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Forgery should be proved by clear & cogent evidence: CESTAT sets aside Penalty

July 28, 2022 702 Views 0 comment Print

Diamond Creations Vs C.C.-Mundra (CESTAT Ahmedabad) Coming to the contention of revenue regarding forgery of the textile committee report, we do not find any reason to go into the detail as the fact that reports were forged does not impact the classification assuming the reports relied upon by the department are the original one as […]

Filing of declaration from lorry owner Lorry applicable from 01.06.2015 – Section 194(6)

July 28, 2022 1659 Views 0 comment Print

Shesh Dhar Chaube Vs ITO (ITAT Delhi) AO alleged that assessee has not filed any declaration from the lorry owner with regard to the number of vehicles owned by them. In this regard sub-section (6) of Section 194C is relevant which provide for the condition as to providing such declaration from the lorry owners. It […]

Requirements for Applying for November 2022 CA Exams

July 28, 2022 14421 Views 1 comment Print

Candidates who are planning to appear in the November 2022 exams are advised to check their status at the Self Service Portal (SSP) and be assured that they meet the eligibility criteria to be able to effortlessly fill the exam forms at SSP.

SEBI: Settlement of Running Account of Client’s Funds lying with Trading Member

July 27, 2022 1665 Views 0 comment Print

For clients, who have opted for Monthly settlement, running account shall be settled on first Friday of every month. If first Friday is a trading holiday, then such settlement shall happen on the previous trading day.

SEBI signs MoU with the Financial Regulatory Commission, Mongolia

July 27, 2022 576 Views 0 comment Print

SEBI and FRC, Mongolia have entered into a bilateral MoU for mutual co-operation and technical assistance. The MoU has been signed by Ms. Madhabi Puri Buch, Chairperson, SEBI and Mr. Bayarsaikhan Dembereldash, Chairman, FRC.

No section 271(1)(c) penalty if notice fails to specify Concealment or Furnishing of Inaccurate Particulars of Income

July 26, 2022 7338 Views 0 comment Print

Kalra Papers Pvt. Ltd. Vs ITO (ITAT Delhi) The penalty provisions of section 271(1)(c) of the Act are attracted, where the Assessee has concealed the particulars of income or furnished inaccurate particulars of such income. It is also a well-accepted proposition that the aforesaid two limbs of section 271(1)(c) of the Act carry different meanings. […]

Stamp Duty on Arbitral Award payable as per Rate Applicable on date of signing Award: Karnataka HC

July 26, 2022 15786 Views 0 comment Print

Date for the purpose of quantifying the stamp duty payable on the instrument is the date on which the instrument was signed

Resolution Professional can exercise control only over Bank Accounts operated by ‘Corporate Debtor’

July 25, 2022 759 Views 0 comment Print

IBC 2016: Resolution Professional, in Law can exercise control over Bank Accounts operated by ‘Corporate Debtor’ only and not otherwise.

No Section 80IB deduction on Remuneration & Share of Profit from Partnership Firm

July 25, 2022 1872 Views 0 comment Print

Eligibility of remuneration, share of profits received from partnership firm, whose profits are eligible for deduction u/s 80IB of Income Tax

Seafarer’s recruitment service provider is not an intermediary

July 25, 2022 1530 Views 0 comment Print

Seafarer’s recruitment service provider, who processes the entire selection, medical test, insurance, transportation, training etc. to the overseas client and received convertible foreign exchange, is not an intermediary.

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