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Income Tax Dept. Conducts Search Operations in Chhattisgarh on Politically Exposed Person
Press Release, dated 08-02-2024 The Income-tax Department initiated search and seizure operations in the case of a Politically Exposed Person (PEP), his close associates and a few Government officials on 31/01/2024. Incriminating documents related to the illegal grabbing of land by the close associates of the PEP have also been found. Similarly, the undue influence […]
RBI Keeps the Policy Repo Rate Under the Liquidity Adjustment Facility (LAF) Unchanged at 6.50 %
Press Release: 2023-2024/1826, Dated 08.02.2024 The RBI’s Monetary Policy Committee (MPC) at its meeting today on 08.02.2024 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 %. Further, the standing deposit facility (SDF) rate remains unchanged at 6.25 % and the marginal standing facility (MSF) rate and the […]
Govt. Notifies ‘Exchange of Information With Respect to Taxes’ Agreement With Samoa
Notification No. 21/2024, dated 07-02-2024 The Ministry of Finance has notified the agreement for the Exchange of Information with respect to taxes with the Government of Samoa. The agreement was signed at Apia, Samoa, on the 12th day of March, 2020. The agreement comprises 13 articles, encompassing articles such as taxes covered, Exchange of Information […]
Order of Cancellation of Registration Was Set Aside as Assessee Was Unable to File Returns Due to Accountant’s Ill-Health | HC
Case Details: Sri Ganesh Constructions v. Assistant Commissioner (ST) - [2024] 159 taxmann.com 159 (Madras) Judiciary and Counsel Details B. Pugalendhi, J. N. Sudalaimuthu for the Petitioner. A. Baskaran for the Respondent. Facts of the Case The petitioner was engaged in the business of executing contract works for Government and its agencies. The department issued show cause […]
Understanding Share and Share Capital – Definitions | Types | Legal Framework
Table of Contents Meaning and nature of a share Share v. Share certificate Share v. Stock Kinds of shares Raising of capital/Issue of shares Public issue of shares Check out Taxmann's Company Law & Practice which is a comprehensive resource for students and professionals in commerce and law. It combines legal provisions with interpretations and illustrations. It offers detailed explanations, case laws, practical […]
Expenditure on Training Activities Cannot be Considered as Intangible Asset Under Ind AS 38
Para 95 of Ind AS 115 states that an entity shall recognise an asset from the costs incurred to fulfil a contract only if those costs meet all of the following criteria: (a) the costs relate directly to a contract or to an anticipated contract that the entity can specifically identify (for example, costs relating […]
MCA Adopts a Centralized Approach for Processing of All e-Forms Filed by Cos. Starting From Feb 06, 2024
S.O. 446(E) dated 02nd Feb, 2024 MCA has notified that w.e.f 06th Feb, 2024 the Central Processing Centre (CPC) shall process and dispose off e-forms filed by the Companies. Currently, the forms are processed by the jurisdictional Regional Directors and Registrar of Companies. This move is aimed at freeing up capacity at the offices of […]
Customer Identification Under Ind AS 115 When Operating as Principal or Agent Under a Contract
As per Ind AS 115, an entity is required to consider all relevant facts and circumstances, such as the purpose of the activities undertaken by the counterparty, to determine whether the counterparty is a customer. The identification of the performance obligations in a contract can also have a significant effect on the determination of which […]
Non-Renewal of Contract Doesn’t Amount to Termination; Compensation Received on Non-Renewal of Contract Isn’t Taxable
Case Details: Ms Padma Rao v. Commissioner of Income-tax - [2024] 159 taxmann.com 30 (Delhi-Trib.) Judiciary and Counsel Details Yogesh Kumar U.S., Judicial Member & N.K. Billaiya, Accountant Member Ajay Vohra, Sr. Adv. Ms Saumya Meehrotra & Vivek Sharma, Advs. for the Appellant. V.K. Dubey, Sr. DR. for the Respondent. Facts of the Case Assessee was an individual who […]
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