Income Tax : Understand Section 43 of the IBC, covering preferential transactions, antecedent debt, look-back periods for related and unrelated...
Income Tax : Learn about taxation on derivatives and F&O transactions, their treatment as business income, audit requirements, and presumptive ...
Income Tax : Explore conflicting rulings on whether bonafide mistakes in disclosing foreign assets under the Black Money Act can avoid penaltie...
Income Tax : F&O traders need to know how their profits are taxed. With the ITR return filing date approaching, it is imperative to know how st...
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 : ITAT held that goodwill arising on amalgamation qualifies as a depreciable intangible asset. It also deleted the TP adjustment on ...
Income Tax : ITAT upheld taxation of IPS and CEV subsidies following the Section 2(24) amendment, while partly allowing the appeal on other iss...
Income Tax : The Tribunal held that Rule 11UA gives the assessee the exclusive option to choose the valuation method for unquoted shares. While...
Income Tax : The ITAT Kolkata held that electricity supplied by captive power plants should be benchmarked using the tariff charged by State El...
Income Tax : ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequentl...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : Notification No. 15/2014-Income Tax entral Government hereby notifies the Ace Derivatives and Commodity Exchange Limited, Ahmedaba...
ITAT Mumbai held that disallowance made under section 14A of the Income Tax Act added to Book Profits for computing taxes under section 115JB Income Tax Act deserved to be deleted.
The case involved a penalty for alleged non-disclosure of a foreign bank account. The Tribunal held that ambiguity regarding linked currency accounts required fresh verification before sustaining the penalty.
The issue was whether the NCLT could declare ownership of a trademark during CIRP. The Supreme Court held that title disputes not arising directly from insolvency fall outside Section 60(5) jurisdiction.
Gujarat High Court held that amendment/ rectification of inadvertent error in GST returns [Form GSTR-1 and GSTR-3B] is permissible if no loss to revenue would be caused. Accordingly, petition is allowed and returns are permitted to be amended.
The issue was whether reassessment notices could be issued by a jurisdictional officer after the faceless reassessment scheme became mandatory. The Tribunal held that such notices are void, rendering the entire reassessment unsustainable.
Karnataka High Court held that rejects arbitral award since the HDFC Bank’s claim was barred by limitation. Also held that failure of the Arbitral Tribunal to reject the claim on the said ground, is foundational and vitiates the impugned award by patent illegality on the face of the record.
The issue was whether a hydro power subsidy should reduce the cost of assets. The Tribunal held the subsidy was for project encouragement, not asset cost. Depreciation withdrawal was therefore unsustainable.
Revenue counted limitation from the third-party search date, while the assessee argued it should start from document handover. ITAT Delhi agreed, holding the assessment outside the six-year period, thereby voiding it.
Bombay High Court held that registration of vehicle in the name of innocent purchaser cannot be cancelled solely on the basis that initial registration was obtained by making false representation on the basis of forged documents.
NCLAT Delhi held that once a transaction has been held to a fraudulent transaction there is no limitation to look back if the other ingredients of Section 66 (1) of the Insolvency and Bankruptcy Code are satisfied. Accordingly, appeal of appellants is dismissed.
