Issuance of notice u/s 131(1A) after conclusion of Income Tax Search and Seizure u/s 132 – Legal Paradox

Ever since the enactment of the original Income-tax statute of 1922, the Income-tax authorities have been vested with certain powers that are coterminous with the powers of a Court under…

Continue ReadingIssuance of notice u/s 131(1A) after conclusion of Income Tax Search and Seizure u/s 132 – Legal Paradox

Back office work from legal dept. of software companies classified as data processing for Sec. 10A exemption

INCOME TAX : Where assessee received back office work from legal department of software companies in USA and back office standard required a level of control over formulation of editing…

Continue ReadingBack office work from legal dept. of software companies classified as data processing for Sec. 10A exemption

Applicability of Secretarial Audit in a Private company which is a deemed public company under the Companies Act 2013

Secretarial audit is a process which checks the required compliances made by the company under corporate Law & other laws, rules, regulations, procedures etc. applicable to a particular company. The…

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Covid-19 Impact Looms Large – Challenging the Actualization of Sustainable Development

The COVID-19 pandemic is having a devastating impact across the globe, posing significant threats to sustainable development gains and efforts to eradicate poverty, reduce inequalities and build resilient societies. The…

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Bank office work from legal dept. of software companies classified as data processing for Sec. 10A exemption

INCOME TAX : Where assessee received back office work from legal department of software companies in USA and back office standard required a level of control over formulation of editing…

Continue ReadingBank office work from legal dept. of software companies classified as data processing for Sec. 10A exemption

HC slam AO for denying Sec. 80P deduction on interest income without considering assessee’s arguments

INCOME TAX : Assessing Officer was not justified in denying exemption under section 80P to assessee-society on interest income without considering assessee's argument that funds deposited which gave rise to…

Continue ReadingHC slam AO for denying Sec. 80P deduction on interest income without considering assessee’s arguments

SC dismissed SLP against ruling that reassessment notice couldn’t be issued by AO who had no jurisdiction

INCOME TAX : SLP dismissed against High Court ruling that where reasons for reopening of assessment was recorded by an Assessing Officer who had jurisdiction over petitioner while reopening notice…

Continue ReadingSC dismissed SLP against ruling that reassessment notice couldn’t be issued by AO who had no jurisdiction

No sec. 194C TDS if Co. has control over advertisement space with exclusive rights either to retain it or resell it

INCOME TAX: Where assessee-company purchased an advertisement space in a local newspaper and exercised control over such space with right to either sell it to other or retain it for…

Continue ReadingNo sec. 194C TDS if Co. has control over advertisement space with exclusive rights either to retain it or resell it