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The income tax deduction is allowable on expenditures incurred on warranty claims, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Kul Bharat (Judicial Member) and M. Balaganesh (Accountant Member) has laid on the Supreme Court’s decision in the matter of Rotork Controls India (P) Ltd., where it was carried that […]
Nirmala Sitharaman will continue as India’s finance minister in Prime Minister Narendra Modi’s third term as well, formerly she served as the union finance minister in Narendra Modi’s second term. Yesterday, Sitharaman was inducted as a cabinet minister, while Modi took his oath of office for his historic third term as the prime minister of […]
Gen Assist is a next-gen chatbot specifically for complete customer support and exclusive services to clients for their tax software. The complexities while going through tax software is a tedious task and we completely understand it therefore we came up with a great idea of a Gen Assist with both subjective as well as technical […]
The Centre wishes to reconsider the 45-day payment rule for micro, small, and medium enterprises if the industry wants it, Finance Minister Nirmala Sitharaman cited. The Finance Minister cited that when MSMEs need an extended payment duration then they could provide the representations for the acknowledgement in the forthcoming budget in July. The minister in […]
The department cannot re-determine the MRP of laptops imported by Acer India, Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled. The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) witnessed that though the adjudicating authority has remarked that Rule 6 of 2008 is applied to redetermine […]
The council is not estopped from availing a measure against the bogus claim of the ITC only because the firms with which the transactions were alleged to have proceeded were enrolled during alleged transactions, Allahabad HC ruled. Justice Subhash Vidyarthi noted that fraud vitiates the most solemn proceedings and ruled that the I.T.C. benefit had […]
A judgment has been furnished by the Income Tax Appellate Tribunal (ITAT) Delhi on 17th May 2024, in the matter of Saroj Sangwan Vs Income Tax Officer (ITO), addressing critical issues surrounding Section 148 of the Income Tax Act. The same case, related to the AY 2011-12, examines the procedural virtue and jurisdictional control of […]
The Madras High Court in a ruling held that a new SCN u/s 148 of the Income Tax Act, 1961 will be issued for the problems not raised before. The department was asked to provide a fresh order u/s 148A(d) after regarding the reply of the taxpayer. A Single bench of Justice Senthilkumar Ramamoorthy held […]
A service tax is liable to get paid on buses meant for carrying passengers and cannot be called a means of transport of goods, the Delhi Bench of Customs, Excise and Service Tax Appellate (CESTAT) ruled. The bench of Binu Tamta (Judicial Member) and Hemambika R. Priya (Technical Member) noted that on the applicability of […]
