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Archive: August, 2024

Posts in August, 2024

Addition already finalized u/s. 143(3) cannot be added again vide order u/s. 144: ITAT Mumbai

August 1, 2024 279 Views 0 comment Print

ITAT Mumbai held that passing of assessment order u/s. 144/147 making addition of alleged bogus purchase which is already added vide assessment order passed u/s. 143(3)/147 and has attained finality is unsustainable and liable to be quashed.

Order unsustainable if passed alleging non-furnishing of documents which were not called for: Madras HC

August 1, 2024 384 Views 0 comment Print

Madras High Court held that tax confirmed on premise of non-furnishing of required documents, however, none of the documents were called for in the show cause notice. Accordingly, order set aside and matter remanded.

MCA Imposes ₹2.16 Crore Penalty for unspent CSR Funds Transfer Failure

August 1, 2024 591 Views 0 comment Print

Stanley Black & Decker India faces penalties under Section 135 of the Companies Act, 2013 for delays in CSR fund transfers due to COVID-19 restrictions.

Deemed dividend u/s 2(22)(e) doesn’t apply to advances to director for commercial purpose: ITAT Bangalore

August 1, 2024 348 Views 0 comment Print

ITAT Bangalore held that advances given to the director by the company for commercial purpose is outside the ambit of provisions of deemed dividend as provided under section 2(22)(e) of the Income Tax Act.

No tax on amount paid for certification services rendered by foreign entities in absence of fixed place of business in India

August 1, 2024 294 Views 0 comment Print

Understand the Ahmedabad ITAT ruling that payments for certification services by foreign entities are not taxable in India without a fixed place of business. Full order analysis.

Penalty u/s 271G untenable as no transfer pricing adjustment possible due to omission of section 92BA(i): ITAT Mumbai

August 1, 2024 159 Views 0 comment Print

ITAT Mumbai held that no transfer pricing adjustment could have been made in the hands of assessee on account of ALP of specified domestic transactions as section 92BA(i) of Income Tax Act was omitted. Thus, since provisions of section 92D are not applicable, penalty u/s. 271G of the Income Tax Act untenable.

Condonation upto six years permissible in case of genuine hardship: Rajasthan HC

August 1, 2024 381 Views 0 comment Print

Rajasthan High Court held that section 119(2)(b) of Income Tax Act read with CBDT Circular No.09/2015 dated 09.06.2015 clearly reflect that if there is a genuine hardship, then a condonation of upto six years can be permitted. Accordingly, writ allowed.

Quick Bites- Directors Report 2024

August 1, 2024 6477 Views 0 comment Print

Understand the key requirements for the Directors Report under the Companies Act 2013, including disclosure, compliance, and approval details for 2024.

PAN & Email id of security holder not mentioned in form PAS-3: MCA imposes Penalty

August 1, 2024 297 Views 0 comment Print

Ramax Nidhi Limited faces a penalty for failing to include PAN and email details of security holders in Form PAS-3. MCA imposes a fine of Rs. 40,000.

IRDAI Imposes Rs. 2 Crore Penalty on HDFC Life Insurance

August 1, 2024 19512 Views 1 comment Print

Explore IRDAI’s order on HDFC Life Insurance Co. Ltd., addressing violations, regulatory issues, and the insurer’s submissions. Detailed analysis and conclusions provided.

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