Authorities held that failure to file Form MGT-14 for approving annual accounts violated Section 117 of the Companies Act. The ruling reiterates that timely filing of board resolutions is mandatory.
The Tribunal held that a notice under Section 143(2) issued by a non-jurisdictional officer vitiates the entire assessment. In the absence of a valid jurisdictional transfer, the reassessment was declared non-est in law.
The ruling confirms that Section 14A cannot be invoked mechanically without actual expenditure linked to exempt income. Growth mutual funds earning taxable gains fall outside its scope.
Authorities held that non-filing of Form MGT-14 for approval of accounts violated Section 117 of the Companies Act. The ruling reiterates that filing board resolutions is a mandatory statutory obligation.
The Tribunal held that compensation received for unauthorised occupation merely substitutes lost rent. Since the property remained intact, the receipt was taxable as revenue income under Section 23(1).
The new Scheme replaces the 2021 framework with clearer procedures and higher compensation limits. It reinforces consumer rights while balancing regulatory oversight.
RBI has issued comprehensive amendments reshaping priority sector lending targets, classifications, and compliance norms. The changes tighten calculations, clarify eligibility, and enhance transparency across banking institutions.
RBI has outlined how banks must implement the government’s interest subvention scheme for export credit, stressing strict adherence to eligibility and procedural norms.
ITAT held that assessing an AOP without initiating reassessment proceedings against it is impermissible in law. The entire reassessment was declared non-est and additions were deleted.
Authorities held that non-disclosure of auditor-reported violations in the Directors’ Report breached Section 134(3)(f). The ruling underscores that transparency in statutory reporting is mandatory, not optional.
