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Archive: 17 March 2022

Posts in 17 March 2022

Negligence cannot be treated to be misconduct- No action For Passing A Wrong Order

March 17, 2022 5721 Views 1 comment Print

Abhay Jain Vs High Court Of Judicature For Rajasthan And Anr (Supreme Court) SC held that the appellant may have been guilty of negligence in the sense that he did not carefully go through the case file and did not take notice of the order of the High Court which was on his file. This […]

Forensic Accounting – A need of an ERA

March 17, 2022 5088 Views 1 comment Print

Introduction In 2002, the world had observed the collapse of US energy sector giant Enron Corporation when it was at the peak of business with the reputation of ‘America’s most innovative companies’ for six consecutive years by Fortune. In 2016, the world had observed a series of paper leak, known as Panama Papers, which revealed […]

How Human Resources Are Different From Human Capital?

March 17, 2022 1074 Views 5 comments Print

The success of any organization not only depends merely on its tangible assets but also on the company’s reporting practices, policies adopted, technology used, awareness of stakeholders, investor’s role, financial analyst’s comments, and attitudes of public occupies a predominant role. The past few years skyrocketing development has prompted companies to start considering the importance of […]

Land Reform Policies for Tribals

March 17, 2022 6060 Views 0 comment Print

Land Policies for Tribal Background As per 2001 Census, Tribal population constitute 8% of the total population of the Country and among them 80% live in the central belt, extending from Gujarat and Rajasthan in the West and across the States of Maharashtra, Madhya Pradesh, Chhattisgarh, Bihar, Jharkhand and Orissa, to West Bengal and Tripura […]

Indiscriminate and a rash of notices by Income Tax Department

March 17, 2022 12903 Views 3 comments Print

Tax Practitioners’ Association, Indore has made a representation against Indiscriminate and a rash of notices by Income Tax Department Tax Practitioners’ Association, Indore  TPA Hall, Room No. 17, Ground Floor, Aaykar Bhawan (Main Building), Indore – 452001 (M.P.) E-Mail : secretary@tpaindore.com Date: 16/03/2022 To, Smt. Nirmala Sitharaman Hon. Union Minister of Finance, Ministry of Finance, […]

HC quashed Vague & Non-Speaking GST Registration Cancellation order

March 17, 2022 870 Views 0 comment Print

Vinayak Metal Through Its Proprietor Ankit Ratilal Gunjariya  Vs State of Gujarat (Gujarat High Court) On bare perusal of the contents of the show cause notice as well as the impugned order, we find that the said show cause notice is absolutely vague, bereft of any material particulars and the impugned order is also vague […]

Employees’ contribution towards ESI/PF paid before due date of filing of return of income allowable

March 17, 2022 1299 Views 0 comment Print

Arjun Yadav Vs DCIT (ITAT Chandigarh) In the instant case, it is not in dispute that employees’ contribution to ESI and PF had been deposited well before the due date of filing of return of income u/s 139(1) of the Act. We further note that though the ld. CIT(A) has not disputed the various decisions […]

Providing Reasonable opportunity of personal hearing is mandatory – Section 144B

March 17, 2022 3348 Views 0 comment Print

High Court held that use of the expression ‘may’ in Section 144B(7)(viii) is not decisive. Where a discretion is conferred upon a quasi judicial authority whose decision has civil consequences, the word ‘may’ which denotes discretion should be construed to mean a command. Consequently, the requirement of giving an assessee a reasonable opportunity of personal hearing is mandatory.

CBDT notifies Assessments to be completed by jurisdictional AO

March 17, 2022 17439 Views 1 comment Print

CBDT notifies vide Order No. F. No. 187/3/2020-ITA-I | Dated: 17th March, 2022 the Assessments which shall he completed by the jurisdictional Assessing Officer (AO)  i.e. Assessment orders in all cases for which the time for completion expires on 31.03.2022 pending with the jurisdictional Assessing Officer as on 15.03.2022 or thereafter, which cannot he completed […]

Case Study – National Spot Exchange Limited

March 17, 2022 6402 Views 0 comment Print

As you are aware that the management of a company is supposed to work in the best interest of the shareholders, however in practice it may pursue its own agenda and that leads to the agency conflicts. Since corporates are legal entities and managed by natural persons and they collectively called Board of Directors. The […]

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