Truncation is the process of stopping the flow of the physical cheque issued by a drawer to the drawee branch. The physical instrument will be truncated at some point en-route to the drawee branch and an electronic image of the cheque would be sent to the drawee branch along with the relevant information like the MICR fields, date of presentation, presenting banks etc.
ITAT Delhi held that assessment order suffered from non-application of mind and also overt omission and failure on the part of the assessee to disclose fully and truly all material facts as were necessary for the assessment. Accordingly, reopening of assessment u/s 148 justified.
Karnataka High Court held that any person who is paid wages by the employer would become an employee under the EPF Act whether the said payment is done directly or through a contractor and accordingly EPF would be applicable.
Learn about the special features of Advance Pricing Agreements (APAs) in India, annual compliances, revision, cancellation, and more in this detailed guide
Delhi High Court held that rewriting of a contract between two parties, especially a commercial contract, is completely impermissible in law. Accordingly, an arbitral award which rewrites the contract is bound to be set aside.
Start a successful business in India with the right entity structure. Learn about the advantages and disadvantages of different business types.
Understand the importance of internal financial controls over financial reporting, specifically focusing on inventory and scrap process in Series 6.
Parimal Textiles Vs Union of India (Gujarat High Court) This order in original the petitioners have challenged in the present petition mainly on the ground that the department did not take any steps for adjudication for nearly 17 years. After that without ensuring that the notices were served, department proceeded exparte against the petitioners and […]
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
Understand the provisions of section 54B of the Income Tax Act, 1961. Learn about the benefits and exemptions related to capital gains on transfer of agricultural land.
