The Central Board of Indirect Taxes and Customs (CBIC) issued a clarification on Custom Faceless Assessment on Issues raised by Stakeholders. With the objective to enhance the efficiency of the process involved in Faceless Assessment, CBIC said that certain key areas, which require immediate attention, have …
Judgement:- The Madras High Court held that provisions of section 115JB are applicable on Insurance companies w.e.f April 1, 2003. Facts of the case:- The revenue pointed out the error in the order passed by the Tribunal while deciding the issue with regard to ‘addition of …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Bangalore Bench quashed the proceedings initiated under section 201 against Cafe Coffee Day as it was barred by limitation. Facts of the case:- The question raised was whether the order passed under section 201(1) and 201(1A) of the Act …
The Income Tax Appellate Tribunal (ITAT) disallowed the depreciation on Non-Competition Fee. Facts of the case: The assessee, Fortis Hospitals Ltd. during the year under consideration acquired the Wockhardt Group of hospitals pursuant to an agreement entered into. The said agreement included payment of a non-compete …
Judgement:- The Madras High Court while quashing the impugned order held that the recovery of tax in advance by inspecting officials is illegal. Facts of the case:- The Petitioner, M/s. Sri Ganesh Lubricants, challenged the demand of the Commercial Tax Officer calling upon the petitioner to …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that an assessment order cannot be termed as “erroneous” unless it is not in accordance with the law. Facts of the case:- The assessee, Versova Shanti Co.op. Housing Soc. Ltd. was assessed for the year under …
1. The finance ministry has listed several measures taken by the government in 2020 for the common people. As the year comes to an end, let us glance through the key initiatives/announcements along with their progress undertaken by Ministries of Finance & Corporate Affairs during the …
Now the due date for ITR filing has extended to 31st December 2020, it would be advisable to file the tax returns for the financial year (FY) 2019-20 or AY 2020-21 as soon as possible, to avoid the last-minute rush. Following points to consider before filing …
Judgement: The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while deleting the disallowance against Infosys BPM Ltd. held that payments made to a non-resident for acquiring off-the-shelf software are not royalty and no obligation to deduct TDS. Facts of the case: The revenue has appealed on …
