Tax Guru3h
Non-fulfillment of debt owed to CD is default on part of personal guarantor: NCLAT
Finding made by tribunal is not the sole criteria for the RP to arrive at the conclusion that the Appellant was in default ...
Tax Guru4h
Importance of Budget Preparation for Financial Discipline
1. Family Budget: Focused on managing household income and expenses, ensuring financial stability for the family. 2. Business ...
Tax Guru22m
Customs Cannot Demand Duty After EODC unless DGFT challenges EODC
The present appeal has been filed by M/s. Skipper Ltd., 3A, Loudon Street,1 st Floor, Kolkata – 700 017 (West Bengal) (hereinafter referred to as the “Appellant”) against the Order-in-Original No. KOL ...
Tax Guru50m
No Section 69A addition on suspicion: ITAT Mumbai deletes ₹3.05 Cr addition
CIT (ITAT Mumbai), the Income Tax Appellate Tribunal (ITAT) deliberated on the addition of Rs. 3.05 crores made under Section 69A of the Income Tax Act for the Assessment Year 2017-18. The assessee, a ...
Tax Guru43m
UPS vs NPS vs OPS: Comprehensive Guide to Pension Schemes
In the history of pension schemes, UPS is the latest addition. UPS is a pension scheme, however, here an employee has to contribute 10% of their basic pay and the DA (dearness allowance). The ...
Tax Guru1h
Co-op societies can claim Section 80P(2)(d) deduction on interest on investments in co-op banks
ITO Vs Shivsahyadri Sahakari Pathpedhi (ITAT Mumbai), the issue revolves around the claim for deductions under Section 80P of the Income Tax Act, 1961, for investments made by a credit co-operative ...
Tax Guru1h
Repeated placing of matter in call book not valid justification for non-adjudication of notice for 15 years
Delhi High Court held that repeated placing of the matter in the call book is not a valid justification for non-adjudication of show cause notice for about 15 years. Accordingly, order passed is ...
Tax Guru1h
ITAT deletes ₹48.48 Lakh Penny Stock Investment Addition for lack of evidence
Conclusion: The ITAT’s decision to delete the addition of Rs. 48.48 lakh in the case of Mohamedistiyak Mohamediqbal Patel reinforces the need for thorough investigation and substantiation before ...
Tax Guru1h
Regulation 16A(3A) of CIRP regulations to be followed for replacement of authorised representative
NCLAT Delhi held that regulation 16A (3A) of the CIRP Regulations has to be followed for replacement of Authorised Representatives. Adjudicating Authority duly relied on regulation 16A (3A) and ...
Tax Guru2h
ITAT Remits Fake Invoice addition Case to AO for consideration of New Evidence
The ITAT Mumbai heard the appeal of Rahul Kumar Singh against the order passed by the Commissioner of Income Tax (Appeals) for the Assessment Year 2018-19. The case stemmed from allegations that the ...
Tax Guru2h
No revision u/s 263 as PCIT couldn’t substitute his views if AO’s view on the issue was a plausible view
4. The aforesaid action of the AO dated 29.03.2022 passed u/s.147/143 (3) of the Act has been interfered by the Ld.PCIT u/s.263 of the Act holding it to be erroneous as well as prejudicial to the ...
Tax Guru2h
Delhi HC Orders Custom dept to Release Bank Guarantee with Interest
This case marked the second round of litigation after a prior judgment in December 2023, which had directed Customs to release the bank guarantee with interest due to delays in finalizing the ...