News Updates
Section 14A Disallowance Cannot Be More Than Exempted Income: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that section 14A disallowance cannot be more than exempted income.The bench of G.S. Pannu (President) and Sandeep Singh Karhail (Judicial Member) has directed the AO to restrict the disallowance made under section 14A of the Income Tax Act to the extent of exempt income earned by the assessee.Section 14A is a...
ITAT Allows Income Tax Deduction On The Interest Income Received From The Co-Operative Bank
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the income tax deduction under Section 80P(2)(d) of the Income Tax Act on the entire amount of interest income received from the Co-operative Bank.The bench of Sandeep Singh Karhail (Judicial Member) and S. Rifaur Rahman (Accountant Member) found that CIT(A) granted the relief to the assessee, allowing deduction...
Right To Practice Of Foreign Law Degree Holders Affected By Delay In Declaring Result Of Qualifying Exam: Sr Adv Indira Jaising Writes To BCI
Senior Advocate Indira Jaising has addressed an open letter to the Bar Council of India (BCI), expressing concerns over the delay in declaring the results of the 18th Qualifying Examination for Foreign Law Degree Holders, which is a prerequisite for them to commence practising law in India. Approximately 75 law graduates are affected by this delay. Jaising has urged the the apex body for...
SIT Constituted To Probe Sexual Harassment Case Against WFI Chief Brij Bhushan Singh: Delhi Police To Court
The Delhi Police on Friday informed a Delhi Court that a Special Investigation Team has been constituted to probe the sexual harassment case against Wrestling Federation of India president Brij Bhushan Singh.Public Prosecutor Atul Srivastava informed Additional Chief Metropolitan Magistrate Harjeet Singh Jaspal of Rouse Avenue Courts that a status report has been filed in the matter under...
CBIC Lowers The E-Invoicing Threshold To Rs. 5 Crores w.e.f. August 1, 2023
The Central Board of Indirect Taxes and Customs (CBIC) has notified the reduction of the e-invoicing threshold from Rs. 10 crores to Rs. 5 crores w.e.f. August 1, 2023.Currently, businesses having a turnover of more than Rs 10 crore are required to generate e-invoices for business-to-business (B2B) transactions.The e-invoicing threshold was reduced to Rs. 50 crore under the third phase from...
Chhattisgarh High Court Grants 3 Months Time To The Assessee For Depositing Pre-Deposit Before CESTAT
The Chhattisgarh High Court grants 3 months time to the assessee for depositing pre-deposit before the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT).The bench of Justice Parth Prateem Sahu rejected the prayer in respect of the waiver of the mandatory pre-deposit.The petitioner, Nava Raipur Atal Nangar Vikas Pradhikaran, is a statutory body created through a notification...
Bank Officials Failed To Detect Fake Documents, How Can One Expect From CHA To Unearth The Dubious Plan Of Exporter: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the bank officials, despite verification, are not able to detect the fraudulent nature of the documents. How can one expect a Customs House Agent (CHA), who is not even a public official, to unearth the dubious plan of the exporter?The bench of Binu Tamta (a judicial member) has observed that...
Uttarakhand High Court Directs Facilitation Council Under MSMED Act To Educate Its Officers About Arbitration Law, To Avoid Flagrant Violation Of Arbitration Act
The Uttarakhand High Court has directed the Micro, Small and Medium Enterprises Facilitation Council to organize workshops and seminars to educate its officers, who undertake arbitration proceedings, to equip themselves with the law of Arbitration. The court passed the said direction while hearing an appeal against the decision of the Commercial Court who had set aside the arbitral...
‘Centre For Judicial Archives’: Odisha’s Judicial Data Repository Celebrates First Anniversary
The first anniversary of establishment of the Centre for Judicial Archives (CJA) was celebrated on Wednesday under the aegis of the Orissa High Court at the Odisha Judicial Academy, Cuttack. Dr. Prabhu Prasad Mohapatra, Professor of History, Delhi University was the Chief Guest of the function. Dr. Justice S. Muralidhar, Chief Justice and the Judges of the High Court of Orissa...
Pakistan Supreme Court Declares Arrest of Former PM Imran Khan Unlawful
On Thursday, the Supreme Court Of Pakistan declared the execution of the arrest warrant issued by the National Accountability Bureau (NAB) on May 1 in the Al-Qadir Trust case against Imran Khan as “invalid” and “unlawful”.The bench of Chief Justice Umar Ata Bandial, Justice Muhammad Ali Mazhar and Justice Athar Minallah said, “The execution of said warrant violated the...
No Requirement Of Disallowing Part Of Director’s Remuneration And Depreciation When The Business Was Stopped Due To Temporary Lull: ITAT
The Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) has held that there is no requirement for disallowing part of the director’s remuneration and depreciation when the business is stopped due to a temporary lull.The bench of Dr. S. Seethalakshmi (Judicial Member) and B. R. Baskaran (Accountant Member) has observed that the only condition for allowability of depreciation is that...
Onus Lies On AO To Provide Reasons To Disbelieve The Bank Statements And Supporting Documents For Reopening Assessment: Bombay High Court
The Bombay High Court has held that the onus lies on the AO to provide reasons to disbelieve the bank statements and supporting documents for reopening the assessment.The bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that the AO has acted in excess of the limit of his jurisdiction to reopen the assessment in the exercise of powers under Section 147 read with...