"17 August 2022" Archive - Page 4

Cyber Attacks

A cyberattack is any attempt to gain unauthorized access to a computer, computer system, or computer network with the intent to cause harm. The goal of cyber-attacks is to disable, disrupt, destroy, or control computer systems, or to change, block, delete, manipulate, or steal data stored on those systems. A cyberattack can be launched fr...

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Posted Under: Corporate Law |

Addition merely on the basis of declaration u/s. 132(4) is untenable in law

Om Builders Vs ACIT (ITAT Indore)

Held that addition made merely on the basis of statement by one of the partners and without finding any incriminating material is untenable in law....

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Non-availability of record is reasonable cause for failure to comply with notice u/s 142(1)

Amita Rajvedi Vs DCIT (ITAT Allahabad)

Held that imposing penalty u/s. 271(1)(b) justified as necessary record impounded by the department was not supplied to the assessee, accordingly assessee failed to comply with the notice u/s. 142(1)....

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LTCG from sale of shares of TEL is Bogus: ITAT Indore

Abhishek Gupta Vs ITO (ITAT Indore)

ITAT Indore Upheld the Action of Revenue in holding LTCG earned from sale of shares of Turbotech Engineering Ltd. (TEL) as Bogus, The Hon. Tribunal followed the decision of Hon. Calcutta High Court rendered in case of PCIT vs. Swati Bajaj ITA No. 06/2022 Dated 14.06.2022...

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How do I recover my deductible from the at-fault driver?

Getting in a car accident is an unfortunate situation, even if the accident is not your fault. There’s a risk of damaging your car severely, or worse, totaling it....

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Posted Under: Corporate Law |

FAQs on Section 115BAB of Income Tax Act, 1961

Section 115BAB of Income Tax Act, 1961 deals with Tax on income of new manufacturing domestic companies and is inserted with effect from the 1st day of April, 2020. Article answers few question related to Section 115BAB of Income Tax Act, 1961. Can the the company be registered with a similar name of the old […]...

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Posted Under: Corporate Law |

Strike Off of Company Without Filing of INC-20A

FAILS TO COMMENCE BUSINESS:- The  companies which  fails to commence its business operation within period of 1 year from incorporation and not filed form INC-20A within 180 days under sub section (1) of section 10A and wants to close its business operation without payment of any additional fees or penalty then company can proceed for [&...

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Posted Under: Corporate Law |

Points To Ponder: Amended Schedule III of Companies Act, 2013

Schedule III to the Companies Act, 2013 provides the manner in which the Financial Statements of a Company shall be prepared. ...

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Posted Under: Corporate Law |

Is GST payable on foreign exchange gain/loss in case of import of services?

It is a common understanding that GST is payable on import of services, subject to place of supply provisions. What is interesting in foreign transactions is that the base value of an invoice issued in foreign currency remains fixed, however, it might keep changing when it gets converted to INR at different points in time. […]...

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Posted Under: Corporate Law |

Adjudication under Food Safety and Standards Act, 2006

Adjudicating Officer Adjudicating Officer under this act shall be an officer not below the rank of Additional District Magistrate of the concerned district and shall be appointed by the State Government. Adjudicating Officer shall have the powers of a Civil Court and all proceedings before him shall be deemed to be Judicial proceedings un...

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Posted Under: Corporate Law |