The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) disallowed the depreciation claim on any building, machinery, plant, or furniture not exclusively used for the purpose of business or profession. The assessee company was
The Supreme Court instructed the Centre on Wednesday to employ persuasion rather than threats or coercion in pursuing the voluntary payment of Goods and Services Tax ( GST ) dues during search and seizure operations
The GST Appellate Tribunal ( GSTAT ) has finally started to begin its baby steps towards functioning with the appointment of its first president, Justice (retd) Sanjaya Kumar Mishra. Legal experts have praised this move
The Competition Commission of India ( CCI ) invited the applications from advocates and law firms for empanelment to represent the CCI and Director General before various courts and tribunals. The qualified advocate or law
This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal ( ITAT ) reported at Taxscan.in during the previous week from April 21 to May 4. Submissions on TDS Deduction
The section 45 of Prevention of Money Laundering Act (PMLA) 2002 lays down stringent criteria for bail in cases related to money laundering. However, amidst its rigour, the provision also incorporates a crucial exception, especially
The Supreme Court refused to entertain a petition submitted by Micro and Small Enterprises ( MSEs ) challenging the 45-day payment rule outlined in Section 43B(h) of the Income Tax Act, during its session on
The Institute of Chartered Accountant on 29 th April 2024 released the exposure draft of guidance note on reports on audit under Section 12A/10(23C) of Income Tax Act, 1961 for Public Comments. In October, 2023,
What is Section 80G? Section 80G of the Income Tax Act is a provision that allows taxpayers to claim deductions on donations made to eligible charitable institutions and funds. The purpose of this section is
This weekly round-up analytically summarises the key stories of the Supreme Court & High Court cases reported at taxscan.in, from April 20th, 2024 to May 3rd, 2024. SUPREME COURT Compounding of Offence u/s 137 of
In a recent case, the Gujarat High Court held that export of mango pulp Should attract 12% Goods and Service Tax ( GST ). Thus the petitioners would be liable to pay GST at the
The Institute of Chartered Accountant on 29 th April 2024 released the exposure draft of guidance note on reports on audit under Section 12A/10(23C) of Income Tax Act, 1961 for Public Comments. In October, 2023,
The Supreme Court upheld the National Company Law Appellate Tribunal ( NCLAT ) order affirming that amounts covered by security deposits under agreements constitute financial debt. Justices Abhay S. Oka and Pankaj Mithal held in
The Delhi High Court has sought the response from the Directorate of Enforcement ( ED ) and Central Bureau of Investigation ( CBI ) in the plea for bail raised by Ex-Delhi Deputy Chief Minister
On May 1, 2024, the Supreme Court of India heard a group of petitions contesting penal clauses within several laws, including the Customs Act, Excise Act, and GST Act. These petitions argued that these penal
