CBDT extends timelines to impose penalty amp; concluding assessments/reassessment for specified period

The Central Board of Direct Taxes (CBDT) has partially amended the provisions of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 to provide relaxation in…

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SEBI extends facility to conduct meetings of unit holders of REITs and InVITs via VC/OAVM

SEBI has decided to extend the facility to conduct meetings of unit holders, through VC or OAVM for REITs/InvITs. Accordingly, Annual meetings of unit holders in terms of Regulation 22(3)…

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Transfer of Money by Mistake; Case Study of Recent Ruling in Citibank’s Transfer of Funds by Mistake; Section 72 of Indian Contract Act,1872

Citibank, which was acting as Revlon's loan agent, was to transfer about USD 8 million in interest payments to the company's lenders. However, in August 2020, the Citibank had, mistakenly…

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Loss arising on sale of business assets at amount less than WDV to be treated as business loss u/s 41

INCOME TAX : Where certain assets of block of assets, not being immovable property of assessee, were sold during regular course of business, before it was wound up during relevant…

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Last date to opt for amp; making payment without additional charge under ‘Vivad se Vishwas’ extended by one month

The Central Board of Direct Taxes (CBDT) has extended the last date to opt for and making payment without any additional charges under the Vivad se Vishwas Act, 2020 by…

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Broken period interest paid by bank on Govt. securities allowed as deduction if same was treated as income if earned

INCOME TAX : Where assessee-bank from outset had been treating Broken Period Interest income accrued from sale of government securities as its business income under section 28(i), Broken Period Interest…

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