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The legal matter between TVS Srichakra Limited and DCIT at ITAT Chennai revolves around the disapproval of a deduction under Section 80IC. This disapproval stems from the failure to submit Form 10CCB along with the income return for the assessment year 2016-17. The crux of the dispute lies in the appellant, TVS Srichakra Limited, asserting […]
In the matter of Sant Ram v. Delhi State GST and Others [W.P No. 15846 of 2023 dated December 11, 2023], the esteemed Delhi High Court granted the writ petition, overturning the decision to cancel GST registration. The court emphasized the necessity for the Proper Officer to autonomously reach a conclusion as stipulated in sub-section […]
The realm of cybercrime is rapidly expanding, posing a significant threat in today’s digital age. With nearly every individual equipped with a mobile phone or gadget, the vast array of possibilities also exposes them to malicious activities perpetrated by those who exploit technological advancements. You are eligible for an I-T refund of INR 15,490/-. The […]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench ruled that Section 56(2)(vii)(b)(ii) Income Tax Act, 1961 shall not be applicable if the property was purchased for business use of a partnership firm. The taxpayer Chandrasekaran Valarmathi is a partner in a firm M/s Chandran Steels, including three other partners of the firm, purchased a specific […]
The Central Board of Direct Taxes (CBDT) has introduced online filing for Form 15CD for the Financial Year 2023-24, aligning with its commitment to enhance efficiency and simplicity in the tax compliance process through digital means. This development, as outlined in CBDT notification no. 89/2023 dated October 16, 2023, underscores the organization’s dedication to embracing […]
On February 1, the Budget for the fiscal year 2024-25 will be presented in Lok Sabha by Union Finance Minister Nirmala Sitharaman. This Union Budget is considered interim due to the upcoming Lok Sabha elections early next year. The complete budget is expected to be formulated after the establishment of a new government. Experts in […]
In the scrutiny of a loan transaction between two entities, where the borrower’s liability decreased in the accounts by the amount paid to settle the assessee’s obligation, the Madras High Court determined that this transaction seems to comply with the law. The court explicitly stated that the penalty under Section 271E of the Income Tax […]
A senior government official informed Business Standard that in the forthcoming Interim Budget on February 1, Union Finance Minister Nirmala Sitharaman is considering the introduction of further tax waivers or exemptions exclusively applicable to the Old Income Tax regime. The proposed measures may involve extending income tax exemption thresholds to around Rs 7 lakh and […]
Corporate India is anxiously anticipating clear guidelines regarding a potential extension to the sunset period for accessing the discounted tax rate of 15 per cent applicable to companies establishing new manufacturing units. Numerous industry associations have formally requested the Finance Ministry to consider a three-year extension to the concessional tax framework, set to conclude on […]
