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FAQ’s on filing of Income Tax Returns (ITR)

October 21, 2022 17943 Views 1 comment Print

Troubleshooting FAQs on filing Income Tax Returns (ITR) – Find solutions for common errors and issues encountered during the online filing process.

SC explains charitable purpose & advancement of general public utility

October 21, 2022 15000 Views 0 comment Print

ACIT Vs Ahmedabad Urban Development Authority (Supreme Court) In these batch of appeals and special leave petitions, the primary question which falls for consideration is the correct interpretation of the proviso to Section 2(15) of the IT Act introduced by amendment w.e.f. 01.04.2009. It is necessary, at this stage, to notice that the IT Act visualized […]

CCI imposes monetary and non-monetary sanctions on MakeMyTrip, GoIbibo & OYO

October 21, 2022 4407 Views 0 comment Print

CCI imposed monetary as well as behavioral sanctions on MMT-Go for abusing its dominant position and also for having anti-competitive arrangement with OYO. Monetary penalty is also imposed on OYO for its anti-competitive arrangement with MMT-Go vide which MMT-Go delisted the competitors of OYO from its online portals in 2018.

CCI imposes monetary penalty of ₹ 1337.76 crore on Google for abusing dominant position

October 21, 2022 6486 Views 0 comment Print

CCI imposes a monetary penalty of Rs. 1337.76 crore on Google for anti-competitive practices in relation to Android mobile devices

Limitation & restriction should be considered for valuation of shares for gift tax: SC

October 21, 2022 5775 Views 0 comment Print

Supreme Court held that the valuation of shares for the purpose of gift tax needs to take into consideration the limitations and restrictions.

Late Fees, Interest, threat to levy penalty or to initiate prosecution – Tax Terrorism

October 21, 2022 19983 Views 6 comments Print

People are held hostage in a cyber-world with ransom in the form of Late Fees and Interest and a threat to levy penalty or to initiate prosecution. No other words better describe the situation than the term Tax Terrorism.

Non-Accrual of interest on borrowings by companies in violation of Ind AS

October 20, 2022 8349 Views 1 comment Print

NFRA Circular on Non-Accrual of interest on borrowings by the companies in violation of Indian Accounting Standards (Ind AS) It has come to the attention of the NFRA during  a disciplinary action under section 132(4) of the Act for professional misconduct of the statutory auditor (CA Som Prakash Aggarwal) of a listed company (Vikas WSP […]

Section 10(23C) approval cannot be given to profit-oriented educational institutions: SC

October 19, 2022 17328 Views 0 comment Print

Where the objective of the institution appears to be profit-oriented, such institutions would not be entitled to approval under Section 10(23C) of the IT Act.

ESOP can be granted by company to Doctors exclusively employed with subsidiary

October 19, 2022 5253 Views 0 comment Print

Q. Upon listing of the Company, will it be permissible, as per the SEBI SBEB & SE Regulations, for stock options to be granted under the ESOP Plan 2013 to the doctors who are proposed to be engaged as Eligible Employees. i. Regulation 2(1)(i)(i) of the Securities and Exchange Board of India (Share Based Employee […]

Saga of ‘Parallel Proceedings’ Under GST

October 18, 2022 21018 Views 0 comment Print

Section 5 of the GST Act provides for powers of officers to discharge functions under this Act. Accordingly, the Ld. Commissioner may delegate his powers to any other officer who is subordinate to him.

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