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Section 339 of the Companies Act 2013 is a critical law that deals with unfair business practices in India. Simple to Understand Section 339 of the Companies Act Section 339 of the Companies Act 2013 (hereinafter referred to as “the Act”) is a significant clause that addresses India’s unscrupulous business practices. Any shareholder, officer, or […]
In response to an appeal made in the case of Sanjay Kukreja versus ACIT against the rejection of the claim for deduction u/s 80IA by the Income Tax department, the New Delhi ITAT, on Tuesday, reversed the decision, directing the assessing officer to allow claimed deduction on the grounds that filing of audit report with […]
The addition under section 68 of the Income Tax Act for the receipts of cash has been deleted by The Chennai Bench of Income Tax Appellate Tribunal (ITAT) that was converted into the jewellery sale. There could not be any cause for the uniform sales on all the days, months, or years, The bench of […]
The constitutional validity of Section 16(4) of the CGST Act is been upheld by the Chhattisgarh High Court which states the time duration where a registered assessee is needed to claim the ITC. Justice Sanjay K. Agrawal and Justice Radhakishan Agrawal’s bench noted that Section 16(4) of the CGST Act doesn’t contravene Articles 14, 19(1)(g), […]
The Calcutta High Court upheld the constitutionality of Section 16(4) of the Central Goods and Services Tax Act, 2017, emphasizing the importance of adhering to time limits for filing Goods and Services Tax Returns over the legal right to claim Input Tax Credit (ITC). The order in appeal on 04.01.2023 is been contested by the […]
No addition can be made for the delay in filing Form No. 10 within the due date of the Income Tax Return under Section 139 of the Income Tax Act, 1961 since the same is been condoned by the commissioner of the income tax (exemption), Income Tax Appellate Tribunal (ITAT) in Jodhpur ruled. The taxpayer, […]
The Central Board of Direct Taxes (CBDT) has issued a clarification concerning the Audit Report Requirements outlined in Section 119 of the Income-tax Act, 1961, applicable to ‘Substantial Contributors’ in the Assessment Year 2023-24 via circular number 17/2023. This clarification primarily emphasizes the necessity of furnishing comprehensive information about ‘substantial contributors’ using either Form No. […]
The bus operators conducted as the companies providing via e-com portals are not included in Section 9(5) of the Central Goods and Service Tax Act, 2017, witnessed in the 52nd GST council meeting. Starting from January 1, 2022, the responsibility for paying GST on bus transportation services provided through Electronic Commerce Operators (ECOs) has been […]
Recently, the Bombay High Court has ruled that the amendment made in accordance with section 54 of the Income Tax Act, 1961, doesn’t have a retrospective impact on limiting investments in India. This amended provision takes effect from April 1, 2015, and will be applicable in the future, but not before the amendment date. The […]
