Tax Guru2h
Rejection of claim of input tax credit based on web report without complying with circular no. 5/2021 untenable
Madras High Court held that order passed rejecting the claim of Input Tax Credit on the basis of the web report set aside for ...
Tax Guru2h
MCA Imposes Penalty for Omission of DIN in Financial Statements & Directors’ Report
The violation pertained to the company’s failure to mention Director Identification Numbers (DIN) in its financial statements ...
Tax Guru2h
Failure to Disclose Related Party Transactions in Financial Statements: MCA Penalises Auditor
An adjudication order has been issued by the Ministry of Corporate Affairs against CA Niranjan Behera, the auditor of Century ...
Tax Guru2h
Penalty Imposed on Auditor for improper classification & disclosure of financial statements
Ministry of Corporate Affairs has issued an adjudication order regarding penalties for CA Raju Mal Bardia, the auditor of ...
Tax Guru2h
Understanding the Fundamentals: Key Drivers of International Markets
AD Grasping the fundamentals of international markets is crucial for navigating the global investment landscape. Key drivers like economic indicators, ...
Tax Guru2h
No Section 140A(3) Penalty for Non-Payment of Taxes on Returned Income Post AY 1989-90
After the Amendment effected on 1st April, 1989, penalty under section 140A(3) is not imposable on non-payment of taxes on the returned income because that would be compensated by way of interest ...
Tax Guru2h
Delay in filing of an appeal condoned as delay was not intentional or deliberate: ITAT Surat
ITAT Surat condoned the delay of 159 days in filing of an appeal as delay in filing appeal is not intentional nor deliberate and assessee was prevented by sufficient reason for not filing an appeal on ...
Tax Guru17h
Deduction u/s 80P(2)(a)(i) was allowable on interest income from surplus funds in Bank Deposits
Conclusion: Interest income from bank deposits is eligible for deduction under Section 80P (2) (a) (i) as the funds in the ...
Tax Guru17h
Levy of penalty u/s. 271D without recording any satisfaction untenable: Andhra Pradesh HC
Andhra Pradesh High Court held that levy of penalty under section 271D of the Income Tax Act untenable since AO didn’t record ...
Tax Guru17h
Order deemed to be erroneous as passed without making necessary inquiries and verification
Delhi High Court held that CIT has rightly held that assessment order was passed without making necessary inquiries and ...
Tax Guru17h
Income Tax Notification No. 115/2024: No TCS on RBI Payments
Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued Notification No. 115/2024 dated 16th ...
Tax Guru17h
Input tax credit beyond period prescribed u/s. 16(4) needs to be re-visited post Finance Act, 2024 amendment: Madras HC
The present Writ Petition is filed challenging the assessment order dated 31.01.2024 for the period 2017-2018, on the premise ...