“Corporate Compliance Calendar for the m/o August, 2023”

CBDT notifies rules to calculate life insurance income where premium exceeds Rs.5 lakh

Interest income, earned by clubs on FDs in banks which are corporate members, is taxable: SC

CBDT Circular Condonation of delay in nIing refund claim and claim of carry forward of losses under Section 119(2I1b) of the Income-tax Act, 1961.

Suggestion invited by CBDT on Draft Form No. 6C formulated for inventory valuation by Cost Accountant.

No addition on account of sale of penny stock, if no direct involvement of the assessee: Bombay HC

Sec 142(1) and Sec 148 cannot operate concurrently: ITAT Dehradun

Recording of transaction in the books is important in determining the taxation: ITAT

No Audit if the turnover is below Rs. 10 Cr: Confusion & Clarification

Inflated cash sales not commensurate with earlier year sales cannot be the basis of addition U/s 68

Bombay HC quashed notice issued under section 148 on wrong facts and also the subsequent assessment order

Demand notices based on GSTR 2A and GSTR 3B ITC discrepancies cannot be upheld without investigating the supplier whose invoices are missing from GSTR 2A.

Whether its processing under section 143(1)(a) or assessment U/s 143(3), PF / ESCI delayed payment is not allowable as deduction: ITAT Delhi

No penalty under section 271(1)(c) if disallowance is made suo motu by the Assessee

Assessment order passed without granting personal hearing quashed by Bombay High Court

Artificial Intelligence and Strong Database to drive Income Tax Department

Deferred shares are akin to ordinary shares, transfer pricing adjustment is upheld: ITAT

Compliance Calendar for Aug- 23