Draft Assessment Order passed u/s 144B to be treated as SCN; assessee can file objections against said order

INCOME TAX : Where assessee filed writ challenging draft assessment order dated 23-4-2021 for assessment year 2017-18, revenue was directed to treat impugned draft assessment order as show cause notice-cum-draft…

Continue ReadingDraft Assessment Order passed u/s 144B to be treated as SCN; assessee can file objections against said order

Now companies can file charge-related forms without paying an additional fee up to August 01, 2021

In view of the large-scale disruption caused by the COVID-19 pandemic and after due examination of the representations received from various stakeholders, the MCA has decided to relax the timelines…

Continue ReadingNow companies can file charge-related forms without paying an additional fee up to August 01, 2021

MCA further extends due date upto August 31, 2021 for filing certain forms under Cos Act and LLP Act

The MCA has further granted extra time upto August 31, 2021 to companies/LLPs to file forms under the Companies Act, 2013/LLP Act, 2008 (other than a CHG-1 Form, CHG-4 Form…

Continue ReadingMCA further extends due date upto August 31, 2021 for filing certain forms under Cos Act and LLP Act

Co. couldn’t be debarred from launching a new debt scheme merely because it chose to wound up six schemes: SAT

COMPANY LAW/SEBI : Where appellant decided to wind up six debt schemes and SEBI by impugned order held that appellant had violated certain provisions of SEBI (Mutual Funds) Regulations, 1996…

Continue ReadingCo. couldn’t be debarred from launching a new debt scheme merely because it chose to wound up six schemes: SAT

Reassessment on basis of info. received from investigation wing that assessee booked bogus exp. is valid: HC

INCOME TAX : Where Assessing Officer after receiving information from Investigation Wing that assessee had booked bogus expenses in names of certain entities, verified return of assessee and observed that…

Continue ReadingReassessment on basis of info. received from investigation wing that assessee booked bogus exp. is valid: HC

Business income to be computed by using conversion rate existing on last day of previous year even if TDS is deductible

INCOME TAX : Correct procedure for calculating receipts in case of income from business and profession in case of currency conversion is Explanation 2(c) to rule 115(1) without taking into…

Continue ReadingBusiness income to be computed by using conversion rate existing on last day of previous year even if TDS is deductible