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Netting off Interest Expenditure against Interest Income in absence of direct relation Not Allowed

November 28, 2020 1674 Views 0 comment Print

The issue under consideration is whether the netting off interest expenditure against interest income is allowed u/s 56 of Income Tax Act?

Deduction u/s 36(1)(ii) Allowed for Bonus Paid to Directors who are Shareholder of Company 

November 27, 2020 14100 Views 1 comment Print

The issue under consideration is whether the CIT(A) is correct in upholding the action of the Assessing Officer in making a disallowance under section 36(l)(ii) of the Act; being bonus paid to the Directors of the Company by holding that such payments are in lieu of dividend or profits?

Delhi HC Restricts Penalty Imposed by Revenue on Tata Teleservices Ltd

November 27, 2020 906 Views 0 comment Print

The present writ petitions have been filed challenging orders issued by respondent authority whereby the penalty demand of Rs.293,28,50,153 for the assessment years 2006-07, 2007-08, 2008-09, 2009-10, and 2010-11 stayed subject to payment of 20% of the said amount.

Appeal Against Revisionary Section 263 should be Filed Before Tribunal: ITAT Mumbai

November 27, 2020 5211 Views 0 comment Print

The issue under consideration is whether the ld. CIT(A) was justified in upholding the disallowance made on account of unverifiable purchases? Appel Against Revisionary Order u/s 263 should be Filed Before Tribunal: ITAT Mumbai

ICSI to declare Result of CS Executive Entrance Test (CSEET) today i.e. on 26.12.2020

November 27, 2020 297 Views 1 comment Print

DECLARATION OF RESULT OF COMPANY SECRETARY EXECUTIVE ENTRANCE TEST (CSEET) – NOVEMBER, 2020 The Result of CS Executive Entrance Test (CSEET) held on 21st and 22nd November, 2020 would be declared on Thursday, the 26th November, 2020 at 2:00 P.M. The result along with individual candidate’s subject-wise break-up of marks will be made available on […]

Which is the Best Time to Invest in Mutual Funds?

November 27, 2020 4797 Views 0 comment Print

Investors often wonder when to invest in mutual funds. Little do they know that there is no right or ideal time when it comes to investing in mutual funds. Although, an investor should try to invest in mutual funds at the earliest. An investor can choose to invest any day they like. Before choosing a […]

Section 195 TDS Applicable on Software Purchase Expenses incurred by Distributor

November 27, 2020 2547 Views 0 comment Print

The issue under consideration is whether the CIT(A) is correct in stating that TDS u/s 195 applicable on software expenses without appreciating the fact that appellant was merely acting as a distributor and not having right to have a copy of the software?

CBDT to validate ICAI UDIN during upload of Tax Audit Reports

November 26, 2020 3177 Views 2 comments Print

The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as Chartered Accountants.

NAA finds Electronic Mart India guilty of Profiteering on Monitors & TVs

November 26, 2020 1341 Views 0 comment Print

M. Srinivas Vs Electronics Mart India Ltd. (NAA) The brief facts of the case are that an application dated 29.03.2019 was filed by the Applicant No. 1, under Rule 128 (1) of the CGST Rules, 2017 before the Standing Committee on Anti-Profiteering alleging profiteering by the Respondent in respect of supply of Monitors and TVs […]

DG, GST arrests 3 in massive GST frauds of more than Rs 2350 crores

November 25, 2020 1452 Views 1 comment Print

The Mumbai Zonal Unit of the Directorate General of GST Intelligence, [DGGI-MZU], Central Board of Indirect Taxes & Customs (CBIC), today (November 25, 2020), arrested three persons for having indulged in massive frauds involving the availment & utilization, as well as passing on of ineligible Input Tax Credit (ITC) on the strength of bogus invoices. This has been stated in a press release issued by Seema Jere Bisht, Pr. Additional Director General, DGGI-MZU.

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