Under the GST regime, the Harmonized System of Nomenclature (HSN) code serves as a unique identifier for over 5,000 commodity groups, efficiently categorizing goods in a systematic manner. For example, the HSN code for cast iron pipes is7303.0010. This code can be broken down as follows: ...
In the case of Moraj Building Concepts Pvt Ltd vs DCIT, 2023 (ITAT) 802, the Income Tax Appellate Tribunal (ITAT), Mumbai bench instructed the income tax department to calculate income tax on rental income using the municipal ratable value. This was for determining the hypothetical rent conce...