Burden of proof on assessee to establish that non-filing of ITR was not willful; HC upholds prosecution

INCOME TAX : Where petitioner failed to file timely return and prosecution was initiated under sections 276CC and 276C, then a presumption as to culpable mental status of assessee, can…

Continue ReadingBurden of proof on assessee to establish that non-filing of ITR was not willful; HC upholds prosecution

Internal Committees of bank couldn’t declare petitioner a ‘wilful defaulter’ without reasons; devoid of principles of natural justice: HC

FEMA, BANKING amp; INSURANCE : Where Default Identification Committee of bank declared petitioner as wilful defaulters and same was confirmed by Review Committee, since decision of both committees was devoid…

Continue ReadingInternal Committees of bank couldn’t declare petitioner a ‘wilful defaulter’ without reasons; devoid of principles of natural justice: HC

AO was bound to consider issue raised by assessee on cause of delay in payment of advance tax raised during reassessment

INCOME TAX : Where specific issue related to cause of delay in payment of advance tax was raised by petitioner pursuant to issue of notice under section 148, revenue was…

Continue ReadingAO was bound to consider issue raised by assessee on cause of delay in payment of advance tax raised during reassessment

Siemen’s policy to share passwords of MRI and CT Scan machines after payments of fees isn’t anti-competitive: CCI

COMPETITION ACT : Where informants purchased MRI and CT machines from OP which were password protected and informants alleged that OP was not sharing passwords with them and, thus, they…

Continue ReadingSiemen’s policy to share passwords of MRI and CT Scan machines after payments of fees isn’t anti-competitive: CCI

Notice in SLP filed against ruling that contribution towards superannuation fund allowable though said fund was unapproved

INCOME TAX : Notice issued in SLP filed against order of High Court that contribution made towards superannuation fund was to be treated as business expenditure and, thus, same was…

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MCA waives off additional fee on FY 2020-21 annual financial statements up to December 31, 2021

On the request from various stakeholders, the MCA has given relaxation on levy of additional fee for annual financial statement filings required to be done for the financial year ended…

Continue ReadingMCA waives off additional fee on FY 2020-21 annual financial statements up to December 31, 2021