"16 October 2023" Archive

Foreign Exchange Management (Debt Instruments) (Second Amendment) Regulations, 2023

No. FEMA.396(2)/2023-RB. 16/10/2023

Explore significant changes introduced by Reserve Bank of India in Foreign Exchange Management (Debt Instruments) Regulations for 2023....

CBIC Chairman’s Weekly Newsletter – 16th October, 2023

DO No. 11/News Letter/CH(IC)/2023 16/10/2023

Get updates on recent promotions, fight against gold smuggling syndicates, and efforts to combat narcotics in latest newsletter from Central Board of Indirect Taxes & Customs....

Company Failed to mention DIN of Directors – MCA Imposes Penalty

Order No. ROC/CHN/SHRI NARAYANI (Kumbakonam) /ADJ/S.158/2023 16/10/2023

Discover the penalty imposed by MCA on Shri Narayani Nidhi Limited for failing to mention Director Identification Numbers (DIN) in financial statements. Analysis and consequences outlined...

Initiation of re-assessment based on material already on record is bad-in-law

IDFC Limited Vs DCIT (Madras High Court)

Madras High Court held that initiation of proceedings for reassessment under section 147 of the Income Tax Act based on material already on record and without new/ tangible information is bad-in-law and liable to be quashed....

Penalty u/s. 271(1)(c) unjustified as voluntary deposit was done before receipt of notice u/s 148

Pradip Burman Vs DCIT (ITAT Delhi)

ITAT Delhi held that imposition of penalty under section 271(1)(c) of the Income Tax Act unjustified as voluntary deposit of tax was done before receiving notice under section 148 of the Income Tax Act....

Imposition of penalty u/s. 271(1)(b) within time limit contemplated in section 275(1)(a) justified

Santosh Jain Vs ITO (ITAT Raipur)

ITAT Raipur held that imposition of penalty u/s. 271(1)(b) of the Income Tax Act within the time period contemplated in clause (a) of sub-section (1) to Section 275, i.e six months from the end of the month in which appellate order was received is duly justified....

Addition u/s 68 unjustified as sufficient evidences placed to discharge initial onus

J.S Exim Private Ltd Vs DCIT (ITAT Delhi)

ITAT Delhi held that assessee has placed sufficient evidences to discharge initial onus to explain the nature and source of loans. Accordingly, addition u/s. 68 of the Income Tax Act towards unsecured loan unjustified....

Levy of late fees u/s 234E for delay in filing TDS return for period prior to 01.06.2015 unwarranted

Sushil Kumar Marlecha Vs DCIT (ITAT Jodhpur)

ITAT Jodhpur held that levying late fees u/s 234E of the Income Tax Act for delay in filing TDS return for 4th quarter of F.Y. 2012-2013 unwarranted as power to levy fees has come into effect only from 01.06.2015...

Maharashtra GST Authority Appoints New Member

Notification No. MGST-1023/C.R.53/Taxation-1 16/10/2023

Maharashtra Goods and Services Tax Authority makes changes in its lineup, appointing Shri. Ajaykumar Vaman Bonde as a member of Advance Ruling Authority....

CBDT Introduces Form 15CD for IFSC Unit Remittances

Notification No. 89/2023-Income Tax [G.S.R. 740(E).] 16/10/2023

CBDT amends rule 37BB and introduces Form 15CD for International Financial Services Centre (IFSC) unit remittances from January 1, 2024...

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