Income Tax

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Where assessee claimed loss from transaction in future and options (F&Os) and AO disallowed the same on allegation that broker through which assessee had carried out the transactions was indulged in p ... Read more..

Post-search statements recorded under section 133A could not be considered as incriminating material found during search and as regular assessment from the year under consideration remained unabated a ... Read more..

Assessee trust had only sought claim of exemption under section 10(23C)(vi) for which the provisions of section 13(1)(c) need not be looked into as it was only applicable if exemption was claimed unde ... Read more..

Goods and Services Tax

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Under Section 129(3) the order of detention is required to be issued within 7 days from the date of service of notice and not within 7 working days from the date of service of notice. ... Read more..

Once the power to inspect, seize or detain the goods and conveyances is invoked either under section 67 of the Act or under section 129 of the Act, the power to confiscate under section 130 would not ... Read more..

Even without any request having been made by taxpayer, personal hearing to be granted when any adverse decision is contemplated. ... Read more..

Company and Corporate Laws

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Borrower filed petition for quashing of FIR, but neither any explanation nor any attempt was made to prove that there was no dishonest intention at time of issuance of cheque, which was dishonoured du ... Read more..

Equity shareholders and unsecured creditors of transferor company gave their consent in writing in approval of scheme of amalgamation, therefore, their meetings were dispensed with, there were no secu ... Read more..

The notification dated 24-3-2020 had prospective effect and thus the application for initiation of CIRP filed prior to that notification, towards an outstanding (default) amount less than the prescrib ... Read more..


Business Income Under Section 28(iv)

Foreign trip to dealers

Exemption under section 10(23C)(iiiad)

Institution already registered under section 12AB--Implication thereof

Accumulation of income under section 11(2)

Non utilization of accumulated income within specified period--Year in which addition be made as per section 11(3)

Updated Return

Assessment Year 2021-22--Claim of refund

Income Tax Return

Assessee being a Firm--Condition of proviso to Section 44AB(a) satisfied--Assessee incurred loss--Due Date for filing ITR

Reassessment

Notice under section 148--Validity


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