Month: May 2023
Drawings and returned income speak volumes about richness of family – ITAT deleted addition for jewellery found during search. ABCAUS Case Law Citation:ABCAUS 3737 (2023) (05) ITAT Important Case Laws relied upon:Ashok Chaddha vs. ITO 14 taxman.com 57 In the instant case, the assessee had challenged the order …
Turnover threshold reduced to Rs. 5 crores for requirement of generating GST E-invoice w.e.f. 1st August 2023 GOVERNMENT OF INDIAMINISTRY OF FINANCE(DEPARTMENT OF REVENUE)CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS Notification No. 10/2023 –Central Tax New Delhi, the10th May, 2023 G.S.R…..(E).-In exercise of the powers conferred …
No company name removal/Strike of without filing overdue financial statements or annual returns MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 10th May, 2023 G.S.R.354(E).—In exercise of the powers conferred by sub-sections (1), (2) and (4) of section 248 read with section 469 of the Companies Act, 2013 …
Adjustment denying exemption u/s 10(23C)(iiiad) deleted as there was no column / provision in ITR for showing computation of exemption u/s 10(23C)(iiiad) ABCAUS Case Law Citation:ABCAUS 3736 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the adjustment …
Last date for the exercise of the option by GTA to pay GST under forward charge has been extended from 15th March 2023 to 31st May 2023 Government of IndiaMinistry of Finance(Department of Revenue) Notification No. 05/2023-Central Tax (Rate) New Delhi, the 9th May, 2023 G.S.R……(E).-In …
Mere affidavits of typographical error by typist & CA in Audit Report not enough when assessee was found to maintain duplicate accounts – Supreme Court ABCAUS Case Law Citation:ABCAUS 3735 (2023) (05) SC Important Case Laws relied upon:CST vs. Esufali (HM) Abdulali (HM) (1973) 90 ITR 271 (SC)Nalinakshi …
More designated activities and exclusions notified under PMLA for being regarded reporting entities. The Ministry of Finance has notifies the following activities when carried out in the course of business on behalf of or for another person, as the case may be, as an designated activity under section …
Revision of monetary limit for adjudication under FEMA,1999 Ministry of Finance has revised the monetary limits for adjudication under FEMA,1999. As per the new limits, the Ministry has designated officers of the Directorate of Enforcement as the Adjudicating Authorities for holding an inquiry after giving a reasonable opportunity …
Credit for TDS inadvertently not claimed in return of income allowed by ITAT holding that assessee should not be deprived of the benefit of the TDS credit which was inadvertently not claimed in the return of income ABCAUS Case Law Citation:ABCAUS 3734 (2023) (05) ITAT Important Case Laws …
Penalty u/s 271D initiated when assessee was alive but order invalid if passed in the name of assessee after his death ABCAUS Case Law Citation:ABCAUS 3733 (2023) (05) ITAT Important Case Laws relied upon:ITO v. Bhupendra Bhikhalal Desai 131 taxmann.com 40 (SC)ITO vs. Durlabhbhai Kanubhai Rajpara 114 taxmann.com …
