbai held that disallowance of interest expenditure attributable to interest-free advances not justified since sufficient interest free funds available and also there existed commercial expediency in giving interest free advances. Accordingly, appeal of revenue dismissed.
ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates as per section 115BBE of the Income Tax Act. Accordingly, appeal of revenue dismissed.
