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No Disallowance u/s 40A(2)(b) on Interest Paid to Related Party Without Comparing It With FMV of Rate of Interest | ITAT
Case Details: Genxt Mobile LLP vs. ACIT - [2023] 156 taxmann.com 490 (Mumbai-Trib.) Judiciary and Counsel Details Prashant Maharishi, Accountant Member & Sandeep Singh Karhail, Judicial Member Hemant Shah for the Appellant. Ram Krishna Kedia for the Respondent. Facts of the Case The assessee was a wholesale and distributor of mobile phones and accessories. During the assessment proceedings, […]
Treatment of Biological Asset and Agricultural Produce as per Ind AS 41
Para 13 of Ind AS 41, Agriculture, requires that an agricultural produce harvested from an entity’s biological assets shall be measured at its fair value less costs to sell at the point of harvest. Such measurement is the cost at that date when applying Ind AS 2 Inventories or another applicable Standard. Further, para 40 […]
Loss Claimed in Belated ITR to be C/F; AO to Disallow Set Off in Subsequent ITRs in which it was Claimed | ITAT
Case Details: International Fresh Farms Products India Ltd vs. ITO - [2023] 157 taxmann.com 127 (Chandigarh - Trib.) Judiciary and Counsel Details Aakash Deep Jain, Vice-President & Vikram Singh Yadav, Accountant Member Parikshit Aggarwal, CA for the Appellant Rohit Sharma for the Respondent Facts of the Case The assessee filed its return of income declaring total […]
SAT Quashes SEBI’s Order Imposing Penalty on Mukesh Ambani & 2 Others in Case Related to Manipulative Trading
Case Details: Reliance Industries Ltd. v. Securities and Exchange Board of India - [2023] 157 taxmann.com 102 (SAT-Mumbai) Judiciary and Counsel Details Justice Tarun Agarwala, Presiding Officer & Ms Meera Swarup, Technical Member Somasekhar Sundaresan, Ashwath Rau, Vivek Shetty, Ms Cheryl Fernandes & Harshit Jaiswal, Advs. for the Appellant. & Others Arvind Datar, Shiraz Rustomjee, Suraj Choudhary, Ms Shreya Parikh, Mihir Mody & Arnav Misra, Advs. for […]
HC Directed Dept. to Resolve Issue of Placing Notice Under “View Additional Notices and Orders” or “View Notices and Orders”
Case Details: East Coast Constructions and Industries Ltd. v. Assistant Commissioner (ST) - [2023] 157 taxmann.com 66 (Madras) Judiciary and Counsel Details C. Saravanan, J. Joseph Prabakar for the Petitioner. C. Harsharaj for the Respondent. Facts of the Case The petitioner was aggrieved by assessment order passed by the GST department since the notice was uploaded in […]
Weekly Round-up on Tax and Corporate Laws | 27th November to 2nd December 2023
This weekly newsletter analytically summarises the key stories reported at taxmann.com during the previous week from November 27th to December 2nd, 2023, namely: (a) Assessee is duty bound to respond to notices, appear & offer explanations before AO; HC refuses to halt proceedings; (b) Maximum penalty of Rs. 10,000 shall be levied for delay in payment […]
Gross GST Revenue Collection for the Month of November 2023 is Rs. 1,67,929 Lakh Crores | Press Release
Press Release dated December 1st, 2023 The Government has issued press release to inform that Gross GST Revenue collection for the month of November 2023 is Rs. 1,67,929 lakh crores. The revenues for the month of November, 2023 are 15% higher than the GST revenues in the same month last year. It is for the […]
Trust’s Gold/Silver Purchase for Making Ornaments for Temple Idols Can’t Be Held as Invalid Investment u/s 11(5)
Case Details: ACIT (Exemption) v. Shri Mahudi Madhupuri Jain Shwetamber Murtipujak Trust - [2023] 156 taxmann.com 342 (Ahmedabad-Trib.) Judiciary and Counsel Details Smt. Annapurna Gupta, Accountant Member & Siddhartha Nautiyal, Judicial Member Kamlesh Makwana, CIT D.R. for the Appellant. M.K. Patel, A.R. for the Respondent. Facts of the Case The assessee was a religious trust, which was approved […]
[Opinion] GST Appeal Amnesty Scheme 2023 | Full Procedure and Provision
CA Sachin M Jain – [2023] 157 taxmann.com 21 (Article) Golden opportunity for all the taxpayers who missed filing Appeal within allowable time or who’s appeal got rejected due to time-barred against the order passed by proper officer uptill 31/03/2023. CBIC has come up with Amnesty Scheme wherein taxpayer can now file appeal to Appellate […]
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