The article explains how taxpayers should compute ITC reversal when both Rule 37 and Rule 38 apply. It emphasizes that duplicate reversals can be avoided by deducting Rule 38 reversals only after calculating Rule 37 liability.
The article explains that focusing only on environmental goals weakens ESG effectiveness. Social responsibility and ethical governance are essential to ensure accountability, trust, and long-term institutional value.
The ITAT Bangalore held that no disallowance under section 14A read with Rule 8D can be made where the assessee did not earn exempt income during the year. The ruling reiterates that, for years prior to AY 2022-23, absence of exempt income bars such disallowance.
The Court emphasized that reassessment proceedings must comply with principles of natural justice by providing an effective opportunity of hearing. Ignoring explanations and documents submitted by the taxpayer vitiates the entire reopening process.
ITAT held that proving the mode of payment is not enough to secure deduction for political contributions where evidence points to a bogus donation scheme. Taxpayers must establish the authenticity of the entire transaction.
The Court ruled that an order passed over three years after the statutory deadline under Section 153(5) was without jurisdiction and void. It held that failure to act within the prescribed period renders the appellate order final and enforceable.
ROC Mumbai penalized a director after Form AOC-4 contained an incorrect AGM due date. The order emphasizes that directors are responsible for ensuring accuracy in statutory MCA filings, even where mistakes are inadvertent.
ROC Mumbai imposed a penalty after finding that an individual held two Director Identification Numbers in violation of Section 155. The order reiterates that directors cannot apply for or retain multiple DINs, irrespective of intent.
ROC Mumbai penalized a Whole Time Director for filing Form DIR-12 with an incorrect CFO appointment date. The order reiterates that authorized signatories are accountable for the accuracy of MCA filings, even when errors are inadvertent.
The adjudicating authority held that an unlisted public company violated Section 29 by continuing to issue and transfer shares in physical form without ISIN registration, resulting in substantial penalties.
