Understand 47(xiii) of the Income-tax Act: Conversion of a firm or LLP into a company is tax-neutral if four conditions are met. Breach triggers clawback on the company, not partners.
Excessive compliance under the Companies Act and SEBI regulations is creating an over-governance paradox in India. This burden slows decision-making, raises costs, and often replaces ethical oversight with mandatory box-ticking.
J&K High Court clarifies 6(1) of the CGST Act 2017, confirming State/UT officers are automatically authorized as proper officers for CGST matters unless restricted by notification.
GSTN portal wrongly calculates interest on delayed GSTR-3B by including pre-existing ECL funds. Taxpayers must manually compute interest per Rule 88B to avoid overpayment.
IRDAI issued a warning to Reliance Nippon Life for violating Section 45(1) by cancelling policies after the three-year limit. The insurer must pay interest on refunds and conduct an audit.
SEBI seeks public feedback on amending LODR Regulations to allow transfer of pre-April 2019 securities and simplify dematerialization processes.
The ITAT confirmed the deletion of a ₹72 crore addition made under Section 143(1) by the CPC, which resulted from a tax auditor’s inadvertent reporting error in Form 3CD (using the opening instead of the closing inventory). The ruling established that the CIT(A) can directly verify evidence and grant relief for such genuine clerical mistakes without remanding the case to the AO.
The Tribunal deleted the unexplained investment (Section 69) and cash interest (Section 69A) additions, emphasizing that unsigned, vague slips and digital data, where the parties were not confronted and no independent verification was done, have no evidentiary value in search assessment law. This aligns with Supreme Court rulings on the invalidity of additions based on non-speaking loose sheets.
Overview of Nidhi Rules: registration, member limits, deposit and loan norms, prohibited activities, filing requirements, and penalties for non-compliance.
Delhi High Court mandates an EOW probe into alleged forgery of Customs stamps at IGI Airport after officials denied gold owners’ representations. Court also orders CBIC to improve passenger accessibility.
