Tax on income out of excess employer contribution to specified funds – Computation methodology prescribed The Finance Act 2020 introduced a new provision under the Income-tax Act, 1961 (the Act) by virtue of which employer contribution exceeding Rs. 7.5 lakhs p.a. (i.e. excess contribution) in aggregate to the following funds is now taxable in the […]
New India Civil Erectors Private Limited Vs Union of India (Bombay High Court) A careful reading of the query and the answer given thereto would make it clear that if an enquiry or investigation or audit was initiated on or before 30.06.2019 then such a person would not be eligible to make a declaration under […]
Shree Mohangarh Construction Co. Vs Commissioner of Central Excise & Service Tax (CESTAT New Delhi) The first contract is supply of river sand; it is not for loading or unloading any cargo. Needless to say that if somebody has to supply river sand it has to loaded into the truck and unloaded it at the […]
Companies registered under the Factories Act, 1948, generally provides canteen facility to its employees. Section 46 provides that any factory employing more than specified numbers i.e. more than 250 workers required to provide canteen facility either by self canteen or by third party contract to its employees, since this is mandatory. It has been noticed […]
In present facts of the case, it was observed by Hon’ble High Court that Section 132(6) of CGST Act, would be required only after the conclusion of the investigation and at the stage of presentation of charge-sheet/final report under Section 173 Cr.P.C.
Visakhapatnam Port Trust Vs CIT (ITAT Visakhapatnam) In the instant case, the registration was already granted by the Ld.CIT vide order dated 20.03.2008 w.e.f. 01.04.2002. There is no dispute with regard to genuineness of the activities and there is no finding of the Ld.CIT with regard to not carrying on the activities as per the […]
USG Buildwell Pvt. Ltd. Vs Additional CIT (ITAT Delhi) The Ld. DR submitted that the disallowance u/s 37 on account of additional payment for purchase of land was righty made as the assessee could not establish his case as the expenditure was incurred without any substantial evidence produced before the Assessing Officer to that effect […]
Financial auditing is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws. This process of auditing is carried out with different objectives, if objective of auditor is establish fairness of the financial result it […]
Distinguish between misrepresentation and warranty in insurance contracts. Explore the nuances of representations and warranties, their impact on policy eligibility, and the contractual obligations they entail. Gain insights into key legal distinctions, illustrated with relevant court decisions. Understand the importance of accurate statements, whether as representations made during negotiations or warranties included in the policy document. Navigate the complexities of insurance contracts with clarity.
When a company expands it requires additional funds. One of the many ways to raise additional capital for a listed company is rights issue of shares. If a company issues shares to the public at large, it may affect the voting rights of the existing shareholders of the company. So in order to avoid this […]
