The Income Tax Department has carried out searches on 05/11/2020 in the case of one prominent coal trader of West Bengal having premises in Raniganj, Asansol, Purulia and Kolkata. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generated and used for various purposes.
The issue under consideration is whether CIT(A) is correct in disallowing managerial and administrative expenses for earning dividend income by treating this as tax free income?
Discover ITAT Bangalore’s decision on Aptean India Pvt. Ltd.’s appeal against assessment order for AY 2013-14 regarding education cess deduction.
Eit Services India Pvt. Ltd. Vs ACIT (ITAT Bangalore) According to the Assessee, it was on the basis of professional opinion, under the belief that the issues that were sought to be agitated before the CIT(A) against the order of assessment dated 30.12.2008 could be agitated before the AO in the proceedings pursuant to the […]
The State of Rajasthan & Ors. Vs Heem Singh (Supreme Court of India) In the present case, the respondent was acquitted of the charge of murder. The circumstances in which the trial led to an acquittal have been elucidated in detail above. The verdict of the criminal trial did not conclude the disciplinary enquiry. The […]
High Court on Its Own Motion Vs State of Maharashtra (Bombay High Court) 1. Although the situation in the State of Maharashtra because of the pandemic has improved over the last few days, access to the courts of law is yet not free. To ensure that persons suffering orders of dispossession, demolition, eviction, etc., passed […]
All listed companies are requested to take note that the following action shall be taken if a listed company fail to pay the outstanding ALF (including the listing fee for Financial Year 2020-21) on or before November 20, 2020,
Sanjiv Kumar Mittal Vs Deputy Commissioner (TRC), CGST Commissionerate Delhi South & Ors. (Delhi High Court) SECTION 87(b)(i) OF THE FINANCE ACT PROVIDES FOR A GARNISHEE ORDER ONLY – i.e. PROVIDES FOR ATTACHMENT OF FUNDS OF AN ASSESSEE LYING WITH THIRD PARTIES. THERE IS NO PROVISION IN THE FINANCE ACT MAKING AN EX-DIRECTOR, EVEN IF […]
All open ended debt schemes (except Overnight Fund, Liquid Fund, Gilt Fund and Gilt Fund with 10 year constant duration) shall hold at least 10% of their net assets in liquid assets. For this purpose, ‘liquid assets’ shall include Cash, Government Securities, T-bills and Repo on Government Securities.
In order to give more flexibility to the mutual funds and taking into account the recommendations of Mutual Fund Advisory Committee (MFAC), a new category named Flexi Cap Fund under Equity Schemes will be available with the following scheme characteristics.
