CBDT clarifies – Section 56(2)(x) even applies to fresh issue of Shares by the Company. Controversy continues

Second proviso to s. 40(a)(ia) is beneficial to the assessee and is declaratory and curative in nature

Even fresh issue of shares attract the provision of section 56(2)(x) if issued below its FMV

Exception to the rule – ‘Failure to deal with an argument does not constitute a ‘mistake apparent from the record’ does not apply to a case where a fundamental submission is omitted to be considered by the ITAT’.

CPT, Foundation, Final(Old) & Final(New) Examination Results declared.

If e-way bill was generated before seizure order then goods couldnt be seized: HC

If e-way bill was generated before seizure order then goods couldn t be seized: HC

Non-filers can submit Income Tax Returns within 21 Days: Important Points to Remember

ICAI CA Results Awaited

No deduction towards interest u/s S. 36(1)(iii) for new unit even in the case of an assessee already in the same business

The basic condition precedent of ‘reason to believe’ applies even to s. 143(1) intimations.

Reopening u/s 147 for 100% dis-allowance of Bogus Sales/ Purchases as against 2.50% dis-allowance done during regular assessment

Another return:File Half Yearly return with MCA if Payment is beyond 45 days

Consequences of non-filing of Income Tax Return

Transfer of business as ‘Going Concern’ is exempt from GST: Karnataka AAR

Transfer of business as ‘Going Concern’ is exempt from GST: Karnataka AAR

Threshold limit u/s 194IA for TDS not to be checked with the Amount mentioned in sale deed vis a vis individual share of each co-owner

CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics