Autodesk Asia Pte. Ltd. Vs ACIT (ITAT Bangalore) It was the case of the assessee that the sale of software / hardware was made outside India and the proceeds received from Indian distributors / customers was received by the assessee outside India. In the draft Order of Assessment, the AO treated the money received by […]
B. Anandan Vs Government of India (Madras High Court) The petitioner, who was arrested and remanded to judicial custody on 4.2.2021 for the offence punishable u/s 132 (1) (d) of the Central Goods and Service Tax Act, 2017, on the file of the respondent police, seeks bail. 2. The petitioner is an Executive Director of […]
The mere fact that the order of the appellate authority is not ‘acceptable’, which itself is an objectionable phrase, can be no ground for not allowing the claim unless the decision of the appellate authority has been suspended by a competent Court. Supreme Court emphasized that if such healthy rule of judicial discipline is not followed, it would result in undue harassment to the asssessees and chaos in the administration of tax laws.
Perfect Probuild P. Ltd. Vs DCIT (ITAT Delhi) A reading of section 194C with Explanation (iv) thereof makes it clear that any person responsible for paying any sum to any resident for carrying out the work of advertising, broadcasting and telecasting shall deduct an amount equivalent to 1% where the payment is being made to […]
Insolvency and Bankruptcy Board of India (IBBI) signs a Memorandum of Understanding (MOU) with National Stock Exchange (NSE) of India for research collaboration Insolvency and Bankruptcy Board of India Notification No. IBBI/PR/2021/17 6th August, 2021 Insolvency and Bankruptcy Board of India signs a Memorandum of Understanding with National Stock Exchange of India for research collaboration […]
In view of the resurgence of the Covid-19 pandemic in 2021 and recognising the difficulties it may pose for the borrowers in meeting the operational parameters, it has been decided to defer the target date for meeting the specified thresholds in respect of the four operational parameters, viz. Total Debt / EBIDTA, Current Ratio, DSCR and ADSCR, to October 1, 2022.
Om Logistics Limited & Anr. Vs M/s Ryder India Pvt. Ltd. (National Company Law Tribunal) In case the Sole Member/ Operational Creditor of the CoC was not interested in pursuing the CIR Process, the appropriate course could have been to file a withdrawal application under Section 12A of IBC, 2016. In the case Operational Creditor […]
1. The companies will be allowed to provide share based employee benefits to employees, who are exclusively working for such company or any of its group companies including its subsidiary or its associate. 2. The companies will have flexibility in switching the administration of their schemes from the trust route to the direct route and vice versa with the approval of the shareholders, subject to the condition that the switch is not prejudicial to the interest of the employees.
ITO Vs Shri Udaykumar D. Bhatt (ITAT Ahmedabad) Section 271(1)(c) cast responsibility upon the AO to reach the clear finding with respect to levy of penalty under the specific charge and if the AO fails to do so then the penalty cannot be levied as such penalty order shall not be maintainable in the eyes […]
Taxation Laws (Amendment) Bill, 2021 is introduced in Lok Sabha on 05th August 2021. Bill is further to amend the Income-tax Act, 1961 and the Finance Act, 2012. Bill will benefit Vodafone, Cairn UK who are having capital Gain Tax Disputes. The Bill proposes to amend the Income-tax Act, 1961 so as to provide that […]
