• Income Tax

Discontinuance of business of firm will not vest ownership of firm’s property with partners

11 months ago

Discontinuance of business of partnership firm will not result in vesting ownership of firm's property with individual partners for capital…

  • Income Tax

Release of seized jewellery/gold u/s 132B within 120 days is directory not mandatory

11 months ago

Stipulation of 120 days for release of seized jewellery/gold u/s 132B is directory not mandatory – Delhi High Court In…

  • ICAI

ICAI issues FAQs on key accounting implications arising from New Labour Codes

11 months ago

FAQs on key accounting implications arising from the New Labour Codes Recently, Government consolidated existing labour laws into four new…

  • Income Tax

Deduction u/s 80-IA(7) not allowed for delayed filing of audit report in Form 10CCB

11 months ago

Filing audit report in Form 10CCB within due date is mandatory. The assessee cannot claim deduction u/s 80-IA(7) he ground…

  • Income Tax

Is CSR expenditure is allowable under section 80G of Income Tax Act – ITAT says “Yes”

11 months ago

CSR expenditure of companies is allowable under section 80G unless fall under the two exceptions specified. In a recent judgment,…

  • Income Tax

Territorial jurisdiction of ITAT is determined on the basis of situs of Assessing Officer

11 months ago

Jurisdiction of ITAT is determined not by the place of business or residence of assessee but by the location of…

  • Income Tax

Notice u/s 148 set-aside as assessee’s e-mail was inactive and notices went un-noticed

11 months ago

Notice u/s 148 set-aside and remitted back since the assessee’s e-mail was inactive leading to all notices go un-noticed In…

  • Income Tax

AO after dropping an issue for lack of evidence may re-open it on gathering information

11 months ago

AO after dropping an issue in assessment u/s 143(3) for lack of evidence is competent to re-open such issue upon…

  • Income Tax

Jewellery converted into solid gold not unexplained or in excess of permissible limit

11 months ago

Merely because jewellery is converted into solid gold / gold biscuits, it cannot be presumed to be unexplained or in…

  • Income Tax

A luxury litigant assessee cannot be given a second innings to make good its case – ITAT

11 months ago

Assessee cannot be given a second innings to make good its case - ITAT declines to remand the case second…