"23 June 2022" Archive

Master Circular – Housing Finance for UCBs

Notification No. RBI/2022-23/76 DOR.CRE.REC.No.49/09.22.010/2022-23 23/06/2022

The role of primary (urban) co-operative banks (UCBs) in providing housing finance has been reviewed from time to time. These banks, with their vast network, occupy a very strategic position in the financial system and have an important role to play in providing credit to the housing sector....

Read More

Understanding the Word Not Defined under Companies Act, 2013

We all faced the problem while interpreting the provisions where the word-forming the provisions are not defined in the Act or rules and regulations, schedules etc., made under the Act. In such a situation, the most pertinent question is which statute we should refer to define that word. It is important to note that in […]...

Read More
Posted Under: Fema / RBI |

Section 194R TDS From 1st July 2022: Impact, Issues & Challenge

Recently CBDT has issued Circular No.12/2022 dated 16th June 2022 to clarify and guide taxpayers on various issues in implementation of Section 194R of Income Tax Act 2022 enacted vide Finance Act 2022. Below is our Analysis on various impact, issues & challenges in implementation of Section 194R, for Trade & Industry – Introduc...

Read More
Posted Under: Fema / RBI |

Dilemma of Professionals in regard to Arrest under GST

Dilemma Of Professionals – In Regard To Arrest Under GST Act, 2017 (For Themselves Or For Their Clients) After seeing a significant rise in arrest of Professionals or Businessmen by GST Authorities all around the Country, there has come a need to shed some light on this Topic, as it is the need of the […]...

Read More
Posted Under: Fema / RBI | ,

Addition for difference in profit as per ITR & audit report valid if diff. not explained satisfactorily

G. V. N. Hospitals Vs ACIT (ITAT Chennai)

G. V. N. Hospitals Vs ACIT (ITAT Chennai) In the present case, admittedly there is difference in net profit as shown in ITR and tax audit report and same has not been satisfactorily explained by the assessee. The Assessing Officer, after considering relevant facts has rightly made additions towards difference in net profit. The learned [&...

Read More

AO cannot unfollow ITAT order merely because it was not acceptable to dept

Karanja Terminal & Logistic Pvt. Ltd. Vs PCIT (Bombay High Court)

Karanja Terminal & Logistic Pvt. Ltd. Vs PCIT (Bombay High Court) The principles of judicial discipline require that the orders of the higher appellate authorities should be followed unreservedly by the subordinate authorities. The mere fact that the order of the appellate authority is not acceptable to the department and is the subj...

Read More

Document related to to expenses/EBIDTA details, etc. can’t be said incriminating material to initiate proceedings u/s 153A

Vivimed Labs Limited Vs ACIT (ITAT Hyderabad)

Vivimed Labs Limited Vs ACIT (ITAT Hyderabad) hon’ble apex court’s landmark decision in CIT Vs. Sinhaghad Technical Educational Society (2017) 84 com 290 (SC) that no such proceedings initiated u/s 153A of the Act sustainable in law for want of incriminating material found or seized during the course of search. We make it clear that [...

Read More

Setoff of unabsorbed depreciation available against income from other source

Hewitt Associates (India) Private Limited Vs ACIT (ITAT Delhi)

Hewitt Associates (India) Private Limited Vs ACIT (ITAT Delhi) Setoff of unabsorbed depreciation should be allowed against income from other source. Facts- The assessee, Hewitt Associates (India) Private Limited, engaged in providing support services to its associated enterprises (“AEs”). The services are software development support ...

Read More

Investigation at crucial stage, bail application dismissed

Abdul Gafoor @ Kunhumon Vs Asst. Director (Kerala High Court)

It is not possible for me at this stage to record satisfaction that there are reasonable grounds for believing that the petitioner is not guilty of the offences alleged. The investigation is going on and the same is at a crucial stage. Bail application dismissed....

Read More

TDS not deductible on amount of compensation paid under award/agreement

Seema Jagdish Patil Vs National Hi-Speed Rail Corporation Ltd. (Bombay High Court)

Section 96 read with Section 46 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 specifically exempts payment of income tax on an amount of compensation paid under the award and/or agreement. Accordingly, TDS not deductible....

Read More