The Tribunal held that the Indian entity was only a distributor and not a technology or content owner. It rejected the Revenue’s attempt to recharacterise the business and apply royalty-based valuation.
The case clarifies that MSME-1 filing is triggered when payments to MSME suppliers exceed the 45-day limit. It emphasizes that even a single delay requires disclosure of outstanding dues and reasons.
The advisory clarifies that Section 8 companies are prohibited from direct strike-off using Form STK-2. It highlights that closure must follow prescribed legal routes to safeguard charitable assets and public interest.
The court held that dependency under motor accident law is not confined to family members. Religious institutions relying on the deceased can claim compensation for institutional loss.
CBDT corrected multiple ITR forms to fix structural and computational errors. The update ensures accurate tax reporting and reduces filing inconsistencies.
The provision safeguards refunds, losses, credits, and pending proceedings under the old law. It prevents disruption caused by repeal of the 1961 Act. The key takeaway is that existing rights and liabilities remain fully intact.
The new law reorganizes provisions and introduces clearer section mapping for business income. It simplifies compliance while retaining core taxation principles.
The Act grants the Board general managerial powers unless expressly restricted by provisions like Section 180. Section 179(3) merely regulates decision-making procedures for specific matters. This ensures operational autonomy while preserving accountability.
Step-loans can unintentionally violate Section 185 by creating indirect loans to directors. Companies often overlook how layered transactions breach legal provisions. The key takeaway is to review fund flow and ensure ultimate beneficiaries are compliant.
The circular resolves confusion between CPC Bengaluru and jurisdictional authorities regarding condonation powers. It clearly assigns this power to the jurisdictional PCIT/CIT. This ensures that delayed Form 10A filings can be regularized upon showing reasonable cause.
