Constitutional Validity of second proviso of section 5(1) of PMLA upheld.  Failure to disclose “reasons to believe” would be the entire proceedings illegal-High Court  Prelude: The offence of money-laundering is defined under Section 3 PMLA. The punishment is prescribed under Section 4 PMLA. The expression “proceeds of crime” …

Draft Bank Branch Auditors Panel of CA/firms for FY 2017-18 has been hosted at http://www.meficai.org/ alongwith the category of the applicants. The Draft MEF Panel for FY 2017-18 contains the following:  1. MEF No. 2. FRN No./MRN No. 3.Concern Name 4.Unique Code No. 5. Pin Code 6. District 7. …

Sharp increase in cases of prosecutions by Income Tax Department The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and …

Having afforded a hearing, ITO can not attach assessee’s bank straightway without informing as to whether the stand taken by the assessee is justified or not-High Court  Prelude: Section 222 of the Income Tax Act, 1961 (the Act) provides that in where an assessee is in default or …

Reactivation of DINs of disqualified Directors has been completed and the status of the relevant DINs can be checked now for applying under CODS-2018 MCA has notified Condonation of Delay Scheme (CODS) (notified vide General Circular No.16/2017 dated 29th December 2017) for re-activation of companies that has been struck …

Comparable company following calendar year for maintaining accounts can not be used in contrast to assessee following financial year ending 31st March despite functional similarities – ITAT Prelude: Chapter X of the Income Tax Act, 1961 (the Act) contains Special provisions relating to avoidance of Tax. Section 92 …