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Archive: 18 August 2022

Posts in 18 August 2022

Section 2(22)(e) addition not justified for business expenses of company 

August 18, 2022 1230 Views 1 comment Print

It is an admitted position that the alleged expenses incurred by the Assessee were business expenses of the company and therefore no personal benefit accrues to the Assessee as alleged by the authorities below. Hence, this Section 2(22)(e) of Income Tax Act, 1961 cannot be invoked by alleging that Assessee had benefitted.

What Are Bonds and Different Types of Bonds

August 18, 2022 2820 Views 0 comment Print

Bond is a financial instrument which is offered as a security to loans offered to an investor that are issued by a government or corporate entity.

Fixed Deposits: Best Investment or Not

August 18, 2022 2508 Views 0 comment Print

Is fixed deposit the best investment option? Learn about the benefits and drawbacks of fixed deposits and make an informed decision.

Mutual Fund is a great investment option

August 18, 2022 1680 Views 0 comment Print

A trust that gathers funds from various investors with a shared investing goal. The money is then invested in stocks, bonds, money market instruments, and other securities.

Representation to scrap Clause No. 44 of Tax Audit Report (Form 3CD)

August 18, 2022 14592 Views 3 comments Print

Representation requesting to scrap  Clause No. 44 of  Tax Audit Report (Form 3CD) under the Income Tax Act, 1961

Robinson and purity Barley taxable under residual entry at 12%

August 18, 2022 1278 Views 0 comment Print

Held that distinct commercial product Robinson Barley and Purity Barley cannot be classified as cereal. Hence taxable under residual entry @12% under Orissa Sales Tax Act, 1947.

Online account opening & closure for NSC (VIII Issue) & Kisan Vikas Patra

August 18, 2022 2661 Views 0 comment Print

Online account opening & closure through DOP Internet Banking for National Savings Certificates (VIII Issue) & Kisan Vikas Patra

Qualified Suppliers’ for supply of bullion on India International Bullion Exchange

August 18, 2022 1356 Views 0 comment Print

QS-LPTM shall comply with the ‘fit and proper criteria’ specified under regulation 52(2) of the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020, at all times.

Arbitration award passed rejecting the duly filed counter claim is set aside

August 18, 2022 2175 Views 0 comment Print

Held that impugned award set aside as the same was passed rejecting the counter claim, which was duly filed within the time limit, as being time barred.

Section 60(5) vests residuary jurisdiction on NCLT to intervene in certain circumstances

August 18, 2022 3447 Views 0 comment Print

Held that the residuary jurisdiction of the NCLT under Section 60(5) (c) of the IBC provides it a wide jurisdiction and can be exercised as long as the matter is not dehors the insolvency proceedings.

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