Sunil Pran Sikand Vs ACIT (Bombay High Court) In the recent case of Sunil Pran Sikand Vs ACIT before the Bombay High Court, a crucial question arose regarding the tax treatment of income derived from subsequent development grants. This case sheds light on the intricate balance between categorizing such income as long-term capital gains or […] The post Income from Subsequent Development Grant: Long-Term Capital Gains, Not Other Sources appeared first on TaxGuru ..read more

National Financial Reporting Authority's order penalizes M/s Dhiraj & Dheeraj and auditors for misconduct in the audit of Reliance Home Finance Limited. The post NFRA imposes ₹1.60 Crore Penalty on RHFL Auditors & Audit Firm appeared first on TaxGuru ..read more

NFRA issues Order against Mis Krishna Neeraj & Associates and CA Krishna Kr Neeraj for professional misconduct in CMIL's audit, imposing penalties and sanctions. The post NFRA Imposes ₹60 Lakh Penalty on CMIL Auditor & Debars Auditor for 2 Years appeared first on TaxGuru ..read more

Get insights on RBI Circular 03/2024 detailing FPI investment limits for 2024-25 and guidelines for Credit Default Swaps. Stay informed with the latest regulations. The post RBI Circular: Limits for investment in debt & sale of Credit Default Swaps by FPIs appeared first on TaxGuru ..read more

Learn about RBI guidelines for Small Finance Banks transitioning to Universal Banks voluntarily. Know eligibility, process, and implications The post Small Finance Banks Transitioning to Universal Banks: Guidelines & Process appeared first on TaxGuru ..read more

Explore the Bombay High Court's ruling on the refund issue in Grace Associates Vs Union of India case. Detailed analysis and implications discussed. The post Negligence of tax authorities: HC Orders Income Tax Refund Credit to Petitioner appeared first on TaxGuru ..read more

Royal Drinks Pvt Ltd Vs ITO (ITAT Nagpur) Interest liability incurred against delayed discharge of statutory liability/MVAT is entitled for deduction u/s 37(1) without subjecting it to disallowance u/s 43B(a) The post No Section 43B(a) disallowance for Delayed Statutory liability/MVAT Discharge appeared first on TaxGuru ..read more

Understanding the intricacies of co-operative society redevelopment: What assets are involved, what constitutes transfer, tax implications for members and societies. The post Redevelopment of Co-operative Societies: Tax implications appeared first on TaxGuru ..read more

Addition for excessive shortage not sustainable if trading account of assessee are accepted to be correct and complete and AO Cannot make addition of profit under Section 41(2) on assumptions and presumptions The post Addition for excessive shortage not sustainable if trading account accepted to be correct appeared first on TaxGuru ..read more