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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 : Explore the implications of the recent Income Tax amendment to Section 43B affecting MSMEs. Understand how timely payments are cru...
Income Tax : Explore key income tax compliance requirements for charitable and educational institutions under the Income Tax Act for the assess...
Income Tax : Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights...
Income Tax : The ITAT Bangalore ruled that income tax additions can't be based solely on unsubstantiated loose slips, emphasizing the need for ...
Income Tax : ITAT held that time limit for filing rectification applications starts only when assessee is aware of order passed, not from date ...
Income Tax : Analysis of Om Prakash Vs PCIT (ITAT Delhi) case reveals PCIT's jurisdiction limitations on tax issues under Land Acquisition Act ...
Income Tax : Explore the detailed analysis of Jai Parkash Vs PCIT (ITAT Delhi) case where the assessment jurisdiction dispute regarding interes...
Goods and Services Tax : Allahabad High Court held that penalty under Section 54(1)(2) of the U.P. VAT Act, 2008 cannot be imposed in cases, wherein, the a...
CESTAT Chennai held that once the licencing authority has found that the licencing conditions have been fulfilled, it would not be open to the customs authorities too contend that the imports under the licence are contrary to law.
ITAT Mumbai held that addition towards unexplained and undisclosed income sustained as assessee itself claim payment of cash in the civil suit and failed to explain the source of the cash payment.
Delhi High Court held that in terms of section 28(9) of the Customs Act the show cause notice needs to be adjudicated within a period of six months or within one year. Adjudication of notice after expiry of the said period is time-barred.
In present facts of the case, the Hon’ble Supreme Court dismissed the appeal and upheld the Judgment of High Court, wherein adequate compensation was provided on Land Acquisition while considering the relevant factors such as determining the deduction for development charges, the nature of land, area under acquisition, whether the land is developed or not, if developed to what extent, and the purpose of acquisition.
CESTAT Delhi held that goods imported are snow goggles and not sunglasses. Accordingly, the goods i.e. snow goggles are classifiable under residual CTH 90049090 as others and cannot fall under CTH 90041000 as sun glasses.
ITAT Mumbai held that shares held as investment is taxable under capital gain. The same cannot be treated as business income on the ground that the assessee was participating in the business of JMMSSPL and had had transferred the controlling/business interest.
ITAT Indore held that excess stock was not kept separately and was part of business stock cannot be treated as deemed income u/s 69 or 69B of the Income Tax Act. Accordingly, provisions of section 115BBE of the Income Tax Act are not applicable on the surrendered income on account of excess stock found during the course of search.
In present facts of the case, demand of Custom duty was dropped as Bill of Entries were in the name of some different entities but the penalties were confirmed as the Appellant were actively involved in import of the goods and undervalued the same.
ITAT Mumbai held that deduction u/s 36(1)(viia) of the Income Tax Act towards Provision for bad and doubtful debts allowable irrespective of rural advance and non-rural advances.
ITAT Ahmedabad held that the amount of refund issued to the assessee will be first adjusted against the interest then, after that against the principal amount.
