Assessment proceedings under the Income Tax Act are not a game of hide and seek. The inquiry in the wake of a notice under Section 148 is not an empty formality. It must be effective and with a sense of purpose.
The power vested in the Commissioner to grant or not to grant approval is coupled with a duty. The Commissioner is required to apply his mind to the proposal put up to him for approval in the light of the material relied upon by the Assessing Officer.
In this case reasons recorded for reopening indicate is that cash deposits aggregating to Rs 10,24,100 have been made in the bank account of the assessee, but the mere fact that these deposits have been made in a bank account does not indicate that these deposits constitute an income which has escaped assessment.
In exercising legislative power, the legislature by mere declaration, without anything more, cannot directly overrule, revise or override a judicial decision. It can render judicial decision ineffective by enacting valid law on the topic within its legislative field fundamentally altering or changing its character retrospectively.
The Companies Act, 2013 has introduced many new reporting requirements for the statutory auditors of companies. One of these requirements is given under the sub-section 12 of Section 143 of the Companies Act, 2013 which requires the statutory auditors to report to the Central Government about the fraud/suspected fraud committed against the company by the officers or employees of the company.
In General, a foreign company is a company which is incorporated outside India but having its place of business in India. To understand more about Foreign Company, let’s discuss some important definitions: Definition of Company under Companies Act, 2013-Section 2(20): Company means a company incorporated under this Act or under any previous company law.
Advocate Anandaday Misshra The era of appeals have changed from 06.08.2014 when mandatory pre-deposit was introduced via Section 35F of CEA,1944 .Similar provisions exist for customs and service tax as well . In order to understand the implication of such a change, Section 35F is produced herein below and it is broken in parts for better […]
Calcutta High Court held In the case of CIT vs. M/s Britannia Industries Ltd. that bank charges claimed by the assessee are not relatable to the fixed assets. Bank charges are payable in consideration of the risk undertaken by the bank.
Following curbs have been introduced by Indian Railways on online train ticketing to inter-alia keep a check on the activities of unscrupulous elements including touts: i. There is a restriction of only one booking in one user login session and forced logging out of the user before another booking while booking of tickets between 0800 […]
Section 80DD of the Income Tax Act, 1961, inter alia, provides for a deduction to an individual or HUF, who is a resident in India, and • Incurs expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or • Pays any amount to LIC or any […]
