Sponsored
    Follow Us:

Archive: 02 September 2024

Posts in 02 September 2024

Failure to file Form MGT-14 for board resolutions: MCA imposes Penalty

September 2, 2024 414 Views 0 comment Print

Mazhil Nidhi Ltd penalized for non-filing of MGT-14 for FY 2018-19 and 2019-20 under Companies Act, 2013. Total penalty imposed is Rs. 5,20,800 on company and directors.

Assessment must be completed u/s. 144 when books of accounts are rejected u/s. 145(3): ITAT Jaipur

September 2, 2024 1197 Views 0 comment Print

ITAT Jaipur held that in case the books of accounts are rejected by applying provisions of section 145(3) of the Income Tax Act then assessment must be completed under section 144 of the Income Tax Act which is not done by AO in the present case.

Addition based on notional entry without actual transfer of asset unsustainable: ITAT Raipur

September 2, 2024 483 Views 0 comment Print

ITAT Raipur held that tax implication of the gift transaction shall arise in the year in which the said asset will be sold/transferred. Thus, addition based on the notional / fictitious entry of asset made in books of account unjustified.

Reassessment action based on wholly erroneous view is liable to be quashed: Delhi HC

September 2, 2024 504 Views 0 comment Print

Delhi High Court held that entire assumption of jurisdiction u/s. 148 is based on a wholly erroneous view that payment made for acquiring mining rights is to be treated as income. Since, such payment is not income, reassessment action based on erroneous view quashed.

Objecting income of deceased unjustified as income earned is apparent from TDS deducted: Andhra Pradesh HC

September 2, 2024 279 Views 0 comment Print

Andhra Pradesh High Court held that insurance company cannot object to the income of the deceased as deceased did business and earned income as apparent from TDS deducted. Accordingly, compensation enhanced.

Software license expenditure for carrying out routine operations is revenue in nature: ITAT Mumbai

September 2, 2024 327 Views 0 comment Print

ITAT Mumbai held that software license expenditure incurred for carrying out the routine operations is revenue in nature. Hence, disallowing the same by treating it as capital unjustified. Thus, disallowance deleted.

Passing of fresh assessment order beyond time prescribed u/s. 153(3) cannot be sustained: Delhi HC

September 2, 2024 477 Views 0 comment Print

Delhi High Court held that passing of fresh assessment order beyond time limit prescribed under section 153(3) of the Income Tax Act cannot be sustained and hence set aside.

Due to short gap between three notices CIT(A) directed to give one more opportunity of being heard

September 2, 2024 192 Views 0 comment Print

ITAT Jaipur held that there was short gap between three notices issued as say the opportunities granted hence it a fit case were one more opportunity should be granted in the proceedings before CIT(A), to enable the assessee to represent his appeals.

No revisional jurisdiction u/s. 263 as issue examined during assessment proceeding: ITAT Ahmedabad

September 2, 2024 267 Views 0 comment Print

ITAT Ahmedabad held that revisional jurisdiction u/s. 263 of the Income Tax Act not justifiable as AO had examined the issue in the course of assessment proceeding.

Penalty u/s. 272A(1)(d) not imposable when assessment completed u/s. 143(3): ITAT Raipur

September 2, 2024 1572 Views 0 comment Print

ITAT Raipur held that penalty imposed under section 272A(1)(d) of the Income Tax Act unjustified when an assessment has been completed under section 143(3) of the Income Tax Act.

Sponsored
Sponsored
Search Post by Date
March 2025
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31