Clarification on Place of supply of Online Services supplied by the suppliers of services to unregistered recipients
Failure to exercise professional judgement & perform appropriate audit procedures- NFRA Imposed fine on two more Auditors
Unauthorized transactions with related parties without the proper approval of Audit Committee, Board and Shareholders: NFRA slapped penalty of Rs. 2 crores on Auditor
Stamp Duty valuation of 2013 vis a vis 2016: Reopening quashed as income escaping assessment was below Rs. 50 Lakh & the statutory time limit of 3 years has expired.
Non-filing of Form 10 – Accumulation U/s 11(2) cannot be denied if delay is condoned by appropriate authority
Whether the power U/s 119(2)(b) allows commissioners to admit a belated Form 9A & condone the delay if assessee provides valid reasons
Last date for furnishing Belated/Revised return for AY 2024-25 in the case of Resident individuals extended by 15 days – Thanks to Bombay HC
Mere review of the same documents that had been submitted during the original assessment does not warrant reopening of assessment: Bombay HC
Interest earned on Borrowed Funds kept for acquiring coal mine is not revenue receipt even if coal mine is aborted, borrowings are repaid: Delhi HC
Foundation of the assessment is erroneous and void ab initio as notice under section 143(2) issued by another AO to whom jurisdiction was transferred much later: ITAT
“Human probabilities” and the concept of penny stock may not justify additioni without assessee’s involvement
