While interpreting Rule 39(1)(a) to mandate distribution immediately upon receipt of invoice would lead to absurdity and conflict with the statutory scheme, as ITC could not be claimed or distributed before satisfaction of the conditions prescribed under Section 16.
Even if seafarers fail the 182-day NRI test due to crises or travel delays, foreign salary may still remain tax-free. RNOR status and CBDT Circular 13/2017 provide key protection.
SEBI proposes a new category allowing minimal documentation for low-value transmission claims. The move aims to ensure faster settlement where documentation costs may exceed the value of securities.
The High Court directed strict enforcement of a 2025 SOP aimed at preventing foreign nationals from prolonging illegal stay by citing pending criminal cases. It also ordered formation of screening committees to review such prosecutions.
CBDT amended Income-tax Rules to include crypto-assets and digital financial products in CRS reporting. The move expands disclosure obligations for financial institutions and enhances tax transparency.
ITAT ruled that denial of TDS credit due to a PAN mismatch between the deceased and the legal heir is unjustified. Once the income is taxed in the hands of the legal heir, the corresponding TDS credit must also be granted.
The ITAT Chennai held that additions under Section 153A cannot be made for completed assessments when no incriminating material is found during search. Additions based only on special audit findings were therefore quashed.
The adjudicating authority held that failure to file the board resolution within the prescribed 30-day period violated Section 117 of the Companies Act. The company and its directors were penalized.
The adjudicating authority held that failure to file the board resolution within 30 days violated Section 117 of the Companies Act. As a result, the company and its directors were penalized.
The ROC imposed the maximum statutory penalty after the company failed to file Form MGT-14 for the board resolution approving financial statements. Non-compliance with Section 117 led to penalties on both the company and its directors.
