section 43

Payment to MSMEs in 45/15 Days: Section 43B(h) Explained

Goods and Services Tax - Explore the impact of Finance Act, 2023, on MSME payment enforcement under section 43B(h) of the Income Tax Act, 1961. Understand MSMED Act provisions, payment periods, interest rates, and the intersection with income tax regulations....

Analysing Bail Jurisprudence under PMLA: Unravelling Problematic Twin Conditions

Goods and Services Tax - Explore complexities of PMLA bail conditions, their impact on accused, and constitutional concerns. A comprehensive analysis sheds light on legal developments....

Preference Share Capital And Preference Capital

Goods and Services Tax - Learn the distinction between preference share capital and preference capital with detailed explanations and examples, exploring their rights and interrelation....

Delayed employees PF remittance -Power to disallow u/s 143(1)- Effect of SC decision

Goods and Services Tax - Delayed employees PF remittance Supreme Court decision in Checkmate Services - Under s.143(1), power to disallow. Tribunal decisions divergent. ...

Discouragement of Cash Transactions under Various Laws in India

Goods and Services Tax - In order to curb cash transactions and to move into the digital world, Government of India has introduced Demonetization of old notes of Rs. 500 & Rs. 1000 from 8th November 2016 in order to control the parallel world of black market. Further, Government has also initiated various steps through various laws in India including [&hellip...

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No Interest on incorrectly availed ITC if assessee has sufficient credit in their account

Infac India Pvt. Ltd. Vs Deputy Commissioner (Madras High Court) - Madras High Court orders refund without interest charge when no revenue loss occurs, setting a precedent for GST and tax refund cases....

Old provisions of section 148 including TOLA cannot be applied to new regime: Calcutta HC

Arati Marketing Pvt. Ltd. Vs Union of India & - Calcutta High Court held that the provisions of old regime of Section 148 of the Income Tax Act (including TOLA) cannot be applied to new regime applicable from 01.04.2021. Accordingly, impugned notices quashed being barred by limitation....

Settlement in IBC Section 7 Proceedings Does Not Conclude Section 43 Actions: NCLT

Black Rock Financial Services Private Limited Vs Piramal Capital & Housing Finance Limited (NCLT Mumbai) - NCLT Mumbai clarifies in Black Rock Financial Services vs Piramal Capital case: Settlement or dropping Sec. 66 doesn't end proceedings under Sec. 43 automatically....

ITAT Bangalore Directs Re-adjudication on Goodwill Depreciation in Slump Sale

I&B Seeds Private Limited Vs ACIT ( ITAT Bangalore) - Explore the ITAT Bangalore order in the case of I&B Seeds Pvt Ltd vs ACIT, directing re-adjudication on the claimed depreciation for goodwill arising from a slump sale....

Resolution Plan Approved: Compliant with IBC Section 30(2) and Regulations 37, 38, 38(1A), 39(4), No Violation of Sec 29A

Kedar Parshuram Mulye Vs Navdurga Advisory Private Limited (NCLT Mumbai) - Resolution Plan meet the requirements of Section 30(2) of the Code and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations. The Resolution Plan was not in contravention of any of the provisions of Section 29A of the Code and was in accordance with law. The same need to be approved....

CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

Notification No. 08/2020-Income-Tax [G.S.R. 56(E)] - (29/01/2020) - Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ̵...

CBDT notifies Ace Derivatives and Commodity Exchange Ltd.’ for trading of commodity derivative U/s. 43(5)

Notification No. 15/2014-Income Tax - (20/03/2014) - Notification No. 15/2014-Income Tax entral Government hereby notifies the Ace Derivatives and Commodity Exchange Limited, Ahmedabad as a recognised association for the purposes of clause (e) of the proviso to clause (5) of the section 43(5), with effect from the date of publication of this notificat...

Recent Posts in "section 43"

No Interest on incorrectly availed ITC if assessee has sufficient credit in their account

Infac India Pvt. Ltd. Vs Deputy Commissioner (Madras High Court)

Madras High Court orders refund without interest charge when no revenue loss occurs, setting a precedent for GST and tax refund cases....

Old provisions of section 148 including TOLA cannot be applied to new regime: Calcutta HC

Arati Marketing Pvt. Ltd. Vs Union of India &

Calcutta High Court held that the provisions of old regime of Section 148 of the Income Tax Act (including TOLA) cannot be applied to new regime applicable from 01.04.2021. Accordingly, impugned notices quashed being barred by limitation....

Settlement in IBC Section 7 Proceedings Does Not Conclude Section 43 Actions: NCLT

Black Rock Financial Services Private Limited Vs Piramal Capital & Housing Finance Limited (NCLT Mumbai)

NCLT Mumbai clarifies in Black Rock Financial Services vs Piramal Capital case: Settlement or dropping Sec. 66 doesn't end proceedings under Sec. 43 automatically....

Posted Under: Corporate Law | |

Payment to MSMEs in 45/15 Days: Section 43B(h) Explained

Explore the impact of Finance Act, 2023, on MSME payment enforcement under section 43B(h) of the Income Tax Act, 1961. Understand MSMED Act provisions, payment periods, interest rates, and the intersection with income tax regulations....

Posted Under: Corporate Law |

ITAT Bangalore Directs Re-adjudication on Goodwill Depreciation in Slump Sale

I&B Seeds Private Limited Vs ACIT ( ITAT Bangalore)

Explore the ITAT Bangalore order in the case of I&B Seeds Pvt Ltd vs ACIT, directing re-adjudication on the claimed depreciation for goodwill arising from a slump sale....

Resolution Plan Approved: Compliant with IBC Section 30(2) and Regulations 37, 38, 38(1A), 39(4), No Violation of Sec 29A

Kedar Parshuram Mulye Vs Navdurga Advisory Private Limited (NCLT Mumbai)

Resolution Plan meet the requirements of Section 30(2) of the Code and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations. The Resolution Plan was not in contravention of any of the provisions of Section 29A of the Code and was in accordance with law. The same need to be approved....

Posted Under: Corporate Law | |

Analysing Bail Jurisprudence under PMLA: Unravelling Problematic Twin Conditions

Explore complexities of PMLA bail conditions, their impact on accused, and constitutional concerns. A comprehensive analysis sheds light on legal developments....

Posted Under: Corporate Law |

Appellate authority cannot enhance assessment without issuing a notice

Dakshin Gujarat Vij. Co. Ltd. Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that an appellate authority can exercise the power u/s. 251(1)(a) to enhance the assessment only after giving a notice for enhancement. Accordingly, enhancement by CIT(A) without issuance of notice is untenable in law....

IRP not a Public Servant: HC quashed CBI FIR u/s 7 of Prevention of Corruption Act

Arun Mohan Vs Central Bureau Of Investigation (Delhi High Court)

Assessee was approached by Financial Creditor of FR Tech Innovations Private Limited (CD) for proposing the name of assessee as IRP in the company petition to be filed by the Financial Creditor under Section 7 of IBC, 2016 in the NCLT, Mumbai Bench by the FR Tech Innovations Private Limited....

Amount directed to be deposited with Corporate Debtor as transaction hit by Section 43 of IBC during CIRP

State Bank of India Vs Sidharth Bharatbhushan Jain (NCLT Ahmedabad)

NCLT Ahmedabad held that before commencement of insolvency, the assets of the corporate debtor are stripped many a times by the management. The suspended management conceals the data from RP during CIRP process. Amount directed to be deposited with Corporate Debtor as the transaction is hit by provisions of section 43 of the Insolvency an...

Posted Under: Corporate Law | |

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