Facts of the case:- The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that CIT(A) cannot reject Appeal on technical grounds without giving an opportunity for Correction. The AO passed the ex-parte assessment order under section 147 or 144 of the Income Tax Act, 1961 and …
1. In a major setback, India, three months after losing Vodafone arbitration case, has lost another arbitration case related to a tax dispute to the UK oil major Cairn Energy Plc. The international arbitration tribunal, in a verdict that came on Tuesday night, has asked India …
Judgement:- The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT) quashed the quashes demand of service tax on Commission received from foreign companies. Facts of the case The appellant, Wintech Taparia Ltd. is a manufacturer of food processing machines. The appellant is also registered under service …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that no Tax is applicable on Compensation received for loss of Trees. Facts of the case: The assessee, M/s. Flower valley Agro Tech Pvt. Ltd. being resident corporate assessee is stated to be engaged in the …
a) The Income Tax Department has introduced the ‘Jhatpat Processing’ with the tagline of File Karo Jhat Se, Processing Hogi Pat Se which means file your income tax return and get it processed quickly. b) The Jhatpat Processing has already started for ITR-1 and 4 and …
Judgement:- The Karnataka High Court held that the prosecution initiated under Prevention of Money Laundering Act (PMLA), 2002 and confiscation proceedings resorted are not based on ex post facto law. Facts of the case:- The batch of petitions has questioned the correctness and legality of the …
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 …
