Condonation of delay in filing Form No. 9A/10/10B/10BB for AY 2018-19 & subsequent Assessment Year – CBDT order u/s 119(2)(b) CBDT has issued Circular No. 16/2024 dated 18.11.2024 authorising condonation of delay in filing Form No. 9A/10/10B/10BB for AY 2018-19 & subsequent Assessment Year where delay is up …

NFAC order was set aside by High Court as notice sent by e-mails were received in ‘spam’ folder In a recent judgment, Hon’ble Kerala High Court has set aside appellate order passed by NFAC as the notice of hearing sent by e-mails were received in ‘spam’ folder and …

Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA CBDT has issued a guidance note on Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) along with a Step-by -Step Guide to fill FSI, TR and FA Schedule in ITR Purpose of CRS and …

Compensation received by the assessee from the builder for cancelling the allotment of flat for delay not chargeable to tax being in the nature of capital receipt.  In a recent judgment, ITAT Delhi has held that compensation received by the assessee from the builder for cancelling the allotment …

FCRA has issued illustrative list of section wise reasons of denial/refusal of applications of FCRA Registration & Renewal.  Applications for grant of Registration and Renewal received from the applicants are processed under the provisions of the Foreign Contribution (Regulation) Act, 2010 (FCRA 2010) and/or the Foreign Contribution (Regulation) …

No deemed dividend u/s 2(22)(e) if funds not utilized for the benefit of the substantial shareholder – ITAT In a recent judgment, ITAT Hyderabad has deleted the addition as deemed dividend u/s 2(22)(e) holding that the payments made by the company had been used for the business purposes …