Whether the High Court ought to interfere, under Article 226/227 of the Constitution, with an Order passed by the National Company Law Tribunal in a proceeding under the Insolvency and Bankruptcy Code, 2016 , ignoring the availability of a statutory remedy of appeal to the National Company Law Appellate Tribunal and if so, under what circumstances?
—”The term ‘charity’ connotes altruism in both thinking and deed. It entails thinking about others rather than oneself.” In the matter of Andhra Chamber of Commerce [1965] 55 ITR 722 (SC), the Supreme Court ruled that. INTRODUCTION It is vital to understand the concept of Charitable Purpose. Section 2(15) of the Income Tax Act 19611, […]
HC held that in a case where assessee is accused of passing on fake Input Tax Credit (ITC) without actual moment of goods, a reasoned order must be passed by Joint Commissioner of State Tax, after acknowledging all the relevant material and contentions that the assessee may produce to satisfy the authorities.
Hyderabad CESTAT held that service of providing exhibition of movies by the exhibitor to the producers/distributors of such movies is not a support or assistance activity but is an activity on its own accord, therefore does not fall under the category of Business Support Service (BSS) as per Section 73(1A) of the Finance Act, 1994 (the Finance Act).
The plea by assessee to quash Enforcement Directorate summons in a money laundering case was quashed as assessee had failed to make out a case for interference for the invocation of 226 of the Constitution and 482 of Cr.P.C.
Since excess amount paid over and above the net asset value on acquiring a business concern should constitute goodwill however, eligibility of assessee to claim depreciation on Goodwill to AO was restored after affording adequate opportunity of hearing.
Assessee could not be compelled to wait for eternity to agitate its claim seeking refund under the provisions of GST of the amount to which it was entitled to under the statute and also blocking its funds affecting its cash flows, merely because of existence of (non functional) alternate forum/remedy on paper, by not invoking the jurisdiction under Article 226 of the Constitution of India.
Circular seeking applications from Chartered Accountants for engagements as Professionals in NFRA on contractual basis Government of India National Financial Reporting Authority ***** 7th Floor, Hindustan Times House, Kasturba Gandhi Marg, New Delhi Dated 17th November, 2021 A-12011/8/2019-ESTT-NFRA CIRCULAR National Financial Reporting Authority (NFRA) intends to engage eligible and interested persons as professionals purely on […]
Hello readers – Now days tax audit date approaching so I think relevant clause under which tax audit to be conducted we must know- Clause 8 of 3CD- Clause 44AB (a) – Every person carrying on business shall get accounts audited if receipts of business exceeding specified limits – The limit provided in the clause […]
A new scheme of taxation has been introduced by the Finance Act ,2020 by insertion of a new Section 115BAC. The basic feature of this new tax regime is lower tax rates as compared to existing slab rates but on the other hand the assessee has to forego around 70 exemptions and deductions presently available .