ITAT Bangalore held that before setting aside the matter the PCIT must have some material which would enable to form prima facie opinion that the order passed by the AO is erroneous in so far as it is prejudicial to the interest of the Revenue. Revision under section 263 of Income Tax Act not possible on guess work.
Madras High Court held that addition of gifts as undisclosed income sustainable as there was no acceptable explanation as to the nature of relationship the gift receiver had with the donor in the course of business transaction.
IRDAI permits general insurers to file all products under Miscellaneous lines of business (including modifications of current products) under Use and File procedure for both Retail and Commercial categories.
On and from the date of the Order, or the date of submission of request for surrender of certificate of registration to SEBI, as applicable, the concerned CRA shall disclose prominently on its website, the Order or the Request, as the case may be, and communicate the same to its clients within 15 days of the Order or the Request;
Securities and Exchange Board of India Circular No. SEBI/HO/MRD/MRD-RAC-2/P/CIR/2022/141 | Dated: October 13, 2022 To All Recognized Stock Exchanges Dear Sir / Madam, Sub: Governing Council for Social Stock Exchange (“SSE”) 1. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”), Securities and Exchange Board of India (Listing Obligations […]
It has been decided that the amounts received by a bank from the National Credit Guarantee Trustee Company Ltd towards claims in respect of guarantees invoked and held by them pending adjustment of the same towards the relative advances, need not be treated as outside liabilities for the purpose of computation of NDTL for CRR and SLR.
The DC notes that inspection notice was served on him on the 09.08.2021. However, Mr. Varun preferred not to respond to it despite more than one year has elapsed in-between. Furthermore, Mr. Varun has neither responded nor he preferred to be avail personal hearing to put his submissions in response to the SCN issued dated […]
We are of the considered opinion that estimated additions do not call for levy of penalty. Therefore, by deleting the impugned penalties for all the years, we allow the appeals of the assessee.
We notice that there is nothing on record to show that the AO has examined this aspect at all. We noticed that the AO had asked for details of sales and expenses, but the assessee has furnished only the Profit and Loss account.
Supreme Court held that the appellant-JSPL is duly complying with the prescription in Explanation to Rule 3 of Distribution License Rules and hence cancellation of licence is unjustified.
