Penalty was levied under section 271 B of the Act on the ground that tax audit report under section 44AB of the Act was not filed by the assessee before filing of return of income and no explanation was given.
HC held that even without any request for personal hearing by an assessee, officer must have to provide personal opportunity of hearing, if the order is contemplated to be adverse.
The Indian Income Tax Department has recently opened the ITR-2 filing window, enabling individuals and Hindu Undivided Families (HUFs) to report their non-business income from various sources. ITR-2 holds significant relevance for taxpayers who earn income from sources such as salary, pension, house property, capital gains, or other non-business sources, making it imperative for taxpayers […]
Navigate Limited Liability Partnership (LLP) disputes effectively! Explore resolution options, LLP Agreement significance, removal possibilities, and entitlements. Get insights into capital contribution, interest, rent, and choose between arbitration and commercial litigation for dispute resolution.
Explore the intricacies of the Indian Partnership Act, 1932. Learn about the key elements, types of partnerships, duties of partners, rights and liabilities, property of the firm, and dissolution procedures. Dive into the legal nuances governing partnerships in India.
Explore the Indian Contract Act, 1872, its key provisions, and types of contracts. Understand the essentials of a valid contract, different offers, acceptance, and rules for communication. Delve into the principles of free consent, privity of contract, and rules governing agreements involving minors and persons of unsound mind. Gain insights into contract discharge, remedies for breach, and the nuances of contingent contracts and quasi contracts.
Learn the steps to incorporate a Private Limited Company on the V3 portal with reduced documentation. Discover the major differences between V2 and V3, including digital authentication and real-time validation. Stay informed about changes in Part A and Part B of the incorporation forms.
Addl. CIT Vs Tejal Ashish Mehta (ITAT Mumbai) The assessee has furnished a copy of Income Tax return for assessment year 2016-17. A perusal of the same shows that in Schedule – EI, wherein the assessee was required to declare exempt income, the assessee has duly reflected the maturity value of the insurance policy. The […]
Discover the details of the Special All-India Drive against Fake Registrations under GST initiated by CBIC. Get insights into the guidelines outlined in the instruction dated 04.05.2023, covering the period, identification of fraudulent GSTINs, information sharing mechanism, action by field formations, feedback reporting, and the National Coordination Committee’s role. Stay informed about the measures to combat fake registrations and protect government revenue. Learn about the weekly reporting format and essential precautions for registered persons.
SC held that once NCLT is satisfied that default occurred, no discretion left with NCLT to refuse admission of Section 7 CIRP application
