Interest at 12% allowed for amount paid under protest as it is neither pre-deposit nor service tax: CESTAT

EXCISE/ST/VAT: Where any amount was paid under protest, it is neither pre-deposit nor service tax; it is only a deposit made by appellant and since said amount was retained by…

Continue ReadingInterest at 12% allowed for amount paid under protest as it is neither pre-deposit nor service tax: CESTAT

SEBI introduces ‘Swing Pricing Framework’ for open ended debt mutual fund schemes

The SEBI has introduced swing pricing framework for open ended debt mutual fund schemes. Under this framework, the swing pricing framework will be made applicable only for scenarios related to…

Continue ReadingSEBI introduces ‘Swing Pricing Framework’ for open ended debt mutual fund schemes

NCLT allows consolidation of share capital of applicant-Co. as it was approved by 99.86% of shareholders

COMPANY LAW : Where more than 99.86 per cent shareholders of applicant-company were in favour of consolidation of shares and valuation of shares had been done by registered valuers and…

Continue ReadingNCLT allows consolidation of share capital of applicant-Co. as it was approved by 99.86% of shareholders

Pre-arrest bail denied to petitioners-directors as Co. was involved in cheating depositor through Ponzi schemes

FEMA, BANKING amp; INSURANCE : Where Saradha Group of Industries was involved in cheating large number of gullible depositors though different ponzi schemes and money trail of said ponzi company…

Continue ReadingPre-arrest bail denied to petitioners-directors as Co. was involved in cheating depositor through Ponzi schemes

Delhi HC set-asides assessment order as assessee didn’t file his reply due to non-working of e-filing portal

INCOME TAX : Where assessee failed to file reply to notice-cum-draft assessment order served upon him proposing an addition of huge amount as portal of assessee was not working between…

Continue ReadingDelhi HC set-asides assessment order as assessee didn’t file his reply due to non-working of e-filing portal

Tax Dept. carried out search on four major Steel Rolling Mills; detects unaccounted income of Rs. 300 crore

The Income-tax dept. has carried out search operation on a group of four major Steel Rolling Mills based in Jalna, Maharashtra. Group engaged in the business of manufacturing steel TMT…

Continue ReadingTax Dept. carried out search on four major Steel Rolling Mills; detects unaccounted income of Rs. 300 crore

NFRA’s comments on ICAI ‘Regulatory Impact Assessment’ for revision of Accounting Standards

The Institute of Chartered Accountants of India (ICAI) had submitted to National Financial Reporting Authority (NFRA) an Approach Paper for revision of existing Accounting Standards of Companies that are not…

Continue ReadingNFRA’s comments on ICAI ‘Regulatory Impact Assessment’ for revision of Accounting Standards

ITAT remanded matter as AO made sec. 68 additions without considering confirmation letter from payer Co.

INCOME TAX : Where Assessing Officer treated cash deposits in assessee's bank account as unexplained investment under section 69 without considering letter from payer company evidencing nature of payments made…

Continue ReadingITAT remanded matter as AO made sec. 68 additions without considering confirmation letter from payer Co.