CPC denial of the claim of section 115BAB holding that no manufacturing activity has begun: ITAT Hyderabad allowed it
CPC denial of the claim of section 115BAB holding that no manufacturing activity has begun: ITAT Hyderabad allowed it The key issue before ITAT Hyderabad in the case of GRANULES CZRO PVT LTD (ITA No 706/Hyd/2024) was as under: The Appellant Company was incorporated on 16th Jan 2023 as a manufacturing company entitled to lower… […]
10 Years of delay in filing appeal Condoned by Hyderabad ITAT
10 Years of delay in filing appeal Condoned by Hyderabad ITAT ITAT while condoning the delay in filing an appeal by 10 years, has held as under: “Therefore, in my considered view, going by the facts of the present case, as a special case, the delay in filing of appeal before the learned CIT(A)… […]
Issue of Notice by the Jurisdictional Assessing Officer (JAO) would be valid and compliant with the Faceless Scheme of Assessment: Delhi HC
Issue of Notice by the Jurisdictional Assessing Officer (JAO) would be valid and compliant with the Faceless Scheme of Assessment: Delhi HC Writ Petition was filed before the Hon’ble Delhi High Court (DHC) on the issue of whether a notice issued by the Jurisdictional Assessing Officer (JAO) would be valid and compliant with the… […]
Admission made under pressure does not equate to valid tax liabilities: Revenue authorities must provide substantial evidence to support their claims.
Admission made under pressure does not equate to valid tax liabilities: Revenue authorities must provide substantial evidence to support their claims. A search operation was conducted, leading to the issuance of notices under Section 153A of the Income Tax Act. The appellant initially surrendered ₹13 crores during the search but later filed returns with… […]
GST not debited to the Profit and Loss Account, no disallowance can be made under section 43B: ITAT Ahemdabad
GST not debited to the Profit and Loss Account, no disallowance can be made under section 43B: ITAT Ahemdabad ITAT Ahemdabad in the case of Munjal Auto Industries Ltd. vs. DCIT [I.T.A. No. 878/Ahd/2024]has held that since the assessee has not claimed deduction of unpaid GST in the Profit and Loss Account, no disallowance… […]
Not opening separate Bank Account for private placement of Fund: ROC imposed fine of Rs. 5 Lakh
Not opening separate Bank Account for private placement of Fund: ROC imposed fine of Rs. 5 Lakh The ROC, Chennai has imposed a penalty of ₹5 lakh on a company and its directors for not opening a “separate bank account” for private placement funds, as required under section 42(6) of the companies act, 2013…. […]
Incorrect Form No. 16 data provided by his employer resulting in years of unresolved tax demands: ITAT condoned 10 years of delay in filing appeal
Incorrect Form No. 16 data provided by his employer resulting in years of unresolved tax demands: ITAT condoned 10 years of delay in filing appeal In a recent ruling by the Income Tax Appellate Tribunal, Hyderabad, the principle of fairness took center stage. The case involved an appeal by an employee whose tax burden… […]
Losses in speculative business- provisions for set off and carry forward
Losses in speculative business- provisions for set off and carry forward Introduction: A speculation loss refers to the financial loss arising from speculative transactions, which are high-risk investments generally held for short-term gains, like day trading in stocks or commodities. In India, the Income Tax Act has specific rules regarding how speculation losses are… […]
Tax Planning with Tradition: Maximizing Savings through HUF Structure
Tax Planning with Tradition: Maximizing Savings through HUF Structure Tax planning is a dynamic field where even well-known strategies can reveal fresh opportunities. Over the years, I’ve had the pleasure of discussing the Hindu Undivided Family (HUF) structure in this column, highlighting it as a potential as an underutilized yet powerful tool for tax… […]
An overview of Action Points for Filing GST Returns of October 2024
An overview of Action Points for Filing GST Returns of October 2024 Here is a short overview of the action points for Filing GST Returns of October 2024 with regard to purchases and sales: As far 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞𝐬 are concerned, the following points may be taken care of: 1. 𝐈𝐓𝐂𝐑𝐞𝐜𝐨𝐧𝐜𝐢𝐥𝐢𝐚𝐭𝐢𝐨𝐧 – 𝐆𝐒𝐓𝐑-3𝐁 𝐯𝐬. 𝐆𝐒𝐓𝐑-2𝐀/2𝐁 Reconcile ITC claimed in… […]
