ub-section (5) of Section 203 of the Act provides that if any company makes any default in complying with the provisions of this section, such company shall be liable to a penalty of five lakh rupees and every director and key managerial personnel of the company who is in default shall be liable to a penalty of fifty thousand rupees and where the default is a continuing one, with a further penalty of one thousand rupees for each day after the first during which such default continues but not exceeding five lakh rupees.
ITAT Allahabad held that additions made based on the incriminating material (being excess stock) found during survey conducted u/s 133A of the Income Tax Act is justifiable.
CESTAT Delhi held that customs broker cannot allow its licence to be used by someone else impersonating it. Accordingly, revocation of customs licence, forfeiture of security deposit and imposition of penalty justified.
ITAT Bangalore held that Comparable Uncontrolled Price (CUP) is the most appropriate method for determining the Arm’s Length Price of the assessee for the importing of goods for manufacturing segment.
ITAT Delhi held that that expenditure incurred between setting up and commencement of business could not have been capitalized and was to be allowed as business expenditure.
ITAT Pune held that as the assessee failed to establish why the shops were sold at loss to the partners and interest persons, principle of fraud squarely gets applicable. Accordingly, disallowance of loss duly justified.
Gujarat High Court held that in the case of wrongful availment of input tax credit matter under GST the proceeding for adjudication is commenced as show case notice is issued. Hence, court directed authorities to complete the adjudication proceedings in time-bound manner and completion of the proceedings, provisional attachment will have its own fate.
Every year, all company taxpayers need to file form MSME-1 by a notification dated 2nd November, 2018 but it holds a huge significance this year as the payments would be disallowed by the Income Act authorities if payment is not made within 45 days.
Through Finance Act 2023 a new clause (h) has been added to Sec. 43B of the Income Tax Act and is made applicable from assessment year 2024-25 i.e. Financial year 2023-24.
Boards face a complex new reality due to COVID-19. The new environment is characterized by pressures and demands from various interest groups, heightened expectations for social commitment and corporate citizenship, and fundamental uncertainty about the future. These factors complicate board decision-making and challenge the shareholder-centric governance model that has guided boards and corporate leaders for decades.
