A resident must show his foreign assets in FA Schedule. Non-disclosure of which can lead to penalty u/s 43 of BMA. As assessee didnot disclosed foreign assets in FA schedule so AO issued show cause notice on 26.09.2023.
This comprehensive note endeavours to provide an exhaustive and analytical exposition on the taxation of online gaming in India, covering the legislative background, statutory provisions, key amendments, judicial precedents, administrative circulars, and compliance requirements.
India’s Commerce Ministry has amended SEZ rules, reducing land area for semiconductor units, allowing mortgaged land, and clarifying finished goods export.
In the matter aforementioned, Hon’ble Delhi HC allowed petition under article 227 of the Constitution of India after considering that trial court cannot initiated new proceedings once it pronounces final decree of judgment and become Functus Officio (having fulfilled one’s duty).
ITAT Raipur held that denial of TDS claimed based on difference between gross turnover as per 26AS and total receipts reflected in returns, without verifying reconciliation prepared by assessee, is not justified. Hence, matter restored to CIT(A).
CESTAT Delhi held that confiscation of goods justified as Pan Masala and Gutkha were clandestinely manufactured and cleared under different brands without authorization. Accordingly, order upheld and appeals dismissed.
Gujarat High Court held that requisition of seized cash allowed under section 132A of the Income Tax Act and directed that the income tax department shall be free to undertake all actions permitted under the law and shall deposit the entire amount in the P.D. Account.
In the matter abovementioned Delhi HC dismissed appeal filed by revenue after observing that there is no allegation or finding that cash had been received back by the assessee in respect of the purchases reflected in its books of account.
Regional Director confirms ₹50,000 penalty on CA Vijay Bora for violating Section 140(2) of the Companies Act, 2013, concerning auditor compliance.
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