Goods and Services Tax : Explore the contested issue of time-barred GST appeals. While some courts deny interference, a recent Calcutta High Court ruling c...
Income Tax : The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an a...
Income Tax : Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as p...
Income Tax : Provisions of section 35 of the Income Tax Act, 1961 covers deduction allowable towards expenditure on scientific research. The pr...
Income Tax : The Finance Act 2020 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Se...
Corporate Law : Explore the proposed amendments to Regulations 35, 37, and 50 of the Competition Commission of India (General) Regulations 2009. L...
Income Tax : Deferrement of Procedure for Approval/ Registration/Notifications of certain entities U/s 10(23C), 12AA, 35 & 80G of Incom...
Income Tax : A plain reading of Section 35(2AB) of the Act may suggest that the weighted deduction is not with respect to expenditure on scient...
Income Tax : Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provis...
Income Tax : ITAT Ahmedabad held that donation to, Shri Arvindo Institute of applied scientific research, which is not recognised research inst...
Corporate Law : NCLT Mumbai held that the private sale has to be conducted by the liquidator in a manner so as to maximize the realizations from t...
Corporate Law : NCLT Mumbai held that the Advance received by the Corporate Debtor against future supply of goods is an Operational Debt. Petition...
Income Tax : ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actua...
Goods and Services Tax : Karnataka High Court held that during re-assessment proceedings, claim for Input Tax Credit can be rectified under section 39 of t...
Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Corporate Law : Discover the implications as the provisions of sections 20, 35, and 40 of the Competition (Amendment) Act, 2023 take effect from M...
Income Tax : CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be def...
Fema / RBI : UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated - December 3, 2009 The Government had in exercise of powers conferred by Section 3...
ITAT Ahmedabad held that donation to, Shri Arvindo Institute of applied scientific research, which is not recognised research institute is not eligible for deduction under section 35(1)(ii) of the Income Tax Act. Accordingly, deduction disallowed and appeal dismissed.
NCLT Mumbai held that the private sale has to be conducted by the liquidator in a manner so as to maximize the realizations from the sale of assets. Since strategy to maximize realisation from sale of assets absent.
NCLT Mumbai held that the Advance received by the Corporate Debtor against future supply of goods is an Operational Debt. Petition u/s. 9 of Insolvency and Bankruptcy Code admitted since Corporate Debtor failed to pay operational debt.
ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actual purchase price declared by the assessee falls within the tolerance limit of 10%. Accordingly, appeal allowed.
Karnataka High Court held that during re-assessment proceedings, claim for Input Tax Credit can be rectified under section 39 of the Karnataka Value Added Tax Act, 2003, even when the same is disadvantageous to the State Exchequer.
ITAT Pune held that entire amount of R&D expense in India is eligible for weighted deduction u/s. 35(2AB) and R&D capital expense outside India is eligible for deduction u/s. 35(1)(iv) of the Income Tax Act.
Chhattisgarh High Court dismissed Nandan Steels’ appeal against GST credit denial, ruling that delay beyond the prescribed limit cannot be condoned.
AO in the final order passed on 19.01.2017 however, made disallowance of weighted deduction u/s 35(2AB) to the extent of 3,38,82,341/-. Aggrieved with such order of the Assessing Officer / TPO / DRP, the assessee is in appeal before the Tribunal.
Assessee being a subsidiary of M/s. Rajasthan State Mines and Minerals Ltd. (RSMML) (a Government of Rajasthan Undertaking). It engaged in business of carrying out lignite mining activities at Kapurdi Mines from October, 2011.
NCLAT Delhi held that Liquidator is jurisdictionally empowered to proceed with private sale of Corporate Debtor by adopting Swiss Challenge Mechanism. Thus, adjudicating authority didn’t commit any error in allowing application filed by Liquidator.
