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Archive: 17 November 2022

Posts in 17 November 2022

Advisory for launch of ICEGATE 2.0

November 17, 2022 2364 Views 0 comment Print

CBIC is launching ICEGATE 2.0 in phased manner w.e.f. 16.11.2022. Users will be intimated about various upcoming modules in advance by way of pop up/tickers/notifications. Users will continue to use existing features of ICEGATE 1.0 and additional features under ICEGATE 2.0 till the complete rollout of the latter.

Affiliation granted for imparting education is not exempt

November 17, 2022 1275 Views 0 comment Print

Affiliation granted to colleges for imparting education is not exempt  vide entry No.66 of notfn No.12/2017-CT(R) dated 28.6.2017 and Affiliation in relation to a college is an activity to recognize such college to the privileges of the university to which the institution is affiliated.

Analysis of SEBI (Listing Obligations And Disclosure Requirements) (Sixth Amendment) Regulations, 2022

November 17, 2022 5190 Views 0 comment Print

Explore the detailed analysis of SEBI (Listing Obligations and Disclosure Requirements) Sixth Amendment Regulations, 2022. Changes in regulations covering independent directors, financial statements, and disclosure norms are examined, providing insights for listed entities.

Cancellation of GST Registration cannot be revoked due to disputes over undivided property

November 17, 2022 1005 Views 0 comment Print

HC held that Registration once issued to assessee and later cancelled upon request can’t be revoked merely on the basis of disputes with brother of applicant, over undivided property.

Addition u/s 68 not permissible if proper due diligence of facts and documents have not been carried out

November 17, 2022 1155 Views 0 comment Print

The ITAT on the issue of addition under Section 68 observed that in the impugned Assessment Order, the AO has passed the impugned Assessment Order in a hurried manner even without pointing out any defect or discrepancy in the evidences and details furnished by the assessee. Therefore, additions under Section 68 were ordered to be deleted.

Non-reflection of intimation u/s 143(1) on tax portal invalids the consequent grievance

November 17, 2022 1875 Views 0 comment Print

ITAT Jaipur held that since the intimation under section 143(1) of the Income Tax Act, 1961 is not reflected in the online system, there cannot remain any consequent grievances on account of the said intimation.

Initiation of re-assessment proceeding only on suspicion is unauthorized

November 17, 2022 591 Views 0 comment Print

ITAT Delhi held that initiation of reassessment proceedings without applying his mind based only on the sole reason that as per AIR information assessee has deposited cash in his savings bank is without authority of law.

MCA Imposes penalty on Company & Directors for not filing Annual Return

November 17, 2022 3732 Views 0 comment Print

As per MCA record, the company has not filed its Annual Return for the financial year 2018-19. Hence the Company and its directors/Officers in default are liable for penalty as per section 92(5) of the Companies Act, 2013.

Unclaimed deduction can be claimed before assessing authority without filing revised return

November 17, 2022 1983 Views 0 comment Print

Weather unclaimed deduction can be claim before assessing authority without filing revised return and weather power of appellate authority can allow claim of duction which was not claimed in return of income.

Revenue Authority has no power to go beyond jurisdiction of order of ITAT

November 17, 2022 519 Views 0 comment Print

Malwa Coop. L & C Society Ltd. ITO (ITAT Amritsar) In this case Hon’ble ITAT already determined the turnover, and the direction was made accordingly. Also related to deduction u/s 80P(2)(a)(vi) specific direction was made by the Hon’ble ITAT in its order dated 13.10.204 in ITA No. 483/Asr/2014. ITAT heard the rival submissions and relied […]

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