The ROC held that issuing offer letters and using funds before statutory filings amounts to a substantive violation of Section 42, attracting penalties under Section 42(10).
Taxpayers receiving emails about undisclosed foreign assets must revise returns using Schedule FA, FSI, and TR in ITR-2/3. Learn the steps to ensure compliance and avoid penalties.
The ROC held that issuing offers and allotting shares in breach of Rule 14 amounts to substantive violations of Section 42, attracting penalties under Section 42(10).
The Tribunal ruled that section 220(2) interest cannot be charged where the original demand notice showed nil demand, holding that interest arises only after a valid section 156 notice.
Explains the practical meaning of “founder” and the legal threshold that turns a founder into a promoter under company and securities laws.
The authority held that the requirement of four board meetings applies per financial year, not calendar year. Even a one-time shortfall attracts penalties under Section 450.
The adjudicating authority penalised delayed transfer of unspent CSR amounts beyond the statutory timeline. The ruling underscores strict enforcement of CSR fund transfer obligations.
The adjudicating authority held that filing the declaration of commencement beyond 180 days violates Section 10A. The key takeaway is that delayed INC-20A filings attract statutory penalties regardless of intent.
The adjudicating authority penalised prolonged non-filing of Form MGT-14 despite claims of inadvertence. The key takeaway is that statutory timelines for board resolutions are mandatory, and excessive delays invite maximum penalties.
The Supreme Court upheld the Delhi High Court ruling that a single SCN covering multiple financial years is valid in cases of fraudulent ITC. The decision confirms that fraud investigations spanning several years can be dealt with through consolidated proceedings.
