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...
ITAT Mumbai held that the waiver of differed sales tax liability is a benefit accrued to the assessee arising out of its business hence the sum waived is taxable under section 28(iv) of the Income Tax Act. Accordingly, appeal of assessee dismissed.
AO however, held that STCG on the sale of rights entitlement was to be taxed as “sale of shares” under Article 13(5) of the India-Ireland DTAA, making an addition towards STCG as taxable in India.
ITAT Kolkata held that compensation received for failure of performance guarantee parameter of capital assets [Wind Turbine Generators] is in nature of capital receipt and hence outside the purview of taxation. Accordingly, appeal of assessee allowed.
Delhi High Court held that Larger Bench of Delhi High Court will decide the whether provisions of section 149(1)(c) of the Income Tax Act inserted by virtue of the Finance Act, 2012 will be applicable retrospectively in concluded assessment.
A resident must show his foreign assets in FA Schedule. Non-disclosure of which can lead to penalty u/s 43 of BMA. As assessee didnot disclosed foreign assets in FA schedule so AO issued show cause notice on 26.09.2023.
NCLAT Delhi held that statutory provisions of section 43 of the Insolvency and Bankruptcy Code [IBC] empowers resolution professional to file application for avoidance of preferential transactions. Hence, application filed by homebuyers rightly not entertained.
Supreme Court held that resolution plan by Successful Resolution Application i.e. Piramal Capital and Housing Limited for Dewan Housing Finance Corporation Ltd [DHFL] stands approved. Accordingly, appeal filed by assessee dismissed.
Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee was thus justified in accounting for the same. Thus, that question is answered in favour of assessee.
ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the same is revenue expenditure. Accordingly, PCIT classifying them to be capital expenditure is not sustainable.
The assessee is a limited company engaged in the business of Unit manufacturing homogenized and pasteurized milk and manufacturing of milk products like Ghee Butter, milk powder and other milk products.
