No addition can be done against the fictitious entry in the books of accounts

COMPILATION OF ARTICLES ON SOME MOST IMPORTANT CONCEPTS OF INSURANCE

ITAT has to consider the additional evidence application under Rule 29 before proceeding ahead with the final hearing.

PAN, address, e-mail ID of company members cannot be inspected: MCA

Issue of notice of hearing is a statutory requirement U/s. 75(4) Of CGST Act before imposition of tax or penalty.

SOME IMPORTANT JUDGEMENTS ON INCOME TAX, GST, & IBC OTHER CORPORATE LAWS BY CS DEEPAK SINGH

Admissibility of writ petition against reassessment order u/s 148: Supreme Court observed the High Court order rejecting writ under Article 226 as cryptic, non­speaking and non­-reasoned – Restored the matter back to HC

Bonus paid to Directors of the Company who were the only shareholders is disallowable u/s 36(1)(ii) as it was nothing but in lieu of dividend: Delhi High Court

Foreign exchange fluctuation loss incurred for the purpose of borrowing in the business of financing and leasing is a revenue expenditure allowable u/s 37: WIPRO Finance Limited Vs CIT

Failure of AO to issue scrutiny notice in time couldn’t be cured by resorting to sec. 292BB: HC

Absence of notice u/s 143(2) cannot be cured by application of Sec 292BB of IT Act: Delhi HC

No to Cash Transactions- The Income Tax Way

SOME IMPORTANT JUDGEMENTS ON INSURANCE

Non Filing of GST Returns and cancellation of GST Registration by the Department: Madras HC restored with the remark “ No useful purpose will be served by keeping such assessee out of the Goods and Services Tax regime”

Condonation of  delay of 238 days in filing appeal granted by ITAT – Considered medical grounds for admitting the Appeal

Supreme Court stays High Court observation declaring faceless assessment as non est u/s 144B(9) in view of repeal of section 144B(9) W.R.E.F. 01.04.2021 by FA-2022

Who is entitled to gratuity and how it is taxed in India

Auditors may face ban on non-audit work in large cos