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 : The ITAT Delhi ruled that reimbursement of software costs to foreign AEs on a cost-to-cost basis could not be treated as a profit-...
Income Tax : Tribunal directed allocation of common head-office expenses (and common income) to eligible industrial undertakings when computing...
Income Tax : ITAT Chennai held that disallowance in terms of section 14A of the Income Tax Act read with rule 8D restricted to the extent of in...
Income Tax : ITAT Mumbai held that disallowance made under section 14A of the Income Tax Act added to Book Profits for computing taxes under se...
Income Tax : The case involved a penalty for alleged non-disclosure of a foreign bank account. The Tribunal held that ambiguity regarding linke...
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...
Assessee has preferred the present appeal mainly assailing validity of final assessment order dated 30.06.2022 on the ground of limitation. It is contested that the Dispute Resolution Panel (DRP) issued directions u/s. 144C(5) of the Act on 23.03.2022, the Assessing Officer (AO) passed final assessment order on 23.06.2022.
ITAT Ahmedabad held that loss on foreign currency derivative transactions and loss on account of exchange rate difference are not speculative in nature and hence the same is allowable as business expense. Accordingly, order passed by Pr. CIT u/s. 263 directed to be quashed.
NCLT Kolkata taking recourse to section 65 of the Insolvency and Bankruptcy Code directs closure of CIRP since initiation of CIRP was done fraudulently with malicious intent to escape from government dues and for wrongful gain.
ITAT Chennai held that the assessee is entitled for its claim of additional depreciation qua amounts not claimed in the preceding year. Thus, claim of the additional depreciation made during the year is allowed.
NCLAT Delhi held that amount having not been received from the corporate debtor, there was no applicability of Section 14 of the IBC and moratorium was not applicable with regard to any payment by co-applicant. Thus, direction of adjudicating authority for reversal of amount is unsustainable.
NCLT Mumbai held that resolution plan of Lokshakti Sugar & Allied Industries Ltd. [Corporate Debtor] as submitted by Geetanjali Sugar Private Limited meeting requirements of section 30(2) of the IBC stands approved.
ITAT Hyderabad held that NHAI grant shall not be reduced from the cost of project before allowing amortization of cost of project. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld.
ITAT Nagpur held that co-operative society is eligible to claim deduction under section 80P of the Income Tax Act in respect of interest earned from credit facilities extended to nominal members. Accordingly, appeal of assessee allowed.
Delhi High Court held that custody under Narcotics Drug and Psychotropic Substances Act [NDPS] without any authority and without producing him before the concerned Magistrate or Special Court within 24 hours is completely illegal. Accordingly, present bail application allowed.
Understand Section 43 of the IBC, covering preferential transactions, antecedent debt, look-back periods for related and unrelated parties, and exclusions.
