2 Archive - 16 August 2022

"16 August 2022" Archive - Page 4

Interest on delayed TDS payment not allowable as Deduction

Rajendra Sukhdev Mirgane Vs DCIT (ITAT Pune)

ITAT held that interest on delayed payment of TDS cannot be allowed as deduction in terms of section 40(a)(ii) of Income Tax Act, 1961....

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No addition for Cash Gift from Siblings for Medical Emergencies

Ritu Jain Vs ITO (ITAT Delhi)

ITAT held that cash gifts received by the assessee from her brother and sister cannot be added as unexplained income under section 69A....

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GST Transitional Credit: SC allows any aggrieved registered assessee

Proventus Life Sciences Pvt.Ltd Vs The Commissioner (Madras High Court)

SC in case of Filco Trade Centre Pvt. Ltd. allowed 'any aggrieved registered assessee' to file a form seeking Transitional credit or revision thereof...

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No Prosecution under PMLA after Acquittal of Accused of Scheduled Offence

Parvathi Kollur & Anr. Vs State By Directorate Of Enforcement (Supreme Court of India)

Parvathi Kollur & Anr. Vs State By Directorate of Enforcement (Supreme Court)  The offence under Section 3 of Prevention of Money-Laundering Act, 2002 is dependent on illegal gain of property as a result of criminal activity relating to a scheduled offence. It is concerning the process or activity connected with such property, which ...

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Section 196 Appointment of MD, Whole-time director or Manager – Analysis

Section 196 – Appointment of Managing Director (MD), Whole-time director or Manager – with Analysis Section 196 – Appointment of Managing Director, Whole-time director or Manager. (1) No company shall appoint or employ at the same time a managing director and a manager. Analysis– BUT WHY, We can’t appoint MD ...

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Posted Under: Income Tax |

Listing of Start-Up in India

As we are aware that the Startup India is a flagship program initiated by the government of India, It was first announced on 15th August, 2015 during the independence day speech. Down the line, it’s been 7 years of Startup India, & India has gone a long way right from no recognition of start-ups, to […]...

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Posted Under: Income Tax |

Inflation- proof yourself in 2022

Inflation and best ways to deal with it It kind of feels like everything is expensive these days, right? Petrol prices, fruits and vegetable prices, grocery bills, etc. It is so shocking to see that prices have increased so significantly for the same quantity you were getting a year before. Well, you guessed it right! […]...

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Posted Under: Income Tax |

There is no need to file separate claim for Income Tax refund

M. J. Engineering Consultants P Ltd Vs ITO (Delhi High Court)

Assessee need not file any separate claim for Income Tax refund as same is deemed to incorporated in return filed by assessee itself...

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Stakeholders interest vs Environmental and Societal interests

Any normal business organisation works taking into account the meeting of Employee interests, ensuring Customer satisfaction and increasing Shareholder value. These three objectives remain the primary ones and is normally the usual model. In the process of achieving above goals social, environmental and ethical considerations are sometime...

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Posted Under: Income Tax |

Food Registration & License

The Food Safety and Standards Act, 2006 is made with a view to ensure availability of safe and wholesome food for human consumption. This act received the assent of the President on 23rd August, 2006 and applicable from 24th August 2006. Food Safety and Standards Authority of India has been established by the Central Government […]...

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Posted Under: Income Tax |