Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition precedent as to existence of investment, expenditure, etc. must be conclusively established by material on record/ evidence.
This blog covers an extensive analysis on the reassessment provisions in light of landmarks judgement which will help professional to face dispose the litigations hastily. I am not inserting bare sections here to increase the size of blog, it is written keeping in mind to provide less, solid and crux content about the matter. It includes gist if case laws on section 147, few riders which can twist anyone mind along with plethora of recent rulings on 147 at the end to left your mind tranquil.
Relevant Act: Societies Registration Act, 1860 What is Society? It means an organized group of persons associated together for charitable purpose called society. Here the charitable purpose which came within the language and spirit of the statute of Elizabeth could be group into four heads- 1. Relief of poverty, 2. Education, 3. Advancement of religion and […]
Relevant Section: Sections 4 & 5 of the Competition Act, 2002. Section 4 of the Competition act discussed about the Anti-Competitive Agreement. What is Anti-Competitive Agreement? 1. Any agreement entered into in contravention of the provisions of the Act, 2. Any agreement entered into between- i. enterprises or ii. Association of enterprises, or iii. Persons, or […]
“From an Economic Perspective, the key issue is not just the number of cases of Covid-19, but the level of disruption to economies from containment measures”. Ben May, head of Global Macro Research at Oxford Economics, said in a report this week, “Widespread lockdowns such as those imposed by China have been enacted in some […]
It is common for the High Courts & the Apex Court to impose exemplary costs on petitioners for frivolous litigation and for wasting the precious time of the Courts. But it is very rare that an advocate has been held guilty of concealing true facts of the case and for irresponsible conduct. It is highly […]
With the changing technology and extensive use of artificial intelligence day by day, the global marketplace has become more accessible than ever before. With the broker assistance and right kind of software, you can trade stocks, derivatives and currency easily. The investing style depends on the preference, goals and funds available with the investor. Some […]
[IN CASE OF ISSUE AND TRANSFER OF SHARES] When an owner of Unquoted equity shares(“Shares”) in a Company transfers the shares to any person, he is required to pay Capital Gain tax on the difference between the sale consideration received by him and the cost of acquisition of such shares (or the inflation indexed cost, […]
This article talks about Classification of enterprises, Computation of investment in plant and machinery or equipment, computation of annual turnover, fresh and existing registration and reclassification in the registration in view of notification dated 26.06.2020 issued by Ministry Of Micro, Small And Medium Enterprises. Table of Contents: 1. Classification of Micro, Small and Medium Enterprises […]
MSME stands for Micro, Small and Medium enterprises. MSMEs has emerged as the ‘backbone of the economy’. Ministry of MSME urge to promote growth and development of MSMEs so as to create new enterprises with more employment opportunities. They urge to enhance manufacturing base in the country by improving performance of MSMEs through development schemes, […]
