In a recent Supreme Court ruling, IBC has been found to give higher priority to dues owed to secured creditors than to electricity dues. This analysis examines the court’s interpretation of IBC and its implications for creditors and power sector.
The ITAT Delhi nullifies the penalty imposed under Section 271(1)(c) of the Income Tax Act on Meena Singhal, as the notice issued did not specify the particular charge.
ITAT Delhi has quashed the revision order in the C. M. Buildcon Pvt. Ltd. vs PCIT case, emphasizing the legitimacy of transactions through proper banking channels. Get insights from the case analysis
The ITAT Pune overturned a revisionary order of Pr. Commissioner of Income Tax-1, asserting that no revision is necessary under section 263 of the Income Tax Act if the Assessing Officer (AO) conducts appropriate verification during the assessment.
Get insights into the obligations of reporting entities under the Prevention of Money Laundering Act, 2002. Read about the role of the Institute of Company Secretaries of India (ICSI) and the AML & CFT guidelines for professionals.
Union Home Minister Amit Shah launches the CRCS – Sahara Refund Portal, enabling genuine depositors of Sahara Group Cooperative Societies to submit claims for refund. Under the leadership of Prime Minister Narendra Modi, crores of people will finally get back their hard-earned money
Delhi ITAT dismisses appeal in Tekchand Vs ITO case, stating that penalty proceedings cannot be contested unless a formal order is issued. Read the complete analysis here.
Reserve Bank of India has issued a notification announcing the inclusion of NongHyup Bank in the Second Schedule of the RBI Act, 1934. All banks are advised regarding this update.
Recent judgment reduces penalty for M/s. Vena Energy Renewables Resources Pvt Ltd’s delay in filing e-Form INC-20A, highlighting the MCA’s evolving compliance landscape.
Ministry of Finance amends rule 11UAC of Income-tax Rules 1962, specifically addressing the relocation of funds and movable property vide Notification No. 51/2023-Income Tax | Dated: 18th July, 2023. Under the Income-tax (Thirteenth Amendment) Rules 2023, a new sub-rule has been inserted in rule 11UAC. This sub-rule pertains to movable property, such as shares or […]
