"30 July 2022" Archive

ASK Centers throughout India shall remain open on 31st July 2022

F. No. 225/125/2022-ITA.II 30/07/2022

ASK Centers throughout India shall remain open on 31st July 2022 during normal office hours to facilitate filing of Income Tax tax returns ...

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Application for initiation of CIRP by operational creditor cannot be admitted if debit is disputed

S.S. Engineers Vs Hindustan Petroleum Corporation Ltd. (Supreme Court of India)

Held that operational creditor can trigger CIRP process only in case of undisputed debt and default in payment thereof. However, if the debit is disputed, the application of the operational creditor for CIRP process cannot be admitted....

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Khasgi trust is a public trust & trust property can be alienate as per section 14 of Public Trust Act

The Khasgi (Devi Ahilyabai Holkar Charities) Trust Vs Vipin Dhanaitkar (Supreme Court of India)

The Khasgi (Devi Ahilyabai Holkar Charities) Trust Vs Vipin Dhanaitkar (Supreme Court of India) Held that as Public Trust Act is applicable to the Khasgi Trust, the Trustees cannot alienate the trust properties without complying with section 14. Facts- The main issue involved here is that whether Khasgi Trust is a Public Trust. Also, whet...

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Change of Branch Manager not sufficient reason for delay in appeal filing

State Bank of India Vs ITO (ITAT Bangalore)

Due to change of Manager of Branch and appeal order was not noticed by manager, hence assessee could not file appeal within period of limitation is not acceptable...

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10 clarifications sought by Taxpayers while filing their Income-tax returns

FAQs on top ten clarifications sought by the Taxpayers while filing their Income-tax returns. Question 1: Self-assessment tax paid but not reflecting in prefilled details. Resolution: As per the normal process, it takes 3 to 4 days for different banks to provide information to the department. Post that, it gets prefilled in the Tax-return...

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Posted Under: Income Tax | ,

Representation In Respect to Due Date for Filing Income Tax Returns

Bikaner Tax Consultants Association has made a representation to Union Minister of Finance, Chairman, Central Board of Direct Taxes and Revenue Secretary, Government of India on 29.07.2022 for extension of due date of Income Tax Returns (For Non-Audit Cases).  Relevant text of their representation is as follows:-   SUBJECT: REPRESENTA...

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Posted Under: Income Tax | ,

Income Tax Department searches two business groups in Tamil Nadu

Income Tax Department carried out a search and seizure operation on 20.07.2022 on two business groups; one engaged in real estate, and the other in contracts related to road and railway construction....

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Posted Under: Income Tax |

Arbitral award set aside as awarded without any basis

Kanti Bijlee Utpadan Nigam Ltd Vs Paltech Cooling Towers & Equipments Ltd. (Delhi High Court)

Held that an arbitral award awarded without any basis and also without adjudication of the claims is unsustainable in law....

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Non Resident and Types of transactions under FEMA

Non-Resident Person An Indian residing abroad is generally known as Non-Resident Indian (NRI). Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin. NRI includes the Person of Indian Origin (PIO). PIO is a person, who at any time held Indian Passport, or […]...

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Posted Under: Income Tax |

All about – Foreign Direct Investment (FDI)

‘Foreign Direct Investment’ means an investment by a Resident Person outside India, through equity instruments. The FDI may in an unlisted Indian Company; or if in a listed Indian Company, then it can be ten percent or more of the post issue paid-up equity capital on a fully diluted basis. Foreign Investment “Foreign Investm...

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Posted Under: Income Tax |