Addition cannot be made on the basis of mere confidential information submitted before Settlement Commission without incriminating material found in search and seizure to support addition.
Unlocking the Significance of Certificate of Insurance (COI): Explore the crucial details encapsulated in a COI, from insured particulars to policy conditions. Understand its role in motor insurance, compliance with Motor Vehicles Act, and its legal standing. Delve into rules governing COIs, including transfer procedures and essential uses in accident claims. Navigate the intricacies of COIs with insights into the Central Motor Vehicles Rules and pertinent sections of the Motor Vehicles Act.
Capital Gain credited to Capital Reserve Account instead of Profit & Loss Account cannot be considered while computing Book Profit for the provision of Section 115JB( MAT).
Understand the concept of Advancement of any Other Object of General Public Utility under Income Tax Act, 1961. Learn about the conditions for tax exemptions for religious and charitable trusts.
As you are aware that the management of a company is supposed to work in the best interest of the shareholders, however in practice it may pursue its own agenda and that leads to the agency conflicts. Since corporates are legal entities and managed by natural persons and they collectively called Board of Directors. The […]
A person falling under definition of Corporate Debtor as defined under provisions of IBC, 2016, whether incorporated in India or outside India has right to file CIRP Application under provisions of Section 9 of the IBC,2016 in India.
There is nothing in Section 54/54F which specify that the residential house should be constructed in a particular manner. Any person will construct his house according to his need and on the basis of future requirements.
Understanding Assignment of Marine Insurance Policies: Explore the ins and outs, from the types of marine insurance to the principles of insurable interest. Delve into the legal aspects, discussing policy assignment, restrictions, and key provisions under the Marine Insurance Act, 1963. Learn how the nature of marine insurance policies differs from other insurance types and the critical role insurable interest plays.
It is clear that the Income Tax -Department does not enjoy the status of a secured creditor, on par with secured creditor covered by a mortgage or other security interest, who can avail the provisions of Section 52 of the Code. At best it can only claim a charge under the attachment order in terms of the provisions of Section 281 of the Act,1961.
A customer for security of his /her valuables approaches the banks and ask for safe deposit lockers. It is duty of the banks same as bailee to provide security and safety to the valuables kept in safety lockers of their customers.
