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Archive: 05 October 2023

Posts in 05 October 2023

MCA V2 & V3 Technical Issues: Hindrances in Companies Act, 2013 Compliance

October 5, 2023 2424 Views 0 comment Print

Explore technical challenges faced by professionals while using for Companies Act, 2013 compliance. Discover ways to enhance corporate governance.

Cost Accountants to undertake Inventory Valuation under Section 142(2A) of Income Tax

October 5, 2023 4275 Views 0 comment Print

Discover how Institute of Cost Accountants of India assists in inventory valuation under Income Tax Section 142(2A). Insights on regulations, webinars, and guidance.

Non-passing of draft assessment order u/s 144C(1) renders final assessment Jurisdictionless

October 5, 2023 3411 Views 0 comment Print

Bombay High Court held that failure to pass a draft assessment order under section 144C(1) of the Income Tax Act results in rendering the final assessment as one without jurisdiction.

DTVSV Benefit Rejection Over pending Non-Tax Arrears Prosecution Unjustified

October 5, 2023 393 Views 0 comment Print

Bombay High Court held that rejection of benefit under Direct Tax Vivad Se Vishwas Act 2020 (DTVSV) unjustified as pendency of prosecution was in respect of any issue and not in respect of tax arrears.

Additional Deduction Claimable Under Section 80JJAA After Return Filing

October 5, 2023 1413 Views 0 comment Print

ITAT Delhi held that the assessee is entitled to make additional claim of deduction u/s. 80JJAA of the Income Tax Act on the strength of judgment of Hon’ble High Court of Karnataka even though the same was not included while filing return of income.

No TDS on Joint Venture Payments Without Contractual Relation

October 5, 2023 1572 Views 0 comment Print

ITAT Kolkata held that Joint Venture is not required to deduct TDS u/s. 194C from the payments made to one of its constituents for execution of work awarded to it as no contractual relation exists. Further, Joint Venture is also not required to deduct TDS u/s. 194H from payments made to another constituent as compensation.

Court Didn’t Dispense with Pre-deposit Requirement in Non-Rare Case

October 5, 2023 489 Views 0 comment Print

Delhi High Court didn’t invoked power to dispense with the requirement of pre-deposit as the case doesn’t fall in the category of rare and exceptional case. Further, it was found that petitioner was actively involved in evasion of duty and intent the parties to misdeclare imports.

45 FAQ’s on Statutory Obligations for Managerial Personnel (MPs) in India

October 5, 2023 12732 Views 0 comment Print

Explore 45 FAQs on statutory obligations for managerial personnel (MPs) in India. Learn about appointment, remuneration, and compliance under Companies Act, 2013.

Disallowance u/s 14A without scrutinizing books of accounts is unwarranted

October 5, 2023 660 Views 0 comment Print

Delhi High Court held that disallowance under section 14A of the Income Tax Act without scrutinizing the accounts of the respondent/assessee unjustified in law and hence liable to be set aside.

Penalty u/s 117 imposable on Customs Cargo Service Provider for assisting in illegal removal of seized red sander

October 5, 2023 1131 Views 0 comment Print

CESTAT Mumbai held the penalty u/s 117 of the Customs Act, 1962 imposable as appellant being custodian of Container Freight Station not only failed to fulfil the conditions and to abide by the responsibilities reposed on them as Customs Cargo Service Provider (CCSP) by assisting in illegal removal of seized red sanders.

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October 2023