Central Government hereby appoints the 1st day of May, 2018 as the date on which the provisions of Section 227 to Section 229 of Insolvency and Bankruptcy Code, 2016 shall come into force.
To sum up, even under the amended law, in all cases, there must exist reason to believe that income has escaped assessment and a mere change of opinion on the same facts and law does not justify a reassessment. For a reassessment proceeding initiated after four years, it must further be established that the escapement was by reason of failure of the assessee to disclose fully and truly all material facts.
It is apparent that when the assessee could not establish the genuineness of the impugned transaction before the Assessing Officer that it decided to surrender an amount of Rs. 55 lakh. Thus, the factual matrix indicates that the assessee made the surrender when it had no explanation to offer. Thus, the assessee could not prove the bona fide of its claim.
This is assessee’s appeal for the A.Y 2009-10. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-V, Hyderabad, dated 31/08/2016 confirming the assessment order u/s 143(3) r.w.s. 147 of the I.T. Act dated 4.3.2015.
Insolvency and Bankruptcy Board of India invites comments from public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016.
Shri Saibaba Sansthan Trust (Shirdi) Vs. UOI (Bombay High Court) The allegations with regard to the CIT(A) mentioning of incorrect dates in the order sheet and the office of the CIT[E] threatening to attach the Petitioner’s bank account and reopen Assessments for the last two years in case it fails to deposit the amount of […]
Indo Arya Central Transport Limited & Ors. Vs. CIT – TDS (Delhi High Court) HC held that At this stage, it will neither be fair nor proper for the writ court to question and decide the question of validity of Sanction Order on merits of reasonable cause etc. as it would amount to a pre […]
Supreme Court dismissed SLP filed by the Sky Light Hospitality LLP firm linked to Mr. Robert Vadra, challenging notice issued by the Income Tax Department for reassessment of its profits from the land deals in Haryana and Rajasthan in 2010-2011.
I am pleased to inform that High Power Group constituted by ICAI to study the systemic issues in the PNB (Punjab National Bank) fraud matter has submitted its report to the MCA. Accordingly, representations are also being made to other regulatory agencies.
The memorandum and articles of association of a company are the most important documents for the formation of a company and for its functioning thereafter. It defines the scope of activities of the company and its purpose of incorporation. Before dealing with a company, it is advisable to read the memorandum and articles of the company to understand various aspects
