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Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962, for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (I) of section 197 of the Income-tax Act, 1961 through TRACES
Publish Date : Wednesday, September 27, 2023 source
Bank Account of Taxable Person Can’t be Provisionally Attached to Secure Revenue Due from Another Taxable Person | HC
Case Details: Zhudao Infotech (P.) Ltd. v. Principal Additional Director General - [2023] 154 taxmann.com 571 (Delhi) Judiciary and Counsel Details Vibhu Bakhru & Amit Mahajan, JJ. Tarun Gulati, Sr. Adv. Jitin Singhal, Vasundhara Shankar, Ms Aastha Arora, Mudit Kaushik, Yash Chandra, Arnab Chatterjee, Virat Anand, Shashank & Kumar Sambhav, Advs. for the Petitioner. Harpreet Singh, Sr. Standing Counsel, Ms Suhani Mathur & Jatin Kumar Gaur, Advs. for […]
NFRA’s Inquiry | Revealing the EQC Reviewer’s Ignorance
NFRA in its recent order dated 26.09.2023 emphasized the duty of an EQC Reviewer to conduct the review of the work of the ET and ensure that the Independent Auditor’s Report is appropriate. As per NFRA, without a credible audit, investors, creditors, and other users of Financial Statements would be handicapped. The entire corporate governance […]
CBDT Amends Rule 11UA Incorporating New Valuation Methods | Includes Norms for Valuing “CC Preference Shares”
Notification No. 81 /2023, dated 25-09-2023 The Finance Act, 2023 amended section 56(2)(viib) to bring into account the consideration received from non-residents for the issue of shares. The section provides that if the consideration for the issue of shares exceeds the Fair Market Value (FMV) of the shares, it shall be chargeable to income tax […]
Petitioner Can’t Approach HC to Challenge Assessment Order When There is No Violation of Principles of Natural Justice
Case Details: Ram Krishna Mission Ashrama v. State of Bihar - [2023] 154 taxmann.com 495 (Patna) Judiciary and Counsel Details K. Vinod Chandran, CJ. & Partha Sarthy, J. Suraj Samdarshi, Adv. for the Petitioner. Vikash Kumar for the Respondent. Facts of the Case In the present case, the writ petition challenging the assessment order passed against the petitioner […]
CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24
Details : Publish Date : Monday, September 18, 2023 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1153/PressRelease-CBDT-extends-due-date-for-filing-of-Form-10B-10BB-and-Form-ITR-7.pdf source
NCLT Has No Jurisdiction to Inquire into Allegations of Fraudulent Recording of Names in Members’ Register | HC
Case Details: Phool Chand Gupta v. Mukesh Jaiswal - [2023] 154 taxmann.com 113 (HC-Calcutta) Judiciary and Counsel Details Soumen Sen & Uday Kumar, JJ. Kuldip Mallik, Ms Labanyasree Sinha & Shiven Ray, Advs. for the Appellant. Swatarup Banerjee, Sourav Sengupta & Aman Baid, Advs. for the Respondent. Facts of the Case In the instant case, the company ‘D4’ was incorporated as […]
Shri Kamlesh Chandra Varshney Takes Charge as a Whole-Time Member of SEBI
PR No. 21/2023; Dated: 21.09.2023 Shri Kamlesh Chandra Varshney took charge as a whole-time member of the SEBI. He will handle various departments, like Market Intermediaries Regulation and Supervision Department, Legal Affairs Department-LAD1, Integrated Surveillance Department, Information Technology Department, Recovery & Refund Department and Special Enforcement Cell. Prior to this assignment, Shri Kamlesh Chandra was […]
ITAT Restricts Sec. 69A Additions as It Was Impossible for NRI to Furnish Evidence for Cash Gifts Received on Marriage
Case Details: Karthick Natarajan v. Deputy Commissioner of Income-tax, International Taxation - [2023] 154 taxmann.com 136 (Chennai-Trib.) Judiciary and Counsel Details Mahavir Singh, Vice President & Manoj Kumar Aggarwal, Accountant Member T. Vasudevan, Adv. for the Appellant. D. Hema Bhupal, JCIT for the Respondent. Facts of the Case Assessee- NRI, made a cash deposit of Rs. 1 crore […]
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