The ruling found that the authorities failed to examine party-wise payment limits before disallowing expenses for alleged TDS default. Key takeaway: threshold verification is essential before invoking section 40(a)(ia).
Total income includes capital gains for the ₹5 lakh limit, but the rebate cannot reduce tax on special-rate income. The key takeaway is that eligibility and adjustment operate differently.
The regulator held that partial disclosure in balance sheet notes is insufficient under section 134. Listed companies must make clear and complete related party disclosures.
The CGST Act clearly covers territorial waters but is silent on EEZ. This raises a serious question on whether mapping EEZ to coastal States is legally sustainable.
The regulator held that Annual Reports are official publications mandatorily requiring CIN disclosure. Repeated non-compliance led to the maximum penalty on both the company and its officers.
The Companies Act, 2013 limits immunity for non-executive directors by linking liability to knowledge and diligence. Courts now require active oversight rather than passive board membership.
This piece explains how automated GST and income tax reforms are reshaping taxpayer compliance. The key takeaway is that technology now closely monitors filings, making accuracy essential.
The Tribunal ruled that inclusion of giant companies distorted arm’s length results for a small captive service provider. High-turnover companies were excluded to ensure meaningful comparability.
ITAT Delhi held that foreign company receiving consideration for offshore supply of equipment, plant, designs and drawings is not taxable in India since entire transaction has taken place outside India.
The ruling declares reassessment void where notices were not issued through the faceless mechanism post-29.03.2022. Lesson: non-compliance with section 151A vitiates reopening.
