Technological challenges cannot justify harassing an assessee, Income Tax Department should improve its software to prevent future errors: SC
Technological challenges cannot justify harassing an assessee, Income Tax Department should improve its software to prevent future errors: SC SC recently in the case of SUNIL BAKHT (Petition(s) for Special Leave to Appeal (C) No(s). 10305/2024) has held that technological challenges cannot justify harassing an assessee, Income Tax Department should improve its software to… […]
MCA imposed Penalty of ₹20 Lakh for delay In appointing whole-Time Company Secretary
MCA imposed Penalty of ₹20 Lakh for delay In appointing whole-Time Company Secretary In the matter of M/s. Venkatramana Food Specialities Limited, ROC Pondicherry imposed a penalty of INR 20,00,000/- on the company and three defaulting directors for non-compliance with the provisions of Section 203(5) of the Companies Act, 2013, for failing to appoint… […]
Approval of delay application should focus on sufficient reason, not merits of claim U/s 119(2)(b) of Income Tax Act: Kerala High Court
Approval of delay application should focus on sufficient reason, not merits of claim U/s 119(2)(b) of Income Tax Act: Kerala High Court Recently, Kerala High Court in the case of Mohan Poovampally Gopal v. Principal Commissioner of Income Tax Case number: WP(C) NO. 26159 FROM 2024 has held that while granting approval of delay… […]
Section 43A Vs. Foreign exchange fluctuations on loan taken to buy capital assets in India
Section 43A Vs. Foreign exchange fluctuations on loan taken to buy capital assets in India Recently in PR. COMMISSIONER OF INCOME TAX-15, MUMBAI V. GALAXY SURFACTANTS LTD. (ITA 1430 OF 2018), it has been held by Bombay HC that Section 43A is applicable only to foreign exchange fluctuations on loans taken to import capital… […]
If main is to carry on the business of leasing of immovable properties then resultant income is Business Income and not House Property Income: Bombay HC
If main is to carry on the business of leasing of immovable properties then resultant income is Business Income and not House Property Income: Bombay HC The Bombay High Court (HC) in the case of National Leasing Limited (‘Assessee’) has held that the income derived from leasing of immovable properties should be categorized as… […]
Affidavit & Declaration on stamp paper of Rs. 100 shall continue to be valid: Clarification Circular issued by Maharashtra Stamp Department
Affidavit & Declaration on stamp paper of Rs. 100 shall continue to be valid: Clarification Circular issued by Maharashtra Stamp Department The Government of Maharashtra initially raised the minimum stamp paper value from Rs. 100 to Rs. 500 under the Maharashtra Stamp Act, 2024, effective October 14, 2024. Following this, various government departments started… […]
New Twist on Assessment on non-existent entity – Its not null and void: Hyderabad ITAT
New Twist on Assessment on non-existent entity – Its not null and void: Hyderabad ITAT Most of you would be aware about the rulings whereby it is held that assessment proceedings in case of non-existent entity are held to be null and void. The Hon’ble Apex court have passed judgements having views on either… […]
Rental Income from let out of 80 properties – Whether Business Income or Income from house property – Issue before Bombay HC
Rental Income from let out of 80 properties – Whether Business Income or Income from house property – Issue before Bombay HC The Bombay High Court recently delivered judgment in National Leasing Co. Ltd. vs. ACIT. The assessee owned and let out about 80 properties and earned rental income which was offered as business… […]
Will renting of residential flat be charged only under house property post the amendment in Finance Act 2024?
Will renting of residential flat be charged only under house property post the amendment in Finance Act 2024? Relevant Income Tax Provisions: 1. Sec 28 of the Income Tax Act outlines the range of income that falls under the purview of “profits and gains of business & profession” and the parameters that must be… […]
Firms opting for presumptive taxation– need for amendment in partnership deeds?
Firms opting for presumptive taxation– need for amendment in partnership deeds? [Query 1] I am a trader in the stock market. I borrow capital from stock brokers and buy shares for long term and some time for short term also. I request that you please tell me how I can adjust interest while filing… […]
