When assessee offered income on accrual basis over the years, claim of TDS deducted on maturity of bond can not be disallowed – ITAT In a recent judgment, ITAT Agra has held that when assessee had offered interest income on RBI Bonds on accrual basis over the years, …

CBI arrests Superintendent and Inspector of CGST for demanding bribe for GST registration  The Central Bureau of Investigation (CBI) has arrested Superintendent and Inspector of the Central Goods and Services Tax (CGST), Santacruz Division, Mumbai for demanding and accepting a bribe of ₹25,000/- from the complainant. As per …

SEBI rationalizes and standardizes the penalty framework for levying penalties on stock brokers by stock exchanges. In the current penalty framework for stock brokers, penalties for similar observations may differ across stock exchanges, and in some cases, the stock brokers who have membership with multiple exchanges may face …

Writing “Yes, I am convinced it is a fit case for re-opening the assessment u/s 147 by issuing notice u/s 148” is a valid approval under section 151A In a recent judgment, Delhi High Court has held that the language “Yes, I am convinced it is a fit …

Rajasthan High Court quashes notice u/s 148 issued by JAO and not by FAO expressing disagreement with Gujarat High Court judgment. In a recent judgment the Rajasthan High Court quashes notice u/s 148 issued by Jurisdictional Assessing Officer (JAO) and not Faceless Assessing Officer (FAO). Disagrees with Gujarat …

Auto Approval of Incentive Bank Account and IFSC Code Registration requests for IEC CBIC announces auto-approval of Incentive Bank Account and IFSC Code Registration requests for an Importer Exporter Code (IEC) at different customs locations Instruction No 25/2023-Customs dated 28.07.2023 stipulates list of documentary requirement and timeline for …