Nowadays, businesses around the world are transitioning to new and improved models. Learn more about the challenges & opportunities and explore global trend in internal audit positions.
Corporate Social Responsibility (CSR) legislation in India mandates companies (mentioned below) to engage in CSR activities and spend at least 2% of their average net profit from the three fiscal years prior to the current one on CSR initiatives.
In contrast to PMLA, which aims to stop money laundering and prevent criminals from profiting from their crimes, ‘I&B CODE’ promotes the resurrection of stressed enterprises by protecting the interests of all stakeholders.
Bombay High Court held that AO failed to satisfy the direction given by the court while issuing notice under section 148 of the Income Tax Act. Accordingly, order for reopening of assessment and demanding penalty u/s 271(1)(c) are quashed and set aside.
Battle on Freebies to doctors before AY 2010-11 To reopen assessment, the reasons recorded must be clear & unambiguous. How Read this blog post for The Bombay High Court ruling.
ITAT Mumbai held that catalyst expenditure merely used as consumables is revenue expenditure. Accordingly, the same is allowable as deduction.
If foundational allegation is missing in notice issued under Section 148A(b), the same cannot be incorporated by issuing a supplementary notice.
Bombay High Court held that granting of license to developer (who entered into assessees land for the purpose of development) doesnt amount to ‘allowing the possession of the land within the meaning of section 53A of the Transfer of Property Act.
CESTAT Bangalore held that penalty under section 112 of the Customs Act against steamer agent unsustainable as confiscation of the said vessel for alleged violations of chapter VI of Customs Act, 1962 as well as the duty liability arising from misuse of ‘ship stores’ and ‘bunkers’ set aside.
NEW Rule 37A prescribe mechanism for reversal of ITC by a registered person in event of non-payment of tax by supplier by a specified date and mechanism for re-availment of such credit
