Day: August 13, 2019
Government issues Scheme to provide a one-time partial credit guarantee to PSBs for purchase of pooled assets of financially sound NBFCs The step would provide liquidity to NBFCs and enable them to continue to play their role in meeting the financing requirements of productive sectors of economy In …
CBDT rebuts incorrect reports about Income Tax notices to Durga Puja Committees in Kolkata Press Release There have been reports in the media about Income Tax notices being issued to Durga Puja Committees in Kolkata recently. The reports also mention that Income Tax notices were sent to the …
All pending INC-12 SRNs for new section 8 Company incorporation at RoCs to be Rejected on 15th August 2019 due to Simplification of process of Incorporation of Section 8 Companies – MCA Advisory (1) With a view to simplify the process for incorporating Section 8 Companies, requirement of …
Make CSR expenditure tax deductible recommends High Level Committee on CSR in its report submitted to Government. Shri Injeti Srinivas, Secretary (Corporate Affairs), today presented the Report of the High Level Committee on CSR to the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman. …
Section 292BB does not save complete absence of notice. Section seeks to cure only infirmities in service of notice – Supreme Court ABCAUS Case Law Citation:ABCAUS 3120 (2019) (08) SC Important case law relied upon by the parties:ACIT v. Hotel Blue Moon’ (2010) 321 ITR 362 The instant …
Transfer pricing adjustment without reference to TPO. Supreme Court upholds that AO breached mandatory Instruction but restored appeal to AO ABCAUS Case Law Citation:ABCAUS 3119 (2019) (08) SC Important case law relied upon by the parties: The instant Appeal by Special Leave was made by the Revenue to …
Penalty notice u/s 271AAB without specifying ground and default in the show cause notice u/s 274 held not valid – ITAT quashed the order passed ABCAUS Case Law Citation:ABCAUS 3118 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. Manjunatha Cotton & Ginning Factory 359 …
Penalty notice u/s 271(1)(c) without specifying specific charge quashed. The decisions relied by Revenue rejected by the Tribunal ABCAUS Case Law Citation:ABCAUS 3117 (2019) (08) ITAT Important case law relied upon by the parties:Jagdamba Prasad Gupta, Delhi vs. ACITSundaram Finance Ltd., vs. CIT 403 ITR 407 (Mad.) …