Month: March 2024
The ITAT remands the assessment order passed ex-parte as the assessee was illiterate housewife and widow and did what husband asked to do with regard to her financial affairs In a recent judgment, the Hon’ble ITAT has set aside and remanded the order passed ex-parte as the assessee …
Section 132B of Income Tax Act 1961 does not stipulate that if no order is passed within 120 days, seized assets must be released – High Court In a recent judgment, the Hon’ble Allahabad High Court has held that Section 132B of Income Tax Act 1961 does not …
Men-rea on the part of the assessee is an essential pre-requisite condition for imposition of penalty under Section 54(1)(2) of the U.P. VAT Act, 2008 – Allahabad High court In a recent judgment, the Hon’ble Allahabad High Court has held that men-rea on the part of the assessee …
No relief admissible u/s 89(1) for compensation received on termination of employment due to closure of plant In a recent judgment, the Hon’ble ITAT has held that no relief admissible u/s 89(1) towards compensation received on termination of employment due to closure of plant ABCAUS Case Law Citation:ABCAUS …
Notices u/s 133(6) not enough for verification of loan transactions from shell companies. AO ought to have done further inquiry to ascertain genuineness & creditworthiness – High Court Notice under Section 133(6) of the Act is not enough to verify identity, genuineness and creditworthiness of transactions from shell …
Reference in second contract to first contract, would not make arbitration clause ipso facto be applicable to second contract – Supreme Court When there is a reference in the second contract to the terms and conditions of the first contract, the arbitration clause would not ipso facto be …
Mere use of term Islamic world or Islamic Scholars in objects would not make trust created only for a religious community or cast – ITAT In a recent judgment, the Hon’ble ITAT has held that mere use of term Islamic world in objects and particularly the Islamic Scholars …
Disallowance u/s 43B deleted as GST payable was not debited to Profit & Loss account and was paid before due date for filing return of income. In a recent judgment, the Hon’ble ITAT has deleted disallowance u/s 43B as GST payable reported in Tax Audit Report was not …
FAQs – RBI Master Direction on Credit Card and Debit Card – Issuance and Conduct Directions, 2022 Query 1. What should a customer do if a credit card is issued without his/her consent (unsolicited card)? Response: Card issuers are prohibited from issuing unsolicited credit cards and are required to …
Extension of applicability of Peer Review Mandate for CA Firms covered under Phase II & III. Revised Applicability of ICAI Peer Review Mandate According to FAQ on Peer Review Board issued by ICAI the term “peer” means a person of similar standing. The term “review” means a general …