1. American online payment gateway giant PayPal has been imposed a Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of “concealing” suspect financial transactions and abetting “disintegration” of India’s financial system. 2. PayPal, which began India operations …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Mumbai Bench allowed the foreign tax credit to Amarchand & Mangaldas & Suresh A Shroff & Co. under Indo-Japanese tax treaty. Facts of the case:- The assessee, Amarchand & Mangaldas & Suresh A Shroff & Co. is one of …
Judgement:- The City Court of Egmore, Chennai found the CA and former Madras Race Club Staff guilty of tax fraud and sentenced 4 years of imprisonment, after 35 years of a long trial. Facts of the case:- The case arose out of a complaint been filed …
1. The Ministry of Corporate Affairs (MCA) has deferred the applicability of the notified the Companies (Auditor’s Report) Order (CARO) 2020, till 1st April 2021. 2. The notification seeks to amend the Companies (Auditor’s Report) Order, 2020. In the Companies (Auditor’s Report) Order, 2020, in paragraph …
The Central Board of Indirect Taxes and Customs (CBIC) issued a clarification on Custom Faceless Assessment on Issues raised by Stakeholders. With the objective to enhance the efficiency of the process involved in Faceless Assessment, CBIC said that certain key areas, which require immediate attention, have …
Judgement:- The Madras High Court held that provisions of section 115JB are applicable on Insurance companies w.e.f April 1, 2003. Facts of the case:- The revenue pointed out the error in the order passed by the Tribunal while deciding the issue with regard to ‘addition of …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Bangalore Bench quashed the proceedings initiated under section 201 against Cafe Coffee Day as it was barred by limitation. Facts of the case:- The question raised was whether the order passed under section 201(1) and 201(1A) of the Act …
Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit Reports and related returns including Income Tax Return Forms for AY 2020-21 to Chairman, Central Board of Taxes. Request(s) for extension of various due dates under …
The Income Tax Appellate Tribunal (ITAT) disallowed the depreciation on Non-Competition Fee. Facts of the case: The assessee, Fortis Hospitals Ltd. during the year under consideration acquired the Wockhardt Group of hospitals pursuant to an agreement entered into. The said agreement included payment of a non-compete …
