Explore Faceless Assessments under the Income Tax Act, 1961 – a digital approach for fair and efficient tax processes. Learn about the structure, procedures, and key considerations to navigate this technology-driven tax assessment model seamlessly.
Compliances under the Companies Act vary depending on the jurisdiction and the specific provisions of the Act applicable to a particular company. In many countries, including India, the Companies Act is a comprehensive piece of legislation that governs the formation, management, and dissolution of companies.
From an auditor’s perspective, the Federal Emergency Management Agency (FEMA) is a federal agency in the United States responsible for coordinating disaster response and providing financial assistance to state and local governments, as well as individuals and businesses, during and after natural or man-made disasters.
ITAT Amritsar held that initiation of Assessment Proceedings u/s 153C, instead of section 153A, in case of the searched assessee makes the entire assessment invalid. Accordingly, penalty levied u/s 271(1)(c) is not maintainable.
ITAT Indore held that issuance of notice under section 148 of the Income Tax Act to the demerged company i.e. non-existent company is invalid and liable to be quashed.
ITAT Mumbai held that in terms of General Clauses Act, 1897 period of six month mentioned in Section 54EC of the Income Tax Act has to be regarded as six British Calendar months.
Held that the cash sales and corresponding cash deposits have been a regular feature of the business of the assessee and there is certainly no abnormal trend of cash sales and cash deposit during the demonetization period. Accordingly, addition deleted.
Held that payment of interest on cash loan falls within the ambit of unexplained expenditure within the meaning of Section 69C of the Income Tax Act.
CESTAT Chennai held that penalty u/s 114(i) of the Customs Act, 1962 imposable as CHA has abetted or facilitated, may be deliberate or negligent, an illegal attempted export of prohibited goods i.e. Red Sanders wood pillars and tops.
CESTAT Ahmedabad held that as the service charges are based on metric tons of the goods handled and not on the basis of wages of laborers deployed for the job, the activity of the loading, unloading of goods at port, cutting of bags, spreading of zola, cleaning of jetty is classified under Cargo Handling Service.
