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Accountancy and Audit
From Published Accounts
Disclosures Regarding Business Restructuring including Merger/Demerger and Discontinuing Operations for Y.E. 31st March, 2022
Technology : The New Audit Team Member
How Certified Enterprise Risk Managers Can Make a Crucial Contribution to the Success of New Business Projects?
IND AS/IGAAP - Interpretation & Practical Application
Corporate and Other Laws
SEBI Lays down Clearer Guidelines on What Constitutes ‘Misleading Information’
Laws And Business
Maintenance under Criminal Procedure Code
MSME Act, 2006 – 12 Compliance Action Points for Entities Dealing with MSMEs
Corporate Law Corner
Corporate Law Corner Part A : Company Law
Eligibility of Educational Institutions to Claim Exemption Under Section 10(23C) of the Income-Tax Act – Part I
Adjustment u/s 143(1) in Respect of Employees' Contribution to Welfare Funds
In the High Courts: Part A - Reported Decisions
Business expenditure — Disallowance u/s 40(a) (ia) — Payments liable to deduction of tax at source — Scope of section 40 — Amount paid to non-resident for technical services — Amount not debited to profit and loss account and not claimed as deduction in computing business income — Amount could not be disallowed.
Export — Loss — Set off — Scope of section 10B — Section 10B provides for deduction and not exemption — Loss sustained in unit covered by section 10B can be set off against other business income.
Income — Computation of income — Disallowance of expenditure incurred on exempt income — Amendment providing for disallowance even if assessee has not earned exempt income — Amendment not retrospective — Not applicable for A.Y.: 2013-14 — Tribunal deleting disallowance on ground assessee had not earned exempt income — Proper.
Reassessment — Notice u/s 148 — Validity — Condition precedent for notice — Notice should be issued by the AO who has jurisdiction over assessee.
Reassessment — Notice — Change of law — New procedure — Show-cause notice — Mandatory condition — Foundational allegation in respect of share transactions missing in show-cause notice — Cannot be incorporated by issuing supplementary notice
Reassessment — Powers of AO — Power to assess other income not mentioned in notice of reassessment — Power can be exercised only if notice is valid — Notice found to be invalid on basis of reasons given in it — Other income cannot be assessed on basis of invalid notice.
Search and seizure — Assessment of undisclosed income — Meaning of “books of account” — Loose sheets and diaries do not constitute books of account — Assessment based only on evidence available in loose sheets and diaries — Not valid.
Search and seizure — Assessment of undisclosed income — Notice u/s 153A should be based on material seized u/s 132 or documents requisitioned u/s 132A.
Glimpses Of Supreme Court Rulings
Glimpses of Supreme Court Rulings
Tribunal News : PART A - Domestic Taxation
No adjustment can be made u/s 115JB in respect of interest on income-tax refund, which as per consistent practice, was not credited to the profit & loss account but was reduced from advance income-tax paid under 'loans and advances'
Once a statutory provision provides explicitly that the Tribunal can only grant a stay subject to a deposit of not less than 20 per cent of the disputed demand, or furnishing of security thereof, it is not open to the Tribunal to grant a stay in violation of these basic statutory provisions.
Law itself visualizes that the payment of 20 per cent of the disputed demands, impugned in the appeal before the Tribunal, cannot be viewed as a condition precedent for grant of stay by the Tribunal, in as much as when the applicant “furnishes security of equal amount in respect thereof”, the Tribunal can exercise its powers of granting a stay.
Enhancing the assessed book profit for the amount disallowed u/s 14A is not a mistake apparent on record, which can be rectified by passing an order u/s 154
The second proviso to section 10(34) categorically states that dividends received on or after 1st April, 2020 alone would be subjected to tax. In the instant case, since the dividend was received during F.Y. 2019-20 relevant to A.Y. 2020-21, there is no case for taxing the said dividend during the year under consideration i.e. A.Y. 2020-21
Credit for tax deducted at source needs to be allowed even though the amount so deducted is not reflected in Form No. 26AS of the payee.
There need not be any "occasion" for receipt of gift by the assessee from his relative.
Where the assessee was hiring trucks from an open market on individual and need basis and payments had not been made to any sub-contractor since the assessee did not have any contract with the truck owner and therefore the question of TDS did not arise in respect of payments towards lorry hire charges
Where the assessee stated that the source of cash deposit in its bank accounts was the balance of cash in hand brought forward from earlier assessment years, but the AO treated the same as an unexplained investment without assigning any reason, then impugned additions made u/s 69 was not justified.
Where the Department had accepted that the assessee had earned a tuition fee in preceding assessment years then in terms of principle of consistency, the AO had no justifiable reason to disbelieve assessee’s claim of having received income from tuition fee and add the same to assessee’s income as unexplained money u/s 69A.
Corpus Donations – Recent Developments
In The High Courts: Part B -Unreported Decisions
Business expenditure - Corporate Social Responsibility (CSR) - Explanation 2 was inserted in Section 37 by Finance (No.2) Act, 2004 w.e.f. 1st April, 2015.
Stay of demand - open to the tax authorities to grant stay against recovery of demand on deposit of a lesser amount than 20 per cent of the disputed demand, pending disposal of appeal
Tribunal News: Part B: International Tax Decisions
Article 5 of India-Singapore DTAA; Section 9(1) of the IT Act – (i) Since the Indian parent company of Singapore subsidiary (Sing Sub) carried on all material activities, and since the Singapore subsidiary was merely shipping goods to Indian customers, fixed place PE of Sing Sub was constituted as what is relevant to be seen is the scope of activities carried out; (ii) on facts, dependent agent PE was constituted; (iii) the AO was directed to compute profit and attribute the same to PE as per directions given and various decisions on the issue.
The Middle Class Deserves More!
From The President
From The President
From The President
Entertainment and Media Sector
RECENT DEVELOPMENTS IN GST
Recent Developments in GST
Recent Decisions: Part A: Goods and Services Tax
Goods and Services Tax
Recent Decisions: Part B: Service Tax
Select Tax and Transfer Pricing Issues in Case of Transactions between the Head Office and its Permanent Establishment
News and Views
Ethics and You
New Year Resolution!
Are You Tokenised Yet?
Letters to The Editor
Letters to The Editor
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