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ITAT Directed AO to Allow Indexed Cost of Acquisition Even Though the Assessee Forgot to Claim it in Return
Case Details: Alok Ghosh vs. Income Tax Officer - [2023] 156 taxmann.com 549 (Kolkata-Trib.) Judiciary and Counsel Details Sanjay Garg, Judicial Member & Girish Agrawal, Accountant Member Rip Das for the Appellant. Ms Monalisha Pal Mukherjee for the Respondent. Facts of the Case During the year under consideration, the assessee sold 2 house properties and furnished its return […]
Appellate Tribunal Upholds Seizure of Sale Deeds From Appellant’s Premises Tied to Alleged Crime Proceeds Under PMLA
Case Details: Anup Prakash Garg v. Deputy Director, Directorate of Enforcement - [2023] 156 taxmann.com 569 (SAFEMA-New Delhi) Judiciary and Counsel Details V. Anandarajan, J. V. Govinda Ramanan & Vasu Kukriya, Advs. for the Appellant. N.K. Matta, Mehul Prasad & Aaditya Raj Sharma, Advs. for the Respondent. Facts of the Case In the instant case, an FIR was filed by […]
Order under section 119 of the Income-tax Act, 1961
Publish Date : Friday, October 20, 2023 source
ICAI Issues Exposure Draft of Standards on Auditing for Limited Liability Partnerships
The Institute of Chartered Accountants of India (ICAI) has issued the Exposure Draft of Standards on Auditing (SAs) for Limited Liability Partnerships (LLPs) for comments from various stakeholders. The Standards on Auditing applicable to the audit of companies should apply mutatis mutandis to the audit of limited liability partnerships. The comments can be submitted electronically […]
[Opinion] Examining the Ramifications of Director’s Failure to Disclose Interest | A Case Study
Prof R Balakrishnan – [2023] 156 taxmann.com 482 (Article) 1. Disclosure of interest by directors The framework of the Companies Act 2013 lays down that every director of a company to make disclosure of his interest in any company or firm or body corporate or any association of individuals at the first board meeting or […]
Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent
Publish Date : Wednesday, November 15, 2023 source
Determining Asset Readiness | The Crucial Role of Commissioning Dates in Depreciation Accounting Under Ind AS 16
A company has floated a tender for the construction of the plant and machinery. The plant is commissioned three years from the tender date and a certificate of commissioning by the company to the contractor is issued a few days later from the date of commissioning. The contractor is also required to perform the performance […]
No Abuse of Dominance by ‘DEN Networks Ltd.’ Due to Presence of Other Players in the Market of Cable TV Service in U.P.
Case Details: Sobhagaya Media (P.) Ltd. v. DEN Networks Ltd. - [2023] 156 taxmann.com 110 (CCI) Judiciary and Counsel Details Ms Ravneet Kaur, Chairperson & Ms Sangeeta Verma, Member Facts of the Case In the instant case, the Informant was engaged in the business of television broadcasting of news with the brand name ‘APN’. The OP-DEN […]
Biometric-based Aadhaar Authentication & Risk-based Physical Verification Introduced in Andhra Pradesh
Notification No. 54/2023-Central Tax, Dated 17-11-2023 The State Andhra Pradesh has been notified for Biometric-based Aadhaar authentication and risk-based physical verification in terms of Rule 8(4B) of the CGST Rules. Notably, earlier the given functionality was made available on pilot test basis in the State of Gujarat and Union Territory of Puducherry. The existing procedure […]
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