LTCG without indexing Cost of Acquisition is to be considered for computing Tax Liability u/s 115JB of Income Tax Act: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Long Term Capital Gain ( LTCG ) without indexing cost of acquisition is to be considered…

Continue ReadingLTCG without indexing Cost of Acquisition is to be considered for computing Tax Liability u/s 115JB of Income Tax Act: ITAT [Read Order]

Non-Responsiveness to Statutory Notice and failure to produce evidence in assessement u/S 143(3) of Income Tax Act: ITAT dismisses appeal [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal due to non-responsiveness to statutory notices and the failure to produce evidence during the assessment…

Continue ReadingNon-Responsiveness to Statutory Notice and failure to produce evidence in assessement u/S 143(3) of Income Tax Act: ITAT dismisses appeal [Read Order]

Imposing Penalty beyond time period prescribed by u/s 275(1) (c) of Income Tax Act: ITAT deletes Penalty on cash receipt of loans

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty on cash receipt of loans, citing the imposition of the penalty beyond the time period…

Continue ReadingImposing Penalty beyond time period prescribed by u/s 275(1) (c) of Income Tax Act: ITAT deletes Penalty on cash receipt of loans

No reopening of matter when grant of benefit u/s 11 of Income Tax Act, was subject matter of appeal: Bombay HC

Top Stories No reopening of matter when grant of benefit u/s 11 of Income Tax Act, was subject matter of appeal: Bombay HC No reopening of matter when grant of…

Continue ReadingNo reopening of matter when grant of benefit u/s 11 of Income Tax Act, was subject matter of appeal: Bombay HC

Time Limit prescribed for claiming ITC U/s 16(4) APGST Act is not unconstitutional: Andhra Pradesh HC [Read Order]

Top Stories Time Limit prescribed for claiming ITC U/s 16(4) APGST Act is not unconstitutional: Andhra Pradesh HC [Read Order] By Aiswarya Krishnadas - On January 28, 2024 8:29 am…

Continue ReadingTime Limit prescribed for claiming ITC U/s 16(4) APGST Act is not unconstitutional: Andhra Pradesh HC [Read Order]

DGFT Revises Import Policy Condition for Glufosinate Technical From ‘Free’ to ‘Prohibited’ w.e.f. January 25, 2024 [Read Notification]

The Directorate General of Foreign Trade ( DGFT ), through Notification No. 58/2023 dated January 23, 2024, has introduced modifications to the import policy conditions governing Glufosinate Technical. This particular…

Continue ReadingDGFT Revises Import Policy Condition for Glufosinate Technical From ‘Free’ to ‘Prohibited’ w.e.f. January 25, 2024 [Read Notification]

CBDT exempts State Legal Service Authority Union Territory Chandigarh from Income Tax u/s 10(46) [Read Notification]

The Central Board of Direct Taxes (CBDT ), vide notification no. 15/2024 dated January 23, 2024 has notified the income tax exemption to the “State Legal Service Authority Union Territory…

Continue ReadingCBDT exempts State Legal Service Authority Union Territory Chandigarh from Income Tax u/s 10(46) [Read Notification]