Telangana High Court on 11th July 2022 ruled that the assessment order passed under national faceles...s assessment scheme u/s 143(3) r.w.s. 143(3A) and 143(3B) after 1st April 2021 will be without jurisdiction and the same is liable to be set aside and quashed. After 01.04.2021, the assessment order ought to have been passed in consonance with the provisions of Section 144B show more

As per the provisions of section 14 of the IBC, 2016, institution of a Suit or continuation of pendi...ng Suit or proceedings against the Corporate Debtor including execution of any judgment, decree, or order in any Court of law, Tribunal, Arbitration Panel or other authorities, shall be prohibited during the moratorium period. It is further pertinent to note that under section 178(6) of the IT Act,1961, as amended w.e.f. 01/11/2016, the Code shall have overriding effect. Further, once the insolvency proceedings commenced under the Code, all the litigations are to be pursued by Resolution Professional appointed by the Committee of Creditors and not by the company. show more

ITAT, Surat – As per section 5 of the limitation act, length of delay is no matter; acceptabil...ity of the explanation is the only criterion. Unless there is gross negligence or mala fides intention, delay in filing appeal to be condones show more

Supreme Court - The High Court has committed a grave error in observing and holding that the require...ment of furnishing a declaration u/s 10B(8) is mandatory, but the time limit within which the declaration is to be filed is not mandatory but is directory. The same is erroneous and contrary to the unambiguous language contained in Section 10B(8). For claiming the benefit u/s 10B(8) , the twin conditions of furnishing a declaration before the AO and that too before the due date of filing the original return of income u/s 139(1) are to be satisfied and both are mandatorily to be complied with. show more

ITAT, Chennai - Loss must be deemed to have arisen only when the employer comes to know about it and... realized that the amount embezzled cannot be recovered, no doubt, it came to its knowledge prior. show more

ITAT Kolkata – Security Premium is not accumulated profit but it is a part of share capital to... the extent it was received while issuing in shares by the erstwhile Private Limited Company. Thus, in view of the options available for utilization of Security Premium Reserve as per the provision of section 52 of the Companies Act, 2013 and in absence of clear-cut provisions for treatment of such Security Premium Reserve which though is a liability not available for distribution to shareholders of the Private Limited Company, the only option left for the treatment of the Security Premium Reserve is to bring it to tax as income of LLP under section 56(1) of the Act as “income from the other sources” and then the amount needs to be transferred to Reserve & Surplus and which will thereafter be free for withdrawal by the designated partners of the LLP as per the provision of the Act. show more

ITAT Kolkata – Once a case is selected for limited scrutiny, though the role of the AO is conf...ined to examine the issues for which the case is selected for limited scrutiny but then the AO has to go into the depth of such issue and minutely examine the facts attached thereto. All parameters examined due to its attachment with the reason for limited scrutiny fall within the scope of limited scrutiny assessment.   show more

Indian and multinational companies form Gratuity Trust in terms of Part C of Fourth Schedule of Inco...me Tax Act, 1961 for getting tax benefits available under section 36 (1) (v) & Section 10 (25) (iv) of the Income Tax Act, 1961. These 2 tax benefits are not available to companies, if they make the provision of gratuity liability in balance sheet at the end of each financial year based on an actuarial report in compliance of AS 15 (Revised 2005) & IND AS 19 as per requirement of Companies Act, 2013. show more

Indian income tax rules provide a lot of opportunities to reduce your taxable income. However, most ...taxpayers know and take advantage of ₹ 1.5 lakh deduction available under Section 80C. However, by knowing about many other tax-saving opportunities that exist, every taxpayer can further reduce the taxes they pay. In this article, we are listing 10 ways beyond the Section 80C route by which taxpayers could save on income tax.   show more