Taxscan Team
![Transfer of Assets in Favour of Retiring Partner on Revaluation attracts Income Tax u/s 45(4): Supreme Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Transfer-of-Assets-Retiring-Partner-Income-Tax-Supreme-Court-taxscan.jpg "Transfer of Assets in Favour of Retiring Partner on Revaluation attracts Income Tax u/s 45(4): Supreme Court [Read Order]")
Transfer of Assets in Favour of Retiring Partner on Revaluation attracts Income Tax u/s 45(4): Supreme Court [Read Order]
The Supreme Court bench of Justice M R Shah and Justice M M Sundresh recently held that, the transfer of assets in favour of retiring partners on...
![Cessation of Trading liability u/s 41(1) (a) is not valid in the presence of details of Outstanding Creditors: Calcutta HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Cessation-of-Trading-liability-Outstanding-Creditors-Calcutta-HC-TAXSCAN.jpg "Cessation of Trading liability u/s 41(1) (a) is not valid in the presence of details of Outstanding Creditors: Calcutta HC [Read Order]")
![Appeal filed Electronically with in Stipulated Time, CIT(A) can’t reject the same: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Appeal-filed-Electronically-Stipulated-Time-CITA-ITAT-TAXSCAN.jpg "Appeal filed Electronically with in Stipulated Time, CIT(A) can’t reject the same: ITAT [Read Order]")
Exemption u/s. 11 of the Act is allowable When Income Tax Return filed within specified Time Limit: ITAT [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the exemption under section 11 of the Income Tax Act,1961 is allowable when a Income Tax Return is filed within the specified...
![Exemption u/s. 11 of the Act is allowable When Income Tax Return filed within specified Time Limit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Exemption-Income-Tax-Return-ITAT-TAXSCAN.jpg "Exemption u/s. 11 of the Act is allowable When Income Tax Return filed within specified Time Limit: ITAT [Read Order]")
CBIC Notifies Members to decide Applications relating to Advance Ruling Authority in UT of Chandigarh [Read Notification]
The Central Board of Indirect Taxes and Customs (CBIC) has notified the name of the members who are authorized to decide the applications to the Advance Ruling Authority (AAR) within the Union...
![CBIC Notifies Members to decide Applications relating to Advance Ruling Authority in UT of Chandigarh [Read Notification]](https://www.taxscan.in/wp-content/uploads/2022/11/CBIC-Notifies-Members-Advance-Ruling-Authority-Chandigarh-TAXSCAN.jpg "CBIC Notifies Members to decide Applications relating to Advance Ruling Authority in UT of Chandigarh [Read Notification]")
Sale of Prepaid Sim Cards / Recharge Vouchers to distributors cannot be treated as Commission to attract S.194H, No TDS: ITAT grants relief to Vi
As a relief to Vodafone Idea ltd, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the Sale of prepaid sim cards/recharge vouchers to distributors cannot be treated as...
Buyer of Inputs can't verify all the Supplier duty liability, CENVAT Credit can be allowable to Bonafide purchaser of Goods which includes Duty: CESTAT [Read Order]
The Delhi Bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has observed thatthe Buyer of inputs can't verify all the supplier duty liability and held that CENVAT credit can...
![Buyer of Inputs cant verify all the Supplier duty liability, CENVAT Credit can be allowable to Bonafide purchaser of Goods which includes Duty: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Supplier-duty-liability-CENVAT-Credit-Goods-which-includes-Duty-CESTAT-TAXSCAN.jpg "Buyer of Inputs cant verify all the Supplier duty liability, CENVAT Credit can be allowable to Bonafide purchaser of Goods which includes Duty: CESTAT [Read Order]")
Penalty u/s 114A of Customs Act not permissible in the Absence of Evidence which proves the Use of Forged Scrips to clear Goods: CESTAT
The Delhi Bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has held that penalty u/s 114A of the Customs Act,1962 is not permissible in the absence of evidence which proves...
CBI files Chargesheet Against Seven Including Two Central Excise Officers for alleged Irregularities in framing & implementation of Excise Policy of GNCTD
The Central Bureau of Investigation has today filed a chargesheet against seven accused including then Deputy Commissioner of Excise, then Assistant Commissioner of Excise, both of GNCTD, Delhi and...
An Amalgamated Company can claim Depreciation on Goodwill, No restriction u/s 32(1)(5): ITAT [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that an Amalgamated company can claim depreciation on goodwill and there is no restriction under section 32(1)(5) of the...
![An Amalgamated Company can claim Depreciation on Goodwill, No restriction u/s 32(1)(5): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Amalgamated-Company-Depreciation-Goodwill-ITAT-taxscan.jpg "An Amalgamated Company can claim Depreciation on Goodwill, No restriction u/s 32(1)(5): ITAT [Read Order]")