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Archive: 03 April 2024

Posts in 03 April 2024

Section 263 cannot be invoked based on incorrect understanding / appreciation of facts

April 3, 2024 459 Views 0 comment Print

Analysis of Kishorkumar Bhalara Vs PCIT (ITAT Rajkot) case, where the ITAT ruled that incorrect assumption of facts alone is not sufficient to revoke jurisdiction under Section 263.

Master Direction – RBI (Filing of Supervisory Returns) Directions – 2024

April 3, 2024 8487 Views 0 comment Print

Discover the revised timelines and requirements outlined in the Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024, impacting all NBFCs.

Advance from Customers Not Section 68 Income; Powers of CIT(A) Parallel to AO’s

April 3, 2024 939 Views 0 comment Print

In the case of ITO Vs Raj Maitry & Eskon Developer, ITAT Mumbai decides advance received from customers isn’t income under section 68. Detailed analysis of the ruling.

No Section 270A Penalty if No Misreporting or Underreporting by Assessee

April 3, 2024 2343 Views 0 comment Print

Detailed analysis of Mahendra N. Patel Vs DCIT case where ITAT Ahmedabad nullifies penalty due to absence of misreporting or underreporting by the assessee.

Transfer Pricing: Comparing New Assessees with Established Businesses is Inappropriate

April 3, 2024 408 Views 0 comment Print

Learn from PCIT Vs Radhashir Jewellery Co. Pvt Ltd. case why comparing new and established businesses in transfer pricing is inappropriate. Detailed analysis provided.

Framework for conducting Joint Audit by CGST and SGST officers

April 3, 2024 1506 Views 0 comment Print

Learn about the latest directive from the Ministry of Finance regarding joint audits by CGST and SGST officers. Understand the framework, its significance, and how it strengthens compliance efforts.

MoU & Ledger Extract Insufficient for admitting Financial Debt: NCLAT

April 3, 2024 708 Views 0 comment Print

In a case between D S Kulkarni & Associates and Manoj Kumar Aggarwal, NCLAT Delhi ruled that mere MoU & Ledger Extract are inadequate to claim financial debt, rejecting the appeal.

RERA and importance of Financial Year End Reconciliation

April 3, 2024 4932 Views 0 comment Print

Explore the significance of Financial Year End Reconciliation in Real Estate Regulatory Authority (RERA) compliance, including key sections, mandatory steps, and stakeholder considerations.

ED Should Provide Substance of Allegations to Summoned Persons if Not ECIR: Allahabad HC

April 3, 2024 930 Views 0 comment Print

Allahabad High Court asserts that if Enforcement Directorate (ED) doesnt provide an ECIR copy, it should inform summoned individuals about allegations. Details of the landmark judgment explained.

Recent Penalties by Karnataka RERA for Non-compliances

April 3, 2024 1740 Views 0 comment Print

Discover penalties for RERA non-compliance & recent cases by Karnataka RERA. Learn about penalties under RERA Act 2016, consequences, and compliance strategies

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