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Cheque bounce accused acquitted as complainant did not show amount given as loan in his income tax return. In a recent judgment, Hon’ble Supreme Court has confirmed the acquittal of accused in a case of cheque dishonour where the complainant did not show the amount advanced in his …
Income Tax Relief to Cooperative Societies. Minister of Cooperation in a written reply to a question in the Lok Sabha stated the following income tax benefits available to Cooperative Societies. Income Tax Relief to Cooperative Societies 1. Reduction in surcharge on cooperative societies The surcharge on co-operative societies …
No Penalty u/s 271E on repayment of loan by journal entries of sale bills – ITAT In a recent judgment, ITAT Indore has held that penalty u/s 271E was not justified when loan was repaid by adjustment of by way of journal entries of genuine sales. ABCAUS Case …
Commencement date notified for amended provisions related to distribution of credit by Input Service Distributor and penalty u/s 122A GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS Notification No. 16/2024–Central Tax New Delhi, dated the 6th August, 2024 S.O. …..(E).—In …
Capital Gain Indexation Relief – Option of indexation on sale of properties to be incorporated in Finance Bill 2024 Government seeks to provide capital gain indexation relief for computation of capital gain tax in case of sale of properties. List of Amendments proposed to the Finance Bill 2024 …
Reopening on incorrect reasons recorded that assessee not filed return of income quashed by ITAT In a recent judgment, ITAT Guwahati has quashed the reopening done on the factually incorrect reasons recorded by the AO that assessee had not filed return of income. ABCAUS Case Law Citation:4195 (2024) …
Power of striking off name of defunct LLP to be exercised by Centre for Processing Accelerated Corporate Exit (CPACE). The Limited Liability Partnership (Amendment) Rules, 2024 Ministry Of Corporate Affairs NOTIFICATION New Delhi, the 5th August, 2024 G.S.R. 475(E).—In exercise of the powers conferred by sub-sections (1) and …
All Penalty proceedings / adjudication under Companies Act to be in electronic mode only. MCA notifies the Companies (Adjudication of Penalties) Rules, 2014 Ministry of Corporate Affairs NOTIFICATION New Delhi, the 5th August, 2024 G.S.R. 476(E).—In exercise of the powers conferred by section 454 read with section 469 …
Legal representatives can not be proceeded without following provisions u/s 148A(b) – High Court In a recent judgment, the Hon’ble High Court of Rajasthan has held that proceedings under the liability created against legal representatives of deceased assessee can be initiated but only after compliance of mandatory provisions …
Submission of form 10CCB is directory in nature and not mandatory – ITAT In a recent judgment, the ITAT Amritsar has held that submission of form 10CCB is directory in nature and not mandatory and it is sufficient compliance if the said report is filed with the AO, …
