PCIT’s revisionary order under Section 263 was unjustified if PCIT failed to demonstrate how the original assessment was erroneous and prejudicial to the interest of revenue
The Supreme Court upheld that royalty payments to the government are not taxes, dismissing a review petition against a 2024 ruling involving Steel Authority of India.
Madras High Court allows Ohm Srinivasa Paper Boards to pay pending excise tax dues in 12 monthly installments, directing partial payment starting August 2024.
Rajasthan High Court dismisses PCIT appeal under Section 263, citing tax demand below Rs. 2 crore in case of Pratap Technocrats Pvt Ltd for AY 2018-19.
The ICAI Disciplinary Committee has reprimanded CA. Vivek Kumar for professional misconduct. The action follows his certification of a Spice form with unverified attachments and incorrect declarations.
The Karnataka High Court ruled that the BCI Chairman lacks authority to issue gag orders restricting advocates’ speech, quashing a 2024 gag order in a significant judgment.
The concept of reverse charge mechanism was introduced in erstwhile Service Tax laws. Generally, tax is payable by the person who provides Services but under reverse charge mechanism the liability to pay tax has shifted to recipient of Services.
The difference in the fair market value and the issue price of compulsory convertible preference shares was only 0.65%, therefore as per Rule 11UA issue price was deemed to be fair market value and hence no scope for addition required to be made u/s. 56(2)(viib).
Volvo Group India Pvt Ltd. Vs Union of India (Bombay High Court) Conclusion: The order of the original authority becomes merged with the order of the Revisionary Authority. Since the Revisionary Authority was located within the territorial jurisdiction of the Principal Seat of this Court, assessee had the option to file the petitions here or […]
SEBI revises payout timing for securities in T+1 settlement from 1:30 PM to 3:30 PM, ensuring same-day credit to clients’ accounts.
