CBDT issues guidelines clarifying availability of Sec. 10(23FE) exemption in different scenario

The CBDT has issued Circular no. 9 of 2022 which provides guidelines for computation of exemption available under section 10(23FE) in the hands of Abu Dhabi Investment Authority (ADIA), sovereign…

Continue ReadingCBDT issues guidelines clarifying availability of Sec. 10(23FE) exemption in different scenario

Now banks can pay dividends even when expenditures on account of enhanced family pension are unamortized: Govt

Central Government, on the recommendation of the Reserve Bank of India hereby notified that the restrictions as to payment of dividends as provided in subsection (1) of section 15 of…

Continue ReadingNow banks can pay dividends even when expenditures on account of enhanced family pension are unamortized: Govt

Cenvat credit is available on input services used in construction of immovable property: CESTAT

EXCISE/ST/VAT : Demand of service tax on portion of withholding tax (TDS) when consideration is paid to foreign service provider is not sustainable as justification for the same is absentEXCISE/ST/VAT…

Continue ReadingCenvat credit is available on input services used in construction of immovable property: CESTAT

No addition towards notional interest on security deposit if rental income was higher than municipal valuation: ITAT

INCOME TAX : Where as per lease and licence agreement, property was let out for a monthly rent by assessee and it had also received interest free refundable security deposit…

Continue ReadingNo addition towards notional interest on security deposit if rental income was higher than municipal valuation: ITAT

AO’s situs is relevant to determine HC’s jurisdiction; notice issued at address located in diff. city is irrelevant

INCOME TAX : When return of income for A. Y. 2015-16 was filed at Cuttack, impugned notice under Section 148 was issued at Cuttack and final assessment order was also…

Continue ReadingAO’s situs is relevant to determine HC’s jurisdiction; notice issued at address located in diff. city is irrelevant

SC issued notice against ruling that exp. incurred by Pharma co. on conferences of doctors isn’t commission

INCOME TAX : Notice issued in SLP filed against order of High Court holding that where assessee-pharmaceutical company incurred expenses for providing services such as taxi services, booking of air-tickets,…

Continue ReadingSC issued notice against ruling that exp. incurred by Pharma co. on conferences of doctors isn’t commission

Situs AO is relevant to determine HC’s jurisdiction; notice issued at address located in diff. city is irrelevant

INCOME TAX : When return of income for A. Y. 2015-16 was filed at Cuttack, impugned notice under Section 148 was issued at Cuttack and final assessment order was also…

Continue ReadingSitus AO is relevant to determine HC’s jurisdiction; notice issued at address located in diff. city is irrelevant

Plea for restoration name of Co. rightly dismissed as there was no evidence to show that Co. was carrying on business: NCLAT

COMPANY LAW : Where no documents had been shown or placed to establish that appellant company was carrying on business and filed forms even belatedly and there were no revival…

Continue ReadingPlea for restoration name of Co. rightly dismissed as there was no evidence to show that Co. was carrying on business: NCLAT