Supreme Court explains jurisdiction of courts under NI Act for dishonour of account payee or bearer cheques In a recent judgment, Hon’ble Supreme Court has held that a payee may deliver a cheque at any branch of his bank.  However, in case of dishonour of an account payee …

Advances received in normal course of business and adjusted against sale bills cannot be added u/s 68 of the Income Tax Act In a recent judgment, ITAT Kolkata has upheld that advances received in the normal course of business cannot be added u/s 68 of the Act when …

Faceless mechanism for income escaping assessment would not exclude the Central charges and International Taxation charges from its application – ITAT In a recent judgment, ITAT Chandigarh quashed notice under section 148 issued by JAO holding that faceless mechanism for income escaping assessment would not exclude the Central …

Ground not adjudicated by first appellate authority or ground not originating from first appellate order cannot be decided in second appeal In a recent judgment, ITAT Panji has held that ground which is not adjudicated by first appellate authority or ground not originating from first appellate order cannot …

High Court directed ITD to consider condonation of delay in filing ITR for four years as the COVID-19 pandemic constituted a force majeure event In a recent judgment, Hon’ble Madhya Pradesh High Court directed Income Tax Department to consider the request of the Petitioner for condonation of delay …

SEBI revises its regulation on additional incentives to Mutual Fund distributors for onboarding new individual investors from B-30 cities and women investors Regulation 52(6A)(b) of the SEBI (Mutual Funds) Regulations 1996 provide a framework for incentivizing distributors for new investment/inflows from beyond top 30 cities (B-30 cities). However, …