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 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.
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.
