T.K.Salim vs. Union Of India - [2024] 163 taxmann.com 385 (Kerala)
The petitioner was the proprietor of M/s. Greenland Condiments. He was also the managing director of a limited company that was involved in manufacturing wood, cork, straw, and plaiting materials. The petitioner f ...
What are Online Information Database Access and Retrieval or OIDAR services?
Section 2(17) of Integrated Goods and Services (IGST) Act, 2017 defines OIDAR as services whose delivery is mediated by information technology over the internet or an electronic network and the nature of which renders ...
The petitioner, Sanjay Baweja, was an ex-employee of Flipkart Internet Private Limited (FIPL), a wholly-owned subsidiary of Flipkart Marketplace Private Limited (FMPL). FMPL was a wholly-owned subsidiary of Flipkart Pvt. Ltd., Singapore (FPS). In 2012, FPS rolled out an Employee Stock Option ...
Lava International Ltd. v. Central Board of Direct Taxes - [2024] 163 taxmann.com 148 (Delhi)
In the present case, the petitioner preferred a writ petition against the order passed by the CBDT, refusing to invoke the powers of condonation of delay for the return filed by the peti ...
Following are the main points of distinction between sweat equity shares & ESOS:
Basis of Distinction
Sweat Equity Shares
ESOS
Meaning
Sweat Equity Shares means equity shares issued by a company to its directors or employees at a discount or for consideration, other than cash for ...
Points
Sweat Equity Shares
Issue of capital on preferential basis
Meaning
Sweat equity Shares mean equity shares by a company to its employees or directors at a discount or for consideration, other than cash for providing know-how or making available right in the nature of intellectual ...
Following are the main points of distinction between reserve capital & capital reserve:
Points
Reserve Capital
Capital Reserve
Meaning
Reserve capital is that part of the uncalled capital of a company which the limited company has decided by special resolution not to cal ...
Have you ever noticed that while filing your income tax return, there is an option to show exempt income? Many people overlook this, but it is equally important to declare exempt income just like taxable income. If you receive any exempt income and think there’s no need to show it in your ITR ...
Part II- FAQ's 39 to 80
FAQ 39. Would the above responsibilities of Management under Proviso to Rule 3(1) [FAQ 34 above] apply if the Company outsources the maintenance of its books of account to a service organisation and service organisation uses an accounting software to maintain company's books ...
The FAQs on requirement on auditor to report on audit trial in the audit report of a company, under Rule 11(g) of the the Companies (Audit and Auditors) Rules, 2014, are arranged as under in 80 possible FAQ's in two parts:
Part I- FAQ's 01 to 39
S. No.
Particulars
Reference
...
The DGIT(Systems) vide notification No. 05 of 2022 dated 29.07.2022 specified the time limit for verification of Income Tax Return (ITR) as 30 days from the date of furnishing of ITR electronically.
Now, the Central Board of Direct Taxes (CBDT) has issued notification providing clarificat ...
No GST on providing dental health care services including artificial teeth, crown and bridges by dental clinic: AAR
Authority for Advance Rulings, Maharashtra Jyoti Ceramic Industries (P.) Ltd., In re - [2022] 137 taxmann.com 390 (AAR - MAHARASHTRA)
The applicant wa ...
MCA tweaks Form SH.4 to include a declaration from transferee that no Govt. approval is required under FEMA (NDI) rules
NOTIFICATION No G.S.R 335(E), Dated 04.05.2022
The MCA has notified the Companies (Share Capital and Debentures) Amendment Rules, 2022 whereby &lsqu ...
Reimbursement of water & electricity charges by tenants are includible in value of supply: AAR
Authority for Advance Rulings, Maharashtra Indiana Engineering Works (Bombay) (P.) Ltd., In re - [2022] 137 taxmann.com 389(AAR - MAHARASHTRA)
The applicant was an ab ...
Books of account not audited at time of filing of ITR isn’t a criteria to deny carry forward of losses: ITAT
DCIT v. Brahmos Aerospace (Thiruvananthapuram) Ltd. - [2022] 137 taxmann.com 340 (Cochin - Trib.)
The assessee was engaged in the business of Manufacturing ...
No penalty on receiving cash loan over Rs. 20,000 from family members to meet business exigencies: ITAT
Balwan Singh v. ACIT - [2022] 137 taxmann.com 395 (Delhi - Trib.)
Assessee-transporter was engaged in the business of plying the truck and filed return based on estim ...
Sec. 54 relief can’t be denied merely because description of property was mentioned as ‘land’ in sale deed: ITAT
Charu Agarwal v. DCIT - [2022] 137 taxmann.com 283 (Delhi - Trib.)
Assessee was an individual and non-resident of India. She had sold a resident ...
Penalty u/s 271G can’t be levied on assessee if TPO asked for doc. which wasn’t available in public domain: ITAT
ACIT v. DA Jhaveri - [2022] 137 taxmann.com 336 (Mumbai - Trib.)
Assessee-company was engaged in the business of cutting and polishing diamonds. It ha ...
ITAT gives relief to assessee; set-aside penalty for non-furnishing of Form 3CEB in its first year of applicability
Faith Intertrade v. ITO - [2022] 137 taxmann.com 259 (Ahmedabad - Trib.)
Assessee was a partnership firm engaged in the business of industrial waxes and p ...
No disallowance of exp. relying upon audit report if same was in contrary to view of jurisdictional HC: ITAT
Kalpesh Synthetics (P.) Ltd. v. DCIT - [2022] 137 taxmann.com 475 (Mumbai - Trib.)
While processing of return, the CPC, Bangalore had proposed some adj ...
The Finance Act, 2022 has introduced a new concept of updated return, wherein it allows up to 24 months to file the return of income. A new sub-section (8A) has been inserted under section 139 to allow a person to file an updated return of income except in case of search & seizure and ...
Best Crop Science LLP v. State of U.P. - [2022] 137 taxmann.com 260 (Allahabad)
The department had blocked the Input Tax Credit (ITC) of petitioner of Rs. 2,67,16,352/- which was available in the Electronic Credit ...
Malavika Enterprises v. Central Board of Direct Taxes - [2022] 137 taxmann.com 398 (Madras)
The assessee filed a writ-petition challenging the date of issuance of the notice under section 148 of the Income-tax Act. In the case of the assessee, notice was issued vide email on 31/0 ...
Electra Paper and Board (P.) Ltd. v. ITO - [2022] 137 taxmann.com 74 (Chandigarh - Trib.)
Assessee-company had allotted certain shares at Rs. 20/- (including premium of Rs. 10) to the family members and related group companies on 31-03-2016. During the assessment, the Assess ...
Notification No. 37/2022, dated 21-04-2022
The CBDT has notified additional conditions under the seventh proviso to section 139(1) whereby return filing is made mandatory in the following situations:
1. If total sales, turnover, or gross receipt of the business exceeds Rs ...