Liquidator of a Company in liquidation under the Code is not required to file Income Tax Return, then there is no question of claiming refund of TDS deducted under Section 194 IA of the IT Act.
Sai Mirra Innopharm Private Limited Vs ITO (ITAT Chennai) On perusal of details filed by the assessee, we find that the assessee has entered into a contract manufacturing agreement with Dr.Reddy’s Laboratories Ltd., for a period of 10 years for manufacturing of drugs as per the specification provided by the principals, but the know-how required […]
Hitesh Nagwani Vs Directorate of Revenue Intelligence (DRI) (Madhya Pradesh High Court) From the record, it appears that the allegations of evasion of huge amount of customs duty have been levelled against the applicants, as according to the respondent, actual value of goods imported by undervaluation on the basis of using fabricated invoices is Rs.11,93,03,316/- […]
Shikha Sharma Bagga Vs Union of India and Anr (Delhi high court) High Court in a Interim order Observed that A perusal of Section 7(1) (b) of the Companies Act, 2013, clearly shows that Advocates can file documents for incorporation of a Company. This would be true even in the case of LLPs. The MCA’s […]
Dodla International Ltd. Vs ACIT (ITAT Chennai) ITAT held that license fee received by the assessee for licensing a fully furnished hotel along with license to run the hotel is a business receipt, which is assessable under the head ‘income from business or profession’ but not a rental income, which is assessable under the head […]
Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court) This Court held that a person having only security interest over the assets of corporate debtor, even if falling within the description of ‘secured creditor’ by virtue of collateral security extended by the corporate debtor, would not be covered by the financial creditors as per […]
Wealth isn’t created in a day, it takes time and all of it begins with saving money. Hence, it’s very crucial to pursue every effort for saving your hard-earned money and the steps you choose define your overall wealth portfolio. One way to save money is using tax-saving deductions for reducing the tax burden. Lesser […]
MCA imposes Rs. 6 Lakh penalty on M/s Peoples International & Services Pvt Ltd and its directors for failure to file e-Form DIR-12.
By way of present ground of CO, the Revenue intends to rake up altogether a new situation. The ld.AO did not take any action for recasting of the balance sheet by observing that expenditure debited in the work-in-progress has not been claimed in the profit & loss account.
This Master Circular is a compilation of the relevant circulars/communications pertaining to Depositories issued by SEBI up to October 31, 2020 and shall come into force from the date of its issue. References in the Master Circular to the Statutes/Regulations which now stand repealed, have been suitably updated.
