Tax Guru2h
Section 10(26AAA): ‘Sikkimese’ Definition Limited to Income Tax Purpose
However, the court noted that a government press release clarified that the new definition applied solely for income tax ...
Tax Guru15m
CESTAT Chennai Allows Benefit of Concessional Customs Duty Based on Retrospective Clarification
The issue arose from a show-cause notice dated March 26, 2013, where the revenue proposed to demand duty from the appellant, arguing that the initial notification was effectively amended, restricting ...
Tax Guru19m
ITAT Remands Case with Penalty Due to Lack of Awareness of faceless proceedings
The ITAT acknowledged the taxpayer’s claim of unawareness regarding the faceless assessment proceedings. It noted that while the taxpayer did not file a formal return, he provided a computation of ...
Tax Guru6h
The Role of Interest Rates in Car Loan Decision-Making Process
An interest rate is the percentage of a Car Loan that is charged as interest over the life of the loan. It is the cost of ...
Tax Guru22m
ITAT Bangalore Restores Dividend Exemption Claim to AO for Re-examination
Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has allowed two appeals filed by Light Ray Advisors LLP against separate orders, both dated October 21, 2024, passed by the learned ...
Tax Guru6h
Importance of GST Registration for Startups in India
In India, starting a business can be thrilling due to the challenges and immense opportunities this market has to offer.
Tax Guru6h
Rethinking Boardroom Dynamics: Beyond Incremental Changes
To begin with, there is rarely, if ever, a review of the existing business model, and the changes that might be required for ...
Tax Guru34m
Scam in Noida Sports City Scheme referred to CBI for investigation
Allahabad High Court referred the investigation in matter of Noida Sports City Scheme 2010-2011 to CBI to unearth scam since dirty nexus of the builders and the officials of the Noida Authority was ...
Tax Guru33m
Addition based upon invalid Valuation Report not sustainable: ITAT Delhi
2.1 That on the facts and circumstances of the case, the CIT (A) was not justified in confirming the disallowance of 5,09,989/- being the claim of depreciation on building u/s. 32 of the Act without ...
Tax Guru50m
Mining Without EC Not Automatically Illegal; IT Dept May Invoke Sec 37(1) If Declared Illegal – Orissa HC
Orissa High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (Central) against Tarini Minerals Pvt. Ltd., pertaining to assessment years 2008-2009 to 2010-2011. The ...
Tax Guru47m
Declared Import Value Cannot Be Rejected Arbitrarily: CESTAT Chennai
Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled in favor of Sri Aisvaresvaraya Imports, setting aside an order by the Commissioner of Customs that had ...
Tax Guru43m
ITAT Directs AO to Verify Business Nexus for Interest Expense Deduction
The ITAT found that the AO and the Commissioner of Income Tax (Appeals) (CIT (A)) did not adequately consider Shah’s alternate claim under Section 36 (1) (iii). Shah provided details of borrowed funds ...