Briefly, the issue concerns the applicability of the newly inserted provisions of Section 148A and the amendments brought inter alia in Section 149 of the Act. According to the petitioner, the proceedings should conform to the amended provisions.
Tata Communications Transformation Services Limited Vs ACIT (Bombay High Court) 1. Mr. Jehangir Mistri, learned Senior Advocate appearing for petitioner vehemently contends that the impugned notice under section 148 of Income Tax Act, 1961 in the present matter issued on 21/05/2021 is absolutely untenable on various grounds. He submits several provisions of the Income Tax […]
ICAI signs MoU with Qatar Financial Centre (QFC) for export of accounting services to Qatar & exploring professional and business opportunities for ICAI members
M/s. QlikTech International AB Vs DCIT (ITAT Bangalore) Bangalore ITAT rules out royalty on distribution of software and holds that software payments are not taxable in India by placing reliance on landmark rulings in case of Engineering Analysis Centre of Excellence. It further held that back office services don’t qualify as Fees for Technical Services […]
SEBI releases Standard Operating Procedure for handling of technical glitches by Market Infrastructure Institutions (MIIs) and payment of Financial Disincentives thereof
CSEET (CS Executive Entrance Test) to be held on 10th July 2021 is being held online through Remote Proctoring Mode. Detailed instructions regarding the same have already been sent to the candidates by Email and are also available at Admit Card.
Time limit to issue notice- One of the major differences between the new and old regime is the time limit of issue of notice, under the earlier regime the time limit for issue of notice was 4 years from the end of the relevant assessment year however in certain circumstances it was 6 and 16 years.
McCANN Erickson (India) Pvt.Ltd. Vs ACIT (ITAT Delhi) we find that the Ld.CIT(A) has relied upon the amendment in the statute. However, the Co-ordinate Bench of this Tribunal after having considered the amendment held in the case of Ashapura Minichem Ltd. vs ADIT 131 TTJ 291 that till 08.05.2010, “the prevailing legal position was that […]
it is concluded that the TPA did not fulfill the Minimum Business Requirements during 2019-20 in any of the parameters as specified under regulation 14 of TPA Regulations, 2016 read with the Minimum Business norms as stipulated under Annexure-11 of Circular Ref: IRDAI/TPA/REG/CIR/130/06/2020 dated 03rdJune 2020. It is also observed that on an average basis […]
It has been decided that if a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.
