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Archive: 06 July 2023

Posts in 06 July 2023

Penalty u/s 271D imposed without any satisfaction is unsustainable

July 6, 2023 1764 Views 0 comment Print

ITAT Delhi held that penalty u/s 271D of the Income Tax Act is without any satisfaction and, therefore, no such penalty can be levied. Accordingly, penalty u/s 271D quashed.

Significance of Show Cause Notice in Income Tax Proceedings

July 6, 2023 11493 Views 3 comments Print

In the realm of income tax proceedings, the show cause notice plays a vital role in preserving procedural fairness. This article delves into the importance of the show cause notice, addressing key questions surrounding its necessity and implications in the context of the Income Tax Act.

No addition u/s 69 on account of Unexplained Investment on Bank Account

July 6, 2023 2556 Views 0 comment Print

Addition on account of unexplained investments under section 69 could not be made as whatever deposits were made were either out of the past savings or from the loans taken from relatives.

Sales tax exemption via certificate from Commissioner of Tourism cannot be rescinded before expiry of eligibility period

July 6, 2023 498 Views 0 comment Print

Karnataka High Court held that exemption certificate from the Commissioner of Tourism, Government of Kerala exempting payment of sales tax is valid for 7 years and could not have been rescinded before the period of eligibility expired as it is sovereign assurance.

Important Announcement: Postponement of Advanced ICITSS – Adv. IT Test | ICAI

July 6, 2023 5103 Views 0 comment Print

ICAI has announced postponement of Advanced ICITSS – Adv. IT Test. Get revised important dates and eligibility criteria for test in computer-based mode. Find all details and guidance notes on official ICAI website.

Guidelines for issuance of Summons under Section 70 of Karnataka GST

July 6, 2023 759 Views 0 comment Print

Explore the guidelines for issuing summons under Section 70 of the Karnataka Goods and Services Tax Act. Understand obligations rights, and key provisions.

SOP for conduct of Search & Seizure under Section 67(2) of Karnataka GST

July 6, 2023 891 Views 0 comment Print

Discover the 2023 search and seizure procedure under the Karnataka Goods and Services Tax Act. Learn about the SOP, conditions, and post-search steps

CA Exams Schedule: Intermediate, Final and Foundation (Nov 2023 & Dec 2023)

July 6, 2023 17193 Views 0 comment Print

Get the latest schedule and important announcements regarding the CA Intermediate, Final, and Foundation Examinations to be held in November 2023 and December 2023. Stay informed about the dates, examination centers, and duration of each exam.

Can Compulsorily Convertible Debentures (CCDs) be issued under Rights Issue?

July 6, 2023 7740 Views 0 comment Print

Gain insights into the provisions of the Companies Act, 2013 regarding rights issues and the issue of Compulsorily Convertible Debentures (CCDs). Learn about the regulations governing share issuance to existing shareholders, conditions for CCD issuance, and the implications of these provisions.

31 FAQ’s for filling of Foreign Liability + Asset (FLA) return in India

July 6, 2023 20103 Views 4 comments Print

Learn about the filing of FLA return by corporate entities with RBI to report Balance of Payment (BoP) positions. This article provides guidelines and clarifications on filing the FLA return, penalties for non-compliance, filing based on unaudited financial statements, and more.

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July 2023