Sovereign Wealth Fund u/s 10(23EF). Applications, ITR, audit report & quarterly statement to be filed Circular No. 15 of 2020   New Delhi, 22nd July, 2020 Notification of Sovereign Wealth Fund under section 10(23FE) of the Income-tax Act, 1961 The Finance Act, 2020, inter alia, inserted clause (23FE) …

Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2020 SECURITIES AND EXCHANGE BOARD OF INDIA   NOTIFICATION   Mumbai, the 22nd July, 2020 Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2020 No. SEBI/LAD-NRO/GN/2020/24.—In exercise of the powers conferred by Section 15JB of the …

Disclosure of assessee information to Income Tax Department. CBDT notifies four more bodies u/s 138 i.e. Cabinet Secretariat, IB, NCB & NIA MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 52/2020 New Delhi, the 21st July, 2020 S.O. 2411(E).—In pursuance of sub-clause (ii) of clause …

NFRA imposes penalty of Rs. 25 lakhs and debars CA for 7 years for professional misconduct in statutory audit of ILFS Financial Services Ltd ABCAUS Case Law Citation:ABCAUS 3338 (2020) (07) NFRA The National Financial Reporting Authority (NFRA / Authority) helds CA guilty of professional misconduct for performance …

Concealment Penalty cannot be levied on rejection of a bonafide claim. Even assessee with great expertise could make silly mistake ABCAUS Case Law Citation:ABCAUS 3337 (2020) (07) ITAT Important case law relied upon by the parties:Price Waterhouse Coopers (P) Ltd vs. CIT 348 ITR 306 SCCIT vs. Somany …

Penalty proceedings initiated on one limb and penalty imposed on two limbs invalid   ABCAUS Case Law Citation:ABCAUS 3336 (2020) (07) ITAT Important case law relied upon by the parties:Shri Narendra P. Musale vs. ITOCommissioner of Income Tax Vs. Samson Perinchery 392 ITR 4 In the instant case, …