The tribunal held that penalty under section 271(1)(c) cannot be levied where income admitted during survey is duly declared in the return and accepted in assessment. The key takeaway is that absence of concealment or inaccurate particulars bars penalty, even if disclosure arose from a survey.
This article explains how recovery notices can quickly lead to bank or salary attachments if ignored. It highlights the importance of identifying the notice type and taking immediate legal steps to prevent coercive action.
This highlights why free zone selection matters more than just license cost. The key takeaway is that alignment with business model, banking, and logistics drives long-term success.
This explains how companies must offer new shares to existing shareholders. The key takeaway is strict compliance with Section 62 ensures fair dilution and legal allotment.
This addresses why India is replacing its six-decade-old income tax law. The key takeaway is that the new Act simplifies structure and language while retaining existing tax rates from April 2026.
Telangana High Court held that the income derived from tissue culture operations by the assessee qualifies as agricultural income and hence exempted from tax under Section 10(1) of the Income Tax Act. Accordingly, the present writ stands allowed.
Calcutta High Court held that the mandate laid down under Section 19 of the PMLA has been complied with by the arresting officer in effecting arrest of the petitioner. Accordingly, arrest cannot be said to be vitiated for non-compliance of the same. Thus, writ petition is dismissed.
Himachal Pradesh High Court held that bail in scholarship scam case liable to be granted since there is no chance of commencement and conclusion of trial in near further and twin conditions as per section 45 of PMLA satisfied. Accordingly, bail application allowed.
The issue was whether employees can be taxed when employers deduct but do not deposit TDS. The Court held Section 205 absolutely bars such recovery, placing liability only on employers.
The issue was whether employees are protected when TDS is deducted but not remitted. The Court held tax remains payable as no credit arises without deposit.
