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Archive: 17 March 2023

Posts in 17 March 2023

TNVAT: Further recovery unjustified as appeal already pending & pre-deposit paid by assessee

March 17, 2023 2124 Views 0 comment Print

Madras High Court held that as an appeal is already filed which is still pending and statutory pre-deposit amount paid by the petitioner, VAT authorities cannot recover further sum from petitioner’s bank account or from any other source till statutory appeal is disposed of on merits.

Revision order u/s 263 rightly passed as AO failed to examine cash deposited during demonetization

March 17, 2023 2529 Views 0 comment Print

ITAT Chennai held that as cash deposited by assessee received from petty shop owners on account of sale of its product during demonetization period was not examined by AO during assessment. Accordingly, PCIT rightly passed revision order u/s 263 directing AO to carry out necessary verification.

Penalty u/s 271(1)(c) not leviable as disallowance of expense doesn’t mean incorrect furnishing of income

March 17, 2023 4218 Views 0 comment Print

ITAT Jaipur held that disallowance of expenses per se cannot mean that the assessee has furnished incorrect particulars of income. Accordingly, penalty under section 271(1)(c) of the Income Tax Act not leviable.

Penalty cannot be cancelled for mere non-specification of limb under which penalty u/s 271(1)(c) is levied

March 17, 2023 2853 Views 0 comment Print

ITAT Hyderabad held that penalty under section 271(1)(c) of Income tax Act cannot be cancelled merely because of non-specification of limb i.e., for concealment of income or furnishing inaccurate particular of income under which penalty is levied.

PCIT exercising suo motu revisional power cannot travel beyond scope of limited scrutiny in original order

March 17, 2023 849 Views 0 comment Print

Orissa High Court held that while exercising suo motu revisional power u/s. 263 of the Act, the CIT cannot travel beyond the scope of the issues which form part of the ‘limited scrutiny’ in the original Assessment Order.

Petitioner duly entitled for 5% simple interest on delayed payment of pension and gratuity

March 17, 2023 1257 Views 0 comment Print

Patna High Court held that petitioner is duly entitled for at least 5% Simple interest on delayed payment of pension and gratuity.

Directors Responsibility For Maintenance of Cost Records

March 17, 2023 4890 Views 1 comment Print

Section 148 and Section 134 of the Companies Act 2013 both deal with responsibility of directors regarding the maintenance of cost records.

Relevance of Business Ethics in Corporate Governance

March 17, 2023 9390 Views 0 comment Print

Ethics is derived from the Greek word- ETHIKOS which means Character. The concept of ‘ethics’ was introduced by Socrates, and defined as a philosophical discipline by Aristotle.

Top 6 courses to do with Company Secretary course

March 17, 2023 40428 Views 1 comment Print

Explore the top 6 courses to complement your Company Secretary course, including LLB, MBA, CA, CPA, and CMA. Choose the right path for your career growth.

Strike off` of Companies & other ‘Corporate Exits’ to become centralised from 1-4-2023

March 17, 2023 6609 Views 0 comment Print

Central Government hereby establishes a Centre for Processing Accelerated Corporate Exit (C-PACE). C-PACE shall be located at Indian Institute of Corporate Affairs (IICA), Plot No. 6, 7, 8, Sector 5, IMT Manesar, District Gurgaon (Haryana), Pin Code – 122050.

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