Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
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...
Income Tax : Understand the impact of Section 43B(h) on businesses: Learn about deductions for MSME payments and the importance of timely payme...
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 : The writ petitioner impugns the order dated 27 March 2018 in terms of which the respondent has come to reject applications filed b...
Custom Duty : CESTAT Delhi held that duty has to be paid when goods imported into an SEZ are not used for the authorised operations but are sold...
Custom Duty : Disha Realcon and SM Niryat had exported iron ore fines whose Fe content was below 58% under some Shipping Bills and iron ore fine...
Income Tax : ITAT Ahmedabad held that where Commissioner (Appeals) passed ex-parte order in violation of principles of natural justice, one mor...
Custom Duty : CESTAT Kolkata held that owner of the car is liable to pay customs duty on redemption of the confiscated vehicle/ car even if the ...
Supreme Court held that officers of DRI are entrusted with the functions of proper officer and thus has jurisdiction to issue show cause notices for recovery of duty under section 28 of the Customs Act, 1962.
The First Appellate authority further directed the assessing authority to reopen the assessment proceedings for the A.Y. 2010-11 and from 2012-13 onwards to disallow the set off of the claim of unabsorbed depreciation computed from 1998-99 onwards.
Madras High Court held that the entertaining an application for cross-examination of the witnesses, without any reply on merits by a notice in a show cause proceeding, is to be eschewed and should not to be allowed.
Bombay High Court held that there is no employer-employee relationship prior to the year 2018 hence industrial court doesn’t have jurisdiction to entertain complaint of unfair labour practice. Thus, writ allowed.
Disallowance on dividend income claimed by ICICI Prudential Life Insurance was deleted as Section 44, being a non-obstante clause, overrides the provisions of Section 14A of the Income Tax Act, 1961, in computing income for life insurance companies.
The securities were treated as stock-in-trade in the hands of assessee. The amount received by assessee on the sale of the securities was considered for computing its business income.
ITAT Delhi held that the assessee is not required to prove that a particular debt had become bad debt in order to claim deduction on account of bad debt written off pursuant to the amendment made u/s 36(1)(vii) of the Income Tax Act after 01.04.1989.
Delhi High Court held that department cannot possibly seek to justify the retention of refund claim on account of its having been deposited voluntarily or being barred by limitation. Accordingly, refund claim allowed.
Held that reserve arising out of amalgamation is capital in nature and cannot be treated as revenue under the ambit of section 28(iv) of the Act. CIT (A) is correct in holding that capital reserve cannot be treated as an Income u/s 28(iv) of the Act.
Interest income from bank deposits is eligible for deduction under Section 80P(2)(a)(i) as the funds in the voluntary reserves which were utilized for investment by the co-operative banks were the funds generated from the banking business.
