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

Income Tax : Explore the impact of Finance Act, 2023, on MSME payment enforcement under section 43B(h) of the Income Tax Act, 1961. Understand ...

February 5, 2024 164181 Views 7 comments Print

Analysing Bail Jurisprudence under PMLA: Unravelling Problematic Twin Conditions

Corporate Law : Explore complexities of PMLA bail conditions, their impact on accused, and constitutional concerns. A comprehensive analysis sheds...

January 6, 2024 1014 Views 0 comment Print

Preference Share Capital And Preference Capital

Company Law : Learn the distinction between preference share capital and preference capital with detailed explanations and examples, exploring t...

March 9, 2023 2640 Views 0 comment Print

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

Income Tax : Delayed employees PF remittance Supreme Court decision in Checkmate Services - Under s.143(1), power to disallow. Tribunal decisio...

December 21, 2022 3774 Views 1 comment Print

Discouragement of Cash Transactions under Various Laws in India

Income Tax : Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. ...

October 8, 2022 5523 Views 0 comment Print


Latest Judiciary


TP adjustment towards brand development services deleted as no contract exists between the parties: ITAT Chennai

Income Tax : ITAT Chennai held that transfer pricing adjustment towards brand development services unjustified in absence of contract amongst t...

March 20, 2024 114 Views 0 comment Print

Deemed dividend u/s 2(22)(e) assessable in hands of beneficial shareholder having substantial interest: ITAT Kolkata

Income Tax : Apeejay Surrendra Management Services Pvt Ltd Vs DCIT (ITAT Kolkata) ITAT Kolkata held that deemed dividend under section 2(22)(e)...

March 19, 2024 192 Views 0 comment Print

Delhi HC Quashes Look Out Circular Against Guarantor (Hulas Rahul Gupta Case)

Corporate Law : Delhi High Court, in Hulas Rahul Gupta vs. Union Bank of India, quashed a Look Out Circular (LOC) issued against a loan guarantor....

March 3, 2024 219 Views 0 comment Print

NCLAT Rules NCLT Can Decide Trademark Issues in IBC Cases

Corporate Law : Gloster Cables claims ownership of the GLOSTER trademark in a dispute with Fort Gloster during insolvency proceedings. Learn about...

March 3, 2024 228 Views 0 comment Print

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

Goods and Services Tax : Madras High Court orders refund without interest charge when no revenue loss occurs, setting a precedent for GST and tax refund ca...

February 22, 2024 1887 Views 0 comment Print


Latest Notifications


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

Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...

January 29, 2020 12645 Views 0 comment Print

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

Income Tax : Notification No. 15/2014-Income Tax entral Government hereby notifies the Ace Derivatives and Commodity Exchange Limited, Ahmedaba...

March 20, 2014 787 Views 0 comment Print


Omission of claiming long term capital loss in original return not bona fide so claim via revised return allowable

July 8, 2023 1008 Views 0 comment Print

ITAT Pune held that omission of claiming long term capital loss at the time of filing of original return was not bona fide. Accordingly, rejection of claim of the same in revised return unsustainable in the eyes of law.

Arbitrage/jobbing transaction is excluded from purview of speculative transaction u/s 43(5)

July 5, 2023 678 Views 0 comment Print

ITAT Chennai held that provisions of section 73 doesnot apply in view of specific exclusions of the arbitrage/jobbing transactions from the purview of speculative transaction u/s 43(5) of the Income Tax Act.

Modifications/alterations after approval of resolution plan of CoC and before approval by Adjudicating Authority not justified

July 1, 2023 1728 Views 0 comment Print

NCLAT Chennai held that subsequent to the approval of the Resolution Plan of the CoC and before the approval by the Adjudicating Authority, no modifications / alterations can be called for as IBC is a time bound process.

Tax Residency Certificate is only evidence required to be eligible for benefit under DTAA

June 21, 2023 1890 Views 0 comment Print

ITAT Delhi held that Tax Residency Certificate (TRC) is statutorily the only evidence required to be eligible for the benefit under the DTAA. Accordingly, benefit of India-Mauritius DTAA duly available.

Section 44BB has no application in absence of Permanent Establishment

June 13, 2023 777 Views 0 comment Print

ITAT Delhi held that in absence of a Permanent Establishment, provisions of section 44BB of the Income Tax Act has no application.

Addition towards disallowance u/s 14A to book profit computed u/s 115JB is unsustainable

June 6, 2023 138 Views 0 comment Print

ITAT Chennai held that additions made towards disallowance u/s. 14A r.w.r. 8D of the I.T. Rules, 1962 to book profit computed u/s. 115JB(2) of the Income Tax Act is unsustainable.

Depreciation u/s 32 allowable only when asset is put to use for business purpose

June 5, 2023 5469 Views 0 comment Print

ITAT Bangalore held that depreciation under section 32 of the Income Tax Act is allowable only when the asset is put to use for the business purpose. Notably, the onus is on the assessee to prove that the assets are put to use for the business purposes only.

Order passed without adequate reasoning is a non-speaking order

May 15, 2023 1416 Views 0 comment Print

ITAT Hyderabad held that order passed without giving reasons for the conclusions arrived at is a non-speaking order and the same is liable to be set aside.

Loss on foreign exchange fluctuation while repaying loan taken to import machinery is capital expenditure

May 3, 2023 1233 Views 0 comment Print

ITAT Hyderabad held that loss on foreign exchange fluctuation in respect of loan taken to import machinery is to be added to the cost of the asset and not allowed as revenue expenditure.

Evergreening or layering of patent protect is impermissible under Indian Patent Law

April 18, 2023 1374 Views 0 comment Print

Delhi High Court held that filing of multiple patent claims in respect of the same invention amounts to evergreening or layering of patent protection, which is impermissible under the Indian Patent Law.