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There is no statutory obligation upon legal heirs to intimate death of assessee to the Income Tax Department In a recent judgment, Hon’ble High Court Karnataka held that there is no statutory obligation upon legal heirs to intimate death of assessee to the Income Tax Department. ABCAUS Case …
Once Tonnage Tax Scheme is opted, no set off against any deduction allowed – ITAT In a recent judgment, ITAT Hyderabad has held that once the assessee opts for a Tonnage Tax Scheme, then Tonnage income cannot be set off against any deduction provided under the Act. ABCAUS …
Identity capacity and genuineness of creditors fell apart when shareholder companies was found to be non-existent – High Court In a recent judgment, Hon’ble High Court of Chhattisgarh has confirmed the addition on account of share application money received from bogus shell companies observing that proof of identity …
List of banks for tax payments available at e-Pay Tax service at e-Filing Portal As of now, 28 banks are available at e-Filing Portal for e-payments of taxes as under: S. No. Bank Name Date of enablement at e-Pay Tax Service at e-Filing Portal 1. Axis Bank 01-Nov-22 2. …
Date of order has to be date of personal hearing. Hon’ble High Court quashed GST order passed without personal hearing In a recent judgment, the Allahabad High Court has quashed order passed under Section 74 of the UPGST Act for not affording personal hearing observing that it is …
Addition for unexplained expenditure incurred on election on candidates of Aam Aadmi Party confirmed by ITAT In a recent judgment, ITAT Delhi has upheld the addition for unexplained expenditure incurred on election on candidates of Aam Aadmi Party (AAP). ABCAUS Case Law Citation:ABCAUS 4128 (2024) (07) ITAT In …
ITAT set aside order as no opportunity was allowed to assessee to explain the delay in filing appeal In a recent judgment, the ITAT Ahmedabad set aside order as no opportunity was allowed by the CIT(A) to the assessee to explain the reason of delay nor was he …
SEBI mandates email as default mode of dispatch for Consolidated Account Statement by Depositories, Mutual Fund etc. SEBI has mandated email as default mode of dispatch for Consolidated Account Statement by Depositories, Mutual Fund etc. According to SBI Circular dated 1st July 2024, the decision has been taken …
ICAI bans four Chartered Accountants for professional misconduct Notification No. PR/330/2019/DD/308/2019/DC/1501/2021 In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rule 18(17) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the …
Three CBI Courts designated as Special Courts under PMLA in the State of West Bengal MINISTRY OF FINANCE(Department of Revenue)NOTIFICATION New Delhi, the 1st July, 2024 S.O. 2515(E).—In exercise of powers conferred by sub-section (1) of section 43 of the Prevention of Money Laundering Act, 2002 (15 of …
