SEBI proposes forming a High-Level Committee to review conflict of interest provisions for Board Members and Officials, enhancing transparency.
The petitioner contends that the 1st respondent lacked jurisdiction to issue notice, as the 1st respondent is not the Assessing Officer. The petitioner objected on 28.03.2016, but the 2nd respondent directed compliance by 25.07.2016, threatening the imposition of penalty.
ITAT Pune held that satisfaction note is required to be recorded u/s.153C for each assessment year, thus, recording of consolidated satisfaction note for different assessment years (AY) would vitiate the entire assessment proceedings.
ITAT Jaipur held that addition towards undisclosed income rightly sustained since assessee failed to explain the incriminating material found during the course of search. Penalty under section 271AAB too sustained.
ITAT Raipur held that application for registration u/s. 12A(1)(ac)(iii) of the Income Tax Act rightly rejected since assessee, without any justifiable reason, failed to provide requisite details/ documents specifically called by CIT(E).
RBI strengthens regulation of cooperative banks with fraud management rules, governance reforms, and an ombudsman under amended banking and cooperative laws.
Guwahati High Court held that AO can make addition of any other income which has escaped assessment but discovered during re-opening process even if the same is not specifically mentioned in re-opening order.
Explore tax strategies for NRIs returning from tax havens. Learn about residency status, offshore income, assets, and how to manage taxes upon re-entry to India.
Learn how secured creditors can relinquish or realize their security interest during liquidation under IBC, including timelines and procedures under Section 52.
ITAT Delhi held that CIT(E) has rejected application for registration u/s. 80G(5)(iii) of the Income Tax Act without giving cogent reason by disposing the matter in hyper technical manner without discussing on merits is not tenable in law.
