Where Assessing Officer, after following directions of Principal Commissioner regarding examining of claim made by assessee for exemption under section 54F, passed an assessment order under section 143(3) read with section 263 holding that assessee was eligible for exemption as it held only one residential property during year, subsequent revision order passed by Principal Commissioner setting aside impugned assessment order as erroneous and prejudicial to interest of revenue was to be quashed
In case, Assessing Officer finds that if property is accounted in books of firm M/s. S.P. Hospital as a commercial property and the property is used for the purpose of hospital, then the Assessing Officer is directed to allow deduction under section 54F of the Act.
Stay informed about the latest government advisory prohibiting TV channels from airing advertisements related to online betting platforms. Learn about the legal implications and the potential risks involved.
The section 269SS and 269T of the Income Tax Act, 1961 prohibits acceptance / repayment of loan, deposit, specified sum etc. otherwise than by an account payee cheque, account payee bank draft, ECS through bank account etc. The violation of the above provisions may attract stringent penalty under section 271D and 271E respectively. The clause […]
MCA widens scope of small companies; increases threshold limit for paid up capital and turnover : Small Company thresholds limit is revised by increasing the limit of paid up Capital from ‘Rs. 2 crore’ to ‘Rs. 4 crore’ and turnover from ‘Rs. 20 crore’ to ‘Rs. 40 crore’.
Implication of the judgement of the Hon’ble Apex Court in the case of M/s Westinghouse Saxby Farmer Ltd. Vs. Commissioner of Central Excise, Kolkata-Clarification
Company is using its letter heads which contains CIN as listed even after becoming delisted w.e.f. 21.12.2018 from both stock exchange (NSE & BSE) which shows that company has made violation of Section 12(3)(c) of Companies Act, 2013.
Understanding the impact of GST on international outbound freight. Learn about the exemption and extension periods for ocean and air freight services.
Understand the basics of audit materiality and its significance in financial statements. Learn how misstatements can impact users economic decisions.
Understanding the structured digital database under SEBI (PIT) Regulations, 2015. Learn about its importance, maintenance, and consequences.
