Get insights into the audit requirements under the Income Tax Act 1961. Understand the conditions for tax audits and how they apply to businesses and professionals.
No addition can be made to the income of the assessee in this asst. years, as in the view of the AO the outstanding liability in question is bogus and non-existent. The question of cessation of such non-existent as bogus liability does not arise. Hence, Sec. 41(1) cannot be applied. Only when there is a genuine liability and there is cessation of such liability or it is written off in the books of account, then Sec. 41(1) of the Act can be applied.
Treasa Josfine Vs State of Kerala (Kerala High Court) It is submitted that the petitioner is an engineering graduate in Safety and Fire Engineering. The 2nd respondent, a public sector undertaking under the State of Kerala, has engaged the petitioner as Graduate Engineer Trainee (Safety) and the petitioner had worked as such for the period […]
How to Identify whether the proposed transaction is a Related Party Transaction u/s 188 of Companies Act, 2013 or not? 1st Stage (Preliminary test) 1. Is it a transaction (Contract or arrangement) that falls under Section 188(1)(a) to (g) of the Companies Act, 2013 (the Act)?; AND 2. Is it a related Party in terms […]
SPICE Forms referred to the form through which a Company was Incorporated as per the Companies Act, 2013. This was an E-form available in the MCA website which helped in incorporating a company. However, a new form was introduced by the Ministry of Corporate Affairs (MCA) for incorporation of companies known as ‘SPICE+ (INC-32)’ along […]
The DGFT is a facilitator & TCS the chosen implementer for the DGFT platform. TCS is a multi-billion-dollar company operating worldwide but it appears that while working with the Indian bureaucracy the best hit the bottom & bite the dust & this seems to be the case. Granting status recognition should not require any application […]
ITO Vs Richmond Vivek Laboratories P Ltd (ITAT Hyderabad) Learned CIT (DR) vehemently contended during the course of hearing that the CIT (A) has erred in law and on facts in deleting the impugned misc. expenditure disallowance of Rs.1,92,38,312/- despite the fact that the assessee had failed to prove the same by way of filing […]
Gujarat High Court directs Micro and Small Enterprises Facilitation Council to determine if it can act as an Arbitrator after serving as a Conciliator.
Shri Subbaraya Annamalai Siva Kumar Vs ITO (ITAT Hyderbad) Ld.DR fails to dispute the clinching fact that the Pr. CIT’s impugned order has nowhere held the assessment in question dated 06.01.2015 as an erroneous one so far as it causes prejudice to the interest of Revenue as per Sec.263 of the Act. Ld.Pr.CIT has rather […]
Due to sharp increase in COVID-19 cases throughout the It has been decided to take up regular hearing through Video Conference w.e.f. 12.4.2021 at all NCLT Benches. The Benches shall sit as per Rule 9 of NCLT Rules, 2016- sitting hours of the Tribunal:
