Shivsamarth Group Vs PCIT (ITAT Pune) Admittedly, in the present case, the order which is sought to be revised is the order dropping the reassessment proceedings u/s 147 of the Act. On carefully going through the material on record, it would be clear that the original reassessment proceedings were initiated with view to tax the […]
GSA Gestions Sportives Automobiles SA Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that penalty can’t be invoked under Income Tax Act without relevant documents which substantiate business activities. The appellant GSA (Gestions Sportives Automobiles) is a company engaged in providing services of qualified motor racing drivers to teams […]
Omega Laser Products B.V. Vs Anil Agrawal (NCLAT Delhi) It is seen from the record that the remuneration of the MD is a ‘disputed question of fact’. It is not within our domain under IBC to ‘decide the issue of the fixation of the salary of the MD’, but to ascertain if there is any […]
Asha Bhausaheb Thube Vs ITO (ITAT Pune) Section 54F of the Act requires assessee to purchase new residential house within a period of Two years after the date of Sale or construct within a period of Three years. In this case, it is a fact that assessee has neither purchased nor constructed a residential house […]
Case of the prosecution is that the applicant is a Chartered Accountant and Company Secretary engaged in the profession of teaching students who aspire to become Chartered Accountant. The complainant is the Managing Director of a Coaching Institute for CA and CS titled as J.K. Shah Education Private Limited.
Polybond India Pvt. Ltd. Vs JCIT (ITAT Pune) It is seen that the assessee claimed deduction u/s 10B of the Act. In the computation of deduction, the assessee inter alia, excluded DEPB entitlement of Rs.48.28 lakhs from the `export turnover‟ which amount was also excluded from the amount of `total turnover’. The authorities below have […]
Refund was allowable to assessee alongwith the interest on delayed refund as the officer arbitrarily and illegally withheld the amount of refund despite the order of the first appellate authority dated 30.06.2018 for refund.
Chandrasekaran Ragupati Vs CBDT (Madras High Court) It is the admitted case on the part of the Revenue that, on the last date i.e., on 11.06.2021, which was given to the petitioner to reply ie., upto which the web portal of the respondent was not functioning because of technical glitches. This has been admitted by […]
The frequency of the following returns is modified as under: i. HIR-19 return to be submitted annually instead of quarterly ii. HIR-14 to HIR – 17 returns to be submitted annually instead of Half-yearly c. GHIS return (HIR-20) on Information on Government Sponsored Health Insurance Schemes and GHISAR Return (HIR-21) stands dispensed with.
Considering the emergence of passive funds i.e. Exchange Traded Funds (ETFs) and Index Funds as an investment product for retail investors globally and various advantages of passive investing like transparency, diversification, lower cost vis-à-vis active funds, a need was felt to review the regulatory framework for passive funds in India.
