Studycafe

📢 ITAT Pune Holds Digital Marketing and IT Expenses as Revenue Expenditure The ITAT Pune holds recurring digital advertising, SEO and IT expenses do not create enduring benefit 🔗 Read the full article

📢 ITAT Pune Upholds Company's Depreciation on Goodwill and ESOP Expense Deduction The ITAT Pune dismissed the Revenue’s appeal against Capgemini Technology Services India Ltd. for AY 2018-19 🔗 Read the full article

📢 Rs 1.48 Crore Interest on Delayed Property Payments Qualifies as Cost of Acquisition: ITAT Delhi ITAT allows Rs 1.48 crore interest paid to a developer as part of property acquisition cost while remanding the Section 54 deduction claim for fresh verification. 🔗 Read the full article

📢 ITAT Holds Interest Income from Co-operative Bank Investments Eligible for Deduction Under Section 80P(2)(d) The ITAT Pune holds that interest and dividend from co-operative society investments can qualify for deduction under Section 80P(2)(d). 🔗 Read the full article

📢 ITAT Gives Fresh Opportunity to Explain Rs 54.84 Lakh Undisclosed Investment ITAT remands Rs 54.84 lakh undisclosed investment dispute to AO after ex parte proceedings. 🔗 Read the full article

📢 ROC Penalises Company and Director Rs 20,000 for Wrong AGM Date in Form AOC-4CFS ROC imposes Rs 20,000 penalty on company and its director for incorrect AGM date in Form AOC-4CFS filing. 🔗 Read the full article

📢 ITAT Dismisses Appeal Over Rs 44.47 Lakh Delayed PF, ESIC Contribution Disallowance ITAT Mumbai upheld the Rs 44.47 lakh disallowance of delayed employees’ PF and ESIC contributions, relying on the Supreme Court’s Checkmate Services ruling. 🔗 Read the full article

📢 ITAT Holds Notice Issued After 31 March 2022 As Beyond Six-Year Limitation Period The ITAT Pune Quashes Reassessment as Notice Under Section 148 Was Time-Barred for AY 2015-16 🔗 Read the full article

📢 ROC Penalises Company's Eight Directors Over Non-Appointment of Two Independent Directors for FY 2015-16 to 2018-19 ROC imposes a penalty of 8 lakh on eight directors of a company for the non-appointment of two independent directors on the board for the period from financial year 2015-16 to 2018-19. 🔗 Read the full article

📢 ITAT Restores Foundation’s Section 12AB Registration Application for Fresh Consideration ITAT Mumbai restored the Foundation’s Section 12AB registration application for fresh consideration after accepting its explanation for missing the electronic notice. 🔗 Read the full article

📢 ITAT Pune Allows Higher Section 80P Deduction on Enhanced Business Profits of Cooperative Society The ITAT Pune holds CBDT circular supports enhanced deduction where disallowance increases eligible business income 🔗 Read the full article

📢 An Inadvertent Typographical Error in Tax Audit Report Should Not Lead to An Unmerited Disallowance, Rules ITAT An unintentional typographical error in the Tax Audit Report should not lead to an unmerited disallowance if the statutory payments were made in time, holds ITAT. 🔗 Read the full article

📢 Rent Not Received? Know the Income Tax Rules for Claiming Unrealised Rent Unrealised rent can be deducted from taxable rental income if you meet the prescribed conditions - know the rules, ITR requirements and tax treatment on later recovery. 🔗 Read the full article

📢 Delhi GST Department Seizes 50 Tonnes of Copper, Aluminium Consignment From Bengaluru-Delhi Train Delhi GST officials seize 50 tonnes of copper, copper scrap and aluminium from a Bengaluru-Delhi train over suspected tax evasion and missing transport documents. 🔗 Read the full article

📢 21 CBI Officials Honoured With President’s Medals for Distinguished and Meritorious Service on 80th Independence Day On this 80th Independence Day, 21 officials of the CBI have been awarded the President’s Medals for Distinguished and Meritorious Service. 🔗 Read the full article

📢 Rs 20 Lakh Bribe Case: CBI Arrests 3 Linked to Punjab Vigilance Officials CBI arrests three in an alleged Rs 20 lakh bribery case linked to Punjab Vigilance officials, while one accused remains absconding. 🔗 Read the full article

📢 ICAI Board of Discipline Holds CAs Guilty of Client Solicitation and Improper Audit Appointments The ICAI Discipline Board Finds Violation of Items (6) and (8) of Part I of First Schedule to Chartered Accountants Act 🔗 Read the full article

📢 ITAT Grants Major Relief In Penny-Stock Case, Quashes Reassessment Under Section 147 ITAT quashes Section 147 reassessment for A.Y. 2015-16, holding the April 2021 reopening notice legally unsustainable under the Supreme Court’s earlier ruling. 🔗 Read the full article

📢 ITAT Deletes Rs 45.45 Lakh Jewellery Addition After Considering Family Holdings; Rs 2.17 Lakh Cash Addition Sustained ITAT deletes Rs 45.45 lakh jewellery addition in a search case while upholding Rs 2.17 lakh cash addition. 🔗 Read the full article

📢 AAR Rules 5% GST Concession is Confined Standalone Decorative Stone Artware The AAR Rajasthan has clarified the classification and applicable GST rates on various natural stone products 🔗 Read the full article