Merely increasing agriculture expenditure & reducing agriculture income will not result in income from other sources – ITAT In a recent judgment, ITAT Bengaluru has held that increasing or decreasing of any agriculture expenditure is irrelevant if income of the assessee is solely agriculture in nature & merely …

Not generating e-Tax Invoice before movement of goods was human error in absence of finding of mens rea – High Court In a recent judgment, the Hon’ble Allahabad High Court has held that the error committed by the assessee for  not generating E Tax Invoice before movement of …

Companies (Incorporation) Amendment Rules 2024 Government of IndiaMinistry of Corporate Affairs Notification New Delhi the 16th July, 2024 GSR…(E )- In exercise of powers conferred by sub sections (1) and (2) of section 469 of the Companies Act 2013 (18 of 2013), the Central Government hereby makes the …

Period of 45 days for reporting MSME over dues to be calculated from the date of of acceptance or deemed acceptance of goods or services – MCA MINISTRY OF CORPORATE AFFAIRSNOTIFICATION New Delhi, the 15th July, 2024 S.O. 2751(E).—In exercise of the powers conferred by section 405 of …

Expenses for making house habitable are not renovation expenses and hence qualified for exemption u/s 54 In a recent order, the ITAT Delhi has held that when house was purchased in inhabitable condition and expenditure was necessary for the proper electrification, water facilities, wood work, glass work, etc.. …

Claiming depreciation on revalued cost of assets after conversion of partnership firm into company Supreme Court dismissed Special Leave Petition of Income Tax Department   In a recent order, the Hon’ble Supreme Court has dismissed the Special Leave Petition (SLP) of the Income Tax Department  challenging claim of …