Income Tax : PGBP governs the computation of business and professional income. It defines chargeable income (Sec. 28, 41) including statutory a...
Goods and Services Tax : Learn about the scope of GST on commission income. Understand the invoice test, registration thresholds, and key rulings that clar...
Income Tax : Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in...
Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
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...
Income Tax : Consistency over technicalities: ITAT Mumbai allowed actuarial pension provision as an ascertained liability, rejected mechanical ...
Service Tax : Extended period of limitation could not be invoked in the absence of fraud, suppression or wilful misstatement with intent to evad...
Custom Duty : The case addressed whether a custodian could be held liable for duty when container contents differed from declared goods. The Tri...
Income Tax : ITAT Bangalore held that interest on bank deposits from operational funds of a co-operative credit society is eligible for deducti...
Income Tax : The Tribunal held that omission of taxable foreign exchange gain in the return attracts penalty. It noted that disclosure during a...
ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed.
Punjab and Haryana High Court held that ITAT rightly deleted addition towards contribution to unrecognized provident fund as assessee has duly discharged its onus. Accordingly, petition disposed of.
Madras High Court held that provision for leave salary is not allowable as deduction under section 43B(f) of the Income Tax Act since deduction of actual payment is allowable and not of provision. Accordingly, question of law answered in favour of revenue.
ITAT Jaipur held that taxability of surrendered undisclosed income under section 115BBE of the Income Tax Act requires verification on the part of the AO. Accordingly, matter restored back to the file of AO.
As goods were cleared on the bill of entry of the appellant, hence it was made a party by the department. Differential custom duty was demanded jointly and severally from BGH and appellant.
Telangana High Court held that sole financial creditor cannot entertain request of One Time Settlement once corporate debtor enters in Corporate Insolvency Resolution Process (CIRP). Accordingly, petition dismissed.
CESTAT Chennai held that duty demand due to non-fulfilment of export obligation justified as department empower to recover escaped duty when post importation conditions are not fulfilled. Accordingly, appeal dismissed.
ITAT Delhi held that the interest on compensation or on enhanced compensation cannot be considered as compensation and shall be chargeable to tax under the head income from other sources. Accordingly, appeal dismissed.
The alleged misdeclaration in the year of manufacture of the machinery to be imported by the appellant to the Directorate General of Foreign Trade ( DGFT ) did not fall within the purview of Section 114AA of the Customs Act, 1962.
Hire charges of a vessel did not constitute ‘Royalty’ as it was in the nature of business income and as there was no Permanent Establishment therefore, no taxability arose on account of business income.
