"25 March 2020" Archive - Page 4

SC explains when additional Tax under Section 143(1-A) can be imposed

Rajasthan State Electricity Board Vs. DCIT (Supreme Court)

Rajasthan State Electricity Board Vs. DCIT (Supreme Court) Section 143(1-A) can only be invoked where it is found on facts that the lesser amount stated in the return filed by the assessee is a result of an attempt to evade tax lawfully payable by the assessee. The burden of proving that the assessee has so […]...

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Failure to pass fresh Provisional attachment order- HC imposes cost of ₹ 5 Lakh on GST Authorities

Amazonite Steel Pvt. Ltd Vs. UOI (Calcutta High Court)

Section 83(2) is crystal clear that the provisional attachment shall cease upon expiry of one year. It was therefore incumbent on the authorities to either release the provisional attachment by informing the bank or by issuing a fresh order of provisional attachment, if the law so allowed....

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No Section 11 exemption denial if cancelled registration was restored

Amateur Riders’ Club Vs ADIT (ITAT Mumbai)

Once the cancellation of registration had been set aside and registration granted under section 12A had been restored by the Tribunal, CIT(Appeals)’s decision for disallowance of exemption under section 11 became redundant, hence, had to be set aside....

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Adani Gas was liable for penalty for abusing dominant position

Adani Gas Limited Vs Competition Commission of India (NCLAT)

Penalty was leviable on assessee for contravention of provisions of section 4(2)(a)(i) of the Competition Act, 2002 (Act) by imposing unfair conditions upon the buyers under Gas Supply Agreement (GSA) and for abusing dominant position....

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Posted Under: Income Tax | |

Facilitation measures undertaken by Regulatory Authorities- COVID-19- ICSI

Developments arising due to the spread of the COVID-19 virus have warranted the need for temporary relaxations in compliance requirements and other facilitation measures. The measures undertaken by both, the Ministry of Corporate Affairs and the Securities and Exchange Board of India are placed hereinbelow:...

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Posted Under: Income Tax |

Section 68 addition justified for unexplained LTCG from penny stock

Bhagwatiben Vinodkumar Surani Vs ITO (ITAT Ahmedabad)

Addition of long-term capital gain against an investor who invested in a penny stock company in connection with the penny stock scam involving Rs. 36,000 Crores was upheld as additions made on account of detailed enquiries being carried out by Kolkata Investigation Directorate with regard to 84 penny stocks company as well as SEBI and no ...

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ICSI extends last date for online Submission of June 2020 Exam Form

Extension of Last Date for Online Submission of examination form at https://smash.icsi.in/ for June, 2020 session of CS Examinations to 5th April 2020 without any late fees and 15th April 2020 with Late Fees...

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Posted Under: Income Tax |

ICSI on Company Affirmation of Readiness towards COVID-19

MCA has deployed a simple web form for companies/LLPs to confirm their readiness to deal with the COVID-19 threat. The web form named CAR (Company Affirmation of Readiness towards COVID-19) is required to be filed by authorized signatory of company/LLP....

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Posted Under: Income Tax |

Important Update by Finance Minister on 24th March 2020

Some Big announcements made by Finance Minister for Compliance and taxation relief. Most awaited relief given. Have a look at it. COVID19 Relief Compliance and Regulation Related Announcements: Income Tax: Last date for Returns for FY 2018-19 extended to 30th June 2020 Delayed Payments made till 30th June – Interest Rate reduced fro...

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Posted Under: Income Tax |

SC order binding on everyone in India; NCLT benches to remain close till 31.03.2020

National Company Law Tribunal 6th Floor, Block-3, CGO Complex, Lodhi Road New Delhi-110003 Dated: 24.3.2020 NOTICE 1.With regard to Limitation,it is clear that the order dated 23.3.2020 passed by Hon’ble Supreme Court in suo motu WP-03/2020 is binding on everyone in India,for further clarification,it is hereby clarified that the lit...

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Posted Under: Income Tax |