Viksit Bharat Guarantee for Rozgar & Ajeevika Mission (Gramin), In short VB-GRAM-G notified Government has notified Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin), In short VB-GRAM-G The VB-GRAM-G which replaces popular Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) 2005. It is notable that the said …

Once PCIT restores assessment to AO for denovo consideration, AO is obliged to independently apply mind without influenced by the remarks of PCIT – ITAT In a recent judgment, ITAT Jabalpur has observed that once PCIT restores matter back to the file of the AO for denovo consideration, …

When value of items traded differs it cannot be taken as basis for computing the stock position specially when quantitative details available – ITAT  In a recent judgment, ITAT Delhi deleted GP rate addition holding that the value of each item traded may differ and cannot be taken …

Revision of the area of jurisdiction of the Debts Recovery Appellate Tribunals (DRATs) Kolkata In exercise of the powers conferred by section 3 of the Recovery of Debts and Bankruptcy Act 1993, the Central Government has amended the area of jurisdiction of the Debts Recovery Appellate Tribunals The …

Payment made by the assessee as non-compete fee was an allowable revenue expenditure under Section 37(1) of the Act –Supreme Court In a recent judgment, Hon’ble Supreme Court has held that non-compete fee payment made to essentially keep a potential competitor out of the same business cannot be …

Assessee is entitled to claim deduction of interest on borrowed funds invested in sister concern for acquiring controlling interest – Supreme Court In a recent judgment, Hon’ble Supreme Court allowed deduction of interest on borrowed funds u/s 36(1)(iii) of the Act which was utilized for investment in a …