The article explains that companies need a balanced mix of Executive, Non-Executive, and Independent Directors for effective governance and better decision-making. It highlights how proper Board composition supports long-term business success.
Mumbai ITAT held that genuine outstanding trade liabilities arising from accepted business transactions cannot be treated as unexplained cash credits under Section 68. The Tribunal ruled that once purchases and expenses are accepted, corresponding creditor balances cannot be taxed separately.
CESTAT Delhi set aside the refund rejection order after finding that issues relating to double payment of service tax and CENVAT credit eligibility required proper examination. The matter was remanded for de novo adjudication with an opportunity to produce supporting evidence.
The Bombay High Court set aside a GST refund rejection order after finding that the adjudicating authority failed to provide proper reasons or consider the taxpayer’s submissions. The Court held that refund claims cannot be rejected through non-speaking orders passed without application of mind.
The article clarifies that ASISSE notices derive authority from the Collection of Statistics Act and not from Section 405 of the Companies Act, 2013. It explains the legal distinction and compliance implications for companies and LLPs.
The weekly roundup covers important Supreme Court rulings, GST advisories, RBI amendments, SEBI consultation papers, and insolvency law developments. The key takeaway is the growing focus on digital compliance and regulatory oversight across sectors.
The Tribunal deleted penalty levied on society charges and depreciation disallowances after finding that the claims were fully disclosed in books and audited financial statements. It held that ad hoc disallowances alone cannot trigger concealment penalty.
Bangalore ITAT held that deduction under Section 43B cannot be denied merely because Form 3CD reflected GST payable on the audit report date. The Tribunal directed verification of subsequent payment made before the due date of filing the return.
The Tribunal ruled that bonus shares sold after being held for more than 12 months were taxable as exempt long-term capital gains and not business income. The assessees treatment of bonus shares as investments was accepted.
The ROC rejected the company’s defense that temporary reconstruction and business disputes justified the absence of staff and signboards. It held that statutory obligations under Section 12 remain mandatory at all times.
