PCIT Vs Junjab National Bank (Delhi High Court) Merely because additions made by the Assessing Officer have been partially upheld by the CIT (A), would not confer the ground to initiate proceedings under Section 271(1)(c) of the Act of imposition of penalty, unless it is found that there is concealment of material facts, or furnishing […]
The issue under consideration is whether A.O. and CIT is correct in making an addition u/s 69 for cash found during search in bank locker?
Mahle Filter Systems Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The issue under consideration is whether A.O. is correct in treating the ‘rental income’ as ‘income from other sources’? The assessee has disclosed rental receipts from its factory building and after deducting 30% as per provisions of section 24 of the Act, income from house […]
Better Measure for cash flow problems for MSMEs in Lockdown scenario- TReDS- Trade Receivable Discounting System India is in lockdown from over 68 days due to COVID 19 situation and lockdown has depicted the big impact on the economy of India. Since lockdown, no business activity has happened except some essential businesses, so MSME sector […]
Provisional assessment under GST If the taxable person is unable to determine the value of goods or services or both or determine the rate of tax applicable thereto, he may request the officer for payment of tax on a provisional basis and the officer shall pass an order, within ninety days from the date of […]
Capital crunch in business – 11 possible ways of refinancing your business- ‘ART OF FUND RAISING’ Art of Fund Raising ♦ Business profile should be sound. ♦ CIBIL Record should be good ♦ Documentation should be complete. ♦ Project Report/Projections should be sound. ♦ Bank transactions should be frequent with constant inflows. ♦ Cheque should […]
1. Introduction 1.1 Transportation and Logistics is an important aspect of any economy and vital component of businesses. It is this part or activity which is responsible for movement and/or flow of goods from the place of manufacture to the end consumers. Approx. 14% of the Gross Domestic Product (GDP) is spent on transport and […]
26AS Form in new format under I-Tax Rule 114-I have been notified wef 1.6.2020. Please note all the information in it is auto populated and earlier it was mainly providing information wrt Tax (TDS, TCS, Advance Tax etc) alongwith Gross Income only. But now new 26AS form shall be a complete profile of taxpayer’s financial […]
Right Issue – One of the method to further issue of share Capital in the Company. Right issue is described under Section 62(1)(a) of Companies Act 2013 & it is one of the method to further issue of Share Capital in the Company. In right issue the right is given to the existing equity shareholders […]
Transactions specifically related to Sections 43 to 46 and Section 66 of the Insolvency and Bankruptcy Code, 2016 are being looked at by the forensic experts. These sections deal with identifying preferential and undervalued transactions, and those deliberately entered into to defraud creditors. These sections also deal with identifying undisclosed relationship(s) between the entities of […]
