The Central Board of Direct Taxes (CBDT) has issued an order extending due dates for various compliance forms including the Quarterly statement in Form No. 15CC, Equalization Levy Statement in Form No.1, the Statement of Income paid or credited by an investment fund to its unit …
The Institute of Chartered Accountants of India (ICAI), Faridabad branch of NIRC, has written a letter to the GST Commissioner condemning the action of the GST department taking revenge on the Chartered Accountants fraternity. Facts of the case:- This is in pursuance of a recent incident …
The Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that a Limited Liability Partnership (LLP), being not a “Body Corporate” under section 2(7) Companies Act,2013, is not liable to pay service tax under the reverse charge mechanism (RCM). Facts of …
The Income Tax Appellate Tribunal (ITAT), Raipur has recently quashed a re-assessment against the South-Eastern Coalfield Limited (SECL) wherein a claim of Rs. 577 Lakhs towards Provision of Leave Encashment was disallowed by the income tax department. Facts of the case:- The appellant-Company approached the Tribunal …
1. In a recent press release issued by the GST department, Faridabad reiterated that honest taxpayers and Chartered Accountants will not face any difficulties in the future in their interactions with the department. 2. This is in pursuance of a recent incident where a Chartered Accountant …
Judgment:- The Madras High Court ruled that disallowance under Section 14A of the Income Tax Act can not exceed the exempted income earned by the Assessee. Facts of the case:- The assessee, M/s.HTC Global Services India Pvt. Ltd. is a company engaged in the business of …
1. There is no definition of the term “Shell Companies” in the Companies Act and it normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purposes such as tax evasion, money laundering, obscuring ownership, Benami …
Judgment:- The Delhi High Court held that the notices issued in the name of dead persons are void, and all consequent Assessment Orders are liable to be quashed. Facts of the case:- The petitioner, Sripathi Subbaraya Manohara, legal heir of Late Sripathi Subbaraya Gupta has challenged …
1. The Securities Exchange Board of India (SEBI) has issued circular extending relaxations relating to procedural matter-Issues and Listing. 2. SEBI had granted one-time relaxations from strict enforcement of certain regulations of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, pertaining to Rights Issue opening …