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Archive: 23 August 2024

Posts in 23 August 2024

Interest & Late Fee for Non-Compliance Under Various Acts, Being Compensatory, Are Allowable

August 23, 2024 5433 Views 0 comment Print

ITAT Bangalore allows Vyoma Technologies to claim GST late fees and interest as business deductions, ruling them compensatory, not penal, under Section 37(1).

Rejection of Appeal for Non-Payment of Advance Tax Without Return of Income is Invalid

August 23, 2024 771 Views 1 comment Print

ITAT Bangalore ruled CIT(A)’s rejection of Smt. Prameela Parameshwar’s appeal for non-payment of advance tax invalid, as the addition was based on incorrect information.

Advisory on taxation for startups, AIFs and IFSCs

August 23, 2024 1620 Views 0 comment Print

Explore taxation aspects of startups, Alternative Investment Funds (AIFs), and International Financial Service Centres (IFSCs) in India, including benefits and exemptions.

Failure to register charges on secured assets: MCA imposes Penalty

August 23, 2024 1716 Views 0 comment Print

The Ministry of Corporate Affairs imposes penalties on Cryo Scientific Systems Pvt Ltd and its director for non-compliance with Section 77 of the Companies Act, 2013.

No Confiscation Under Sec 130 for Excess Stock Found During Inspection: Allahabad HC

August 23, 2024 1887 Views 0 comment Print

Allahabad High Court ruled that excess stock found during inspection cannot justify confiscation under Section 130 of the GST Act. Case: Vijay Trading Co. vs. Commissioner.

Failure to Maintain Registered Office, Section 12(1) Violation: MCA levied Penalty

August 23, 2024 8196 Views 0 comment Print

Sonal International Ltd penalized under Section 12(1) of the Companies Act, 2013 for failing to maintain a registered office. Penalty imposed by ROC Gujarat.

ICAI Disciplinary Actions: 5 CAs Removed for Misconduct

August 23, 2024 4590 Views 0 comment Print

ICAI has removed several Chartered Accountants from the Register of Members for varying periods due to professional misconduct as per the Act and disciplinary rules.

India’s Environmental Laws and Sustainable Development

August 23, 2024 1005 Views 0 comment Print

Examine India’s environmental protection laws and practices, their historical context, and their role in sustainable development and human rights.

ITAT Condones Delay Due to Lockdown, Remands Case to CIT(A) for decision on merits

August 23, 2024 618 Views 0 comment Print

ITAT Hyderabad condoned a 21-month delay in filing an income tax appeal due to the COVID-19 pandemic, referencing a Supreme Court ruling on limitation periods.

Comparative Analysis of Corporate Governance in Economies

August 23, 2024 1149 Views 0 comment Print

Explore corporate governance practices in developed vs. developing economies, with a focus on India, highlighting the impacts and challenges faced.

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