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 …