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Company Cannot Utilise Private Placement Funds Before Filing Return of Allotment in E- Form PAS-3: MCA [Read Notification]

Navasree A.M

The Ministry of Corporate Affairs ( MCA ) has ruled that a company cannot utilise funds raised through private placement until the return of...

S. 68 Applies to Cash Credits in Books Even under Presumptive Tax: ITAT Deletes Ad Hoc Profit...

Now Open Bank Account & Safe Deposit Lockers without Nominee: RBI Releases New Directions [Read...

Cash Deposits in Bank Account Linked to Wrong PAN: ITAT Remands Matter to AO for Verification [Read...

Legal Consequences of Bank Account Freezing Upon Appeal Being Filed in Terms of Section 107 of the...

Allegation of using Personal Bank account of Employees for Income Tax Benefit: Gujarat HC dismisses petition to quash FIR [Read Order]

In a recent case, the Gujarat High Court dismissed the petition to quash the FIR alleging the use of using personal bank accounts of employees for income tax benefits. The allegation was that the...

Supreme Court to Decide Income Tax Exemption on Merchant Navy Officer's Salary Credited in Indian Bank Account

The Supreme Court decided to hear the special leave petition to decide whether the income credited in an Indian bank account while working with a Foreign Entity would be exempted from the payment ...

Rs.10 Cr Deposited Bank Account Treated as Unexplained: ITAT Remands Matter for Rehearing [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) remanded a case for fresh assessment where cash deposits of about ₹10 crore in the assessee’s bank account were treated as unexplained. ...

Reassessment based on Incorrect Facts not Valid: ITAT Quashes Notice u/s 148 [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the reassessment notice issued under Section 148 of the Income Tax Act, 1961, and deleting an addition of Rs. 16,15,47,810...

₹1.01 Lakh Extortion via GPay QR Code: Chhattisgarh HC finds No Grounds to Quash FIR [Read Order]

The Chhattisgarh High Court has dismissed a petition seeking the quashing of an FIR registered against the petitioner in connection with an alleged extortion of ₹1.01 lakh through a Google Pay QR...

Identity Misuse in Bank Account: ITAT Sets Aside Addition and Directs AO to Conduct Fresh Probe [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the addition of ₹15,97,500 made as unexplained cash deposits and directed the Assessing Officer (AO) to conduct a fresh probe...

Bank Account Attached by Income Tax Dept: Madras HC Allows Instalment Payment of 20% Tax, Orders De-Freezing After 1st instalment [Read Order]

The Madras High Court has set aside an Income Tax attachment order on the condition that the taxpayer pays 20% of the disputed demand in instalments. The court has directed to defreeze the bank...