Expense on Technology used to carry on business is Revenue Expenditure: Delhi HC [Read Order]
The Delhi High Court held that the expense of technology used to carry on business is revenue expenditure. The appellant/revenue challenged the...
Receipt from Support Services cannot be Treated as FIS under Article 12(4)(b) of India -USA DTAA: ITAT Deletes Income Tax Addition [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that services rendered are not in relation to any manufacturing activity, therefore the receipts cannot be treated as Fee for Included...
![Receipt from Support Services cannot be Treated as FIS under Article 12(4)(b) of India -USA DTAA: ITAT Deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Receipt-from-Support-Services-Treated-as-FIS-under-India-USA-DTAA-ITAT-Income-Tax-TAXSCAN.jpg "Receipt from Support Services cannot be Treated as FIS under Article 12(4)(b) of India -USA DTAA: ITAT Deletes Income Tax Addition [Read Order]")
CBIC notifies GST Council's ITC Conditions for Same-Line Businesses; Restricts it to 2.5% when Supplier Charges a Higher Tax Rate [Read Notification]
The Central Board of Indirect Taxes and Customs (CBIC), vide notification no. 12/2023 has notified the Input Tax Credit conditions for the same line of businesses according to the recommendations of...
![CBIC notifies GST Councils ITC Conditions for Same-Line Businesses; Restricts it to 2.5% when Supplier Charges a Higher Tax Rate [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/10/CBIC-GST-Councils-ITC-Conditions-Same-Line-Businesses-Restricts-it-to-Supplier-Charges-Higher-Tax-Rate-TAXSCAN-1.jpg "CBIC notifies GST Councils ITC Conditions for Same-Line Businesses; Restricts it to 2.5% when Supplier Charges a Higher Tax Rate [Read Notification]")
Additions can't be allowed on Unsecured loans incurred wholly and exclusively for Purpose of Business: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that additions cannot be allowed on unsecured loans incurred wholly and exclusively for the purpose of business. The Assessing...
![Additions cant be allowed on Unsecured loans incurred wholly and exclusively for Purpose of Business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Additions-Unsecured-loans-incurred-wholly-and-exclusively-for-Purpose-of-Business-ITAT-TAXSCAN.jpg "Additions cant be allowed on Unsecured loans incurred wholly and exclusively for Purpose of Business: ITAT [Read Order]")
Inability to Monitor GST Portal Amidst Staffing Shortage: Madras High Court allows Construction Company to file Statutory Appeal Beyond Limitation Period [Read Order]
The Madras High Court has issued an instruction to the SRM Engineering Construction Company Limited, allowing them to submit a statutory appeal, even if it falls outside the specified time limit....
![Inability to Monitor GST Portal Amidst Staffing Shortage: Madras High Court allows Construction Company to file Statutory Appeal Beyond Limitation Period [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Inability-to-Monitor-GST-Portal-Amidst-Staffing-Shortage-Madras-High-Court-Construction-Company-file-Statutory-Appeal-Limitation-Period-TAXSCAN.jpg "Inability to Monitor GST Portal Amidst Staffing Shortage: Madras High Court allows Construction Company to file Statutory Appeal Beyond Limitation Period [Read Order]")
Municipal Tax allowable as expenditure u/s 24 of Income Tax Act when Assessee paid proportionate Tax to Society: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the municipal tax shall be allowable as expenditure under Section 24 of the Income Tax Act, 1961 when the assessee paid the...
![Municipal Tax allowable as expenditure u/s 24 of Income Tax Act when Assessee paid proportionate Tax to Society: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Municipal-Tax-allowable-expenditure-Income-Tax-Act-Assessee-paid-proportionate-Tax-Society-ITAT-TAXSCAN.jpg "Municipal Tax allowable as expenditure u/s 24 of Income Tax Act when Assessee paid proportionate Tax to Society: ITAT [Read Order]")
ITAT deletes Penalty u/s 271B for the assessee being able to establish reasonable cause behind their failure deserves to be considered u/s 274 [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee clearly deserves to be considered under Section 274 where in it is provided that if assessee is able to establish...
![ITAT deletes Penalty u/s 271B for the assessee being able to establish reasonable cause behind their failure deserves to be considered u/s 274 [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-deletes-Penalty-assessee-being-able-establish-reasonable-cause-behind-failure-deserves-taxscan.jpg "ITAT deletes Penalty u/s 271B for the assessee being able to establish reasonable cause behind their failure deserves to be considered u/s 274 [Read Order]")