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Direct Taxation Cash Availability with Different Companies Sufficient to Explain Cash Found during Search The ITAT concluded that the availability of cash with different companies within the group sufficiently explained the cash found during the search. [DCIT Vs...
ITR-U Enabled on Income Tax Portal for AY 2023-2024 The Income Tax Department has taken a significant step towards digital convenience by introducing e-filing options for ITR-U on the Income Tax Portal. This development applies to the Assessment Year 2023-2024,...
In legal terminology, a 'Will' or 'Testamentum' is a testamentary disposition of a person's Real Property, representing the individual's desires regarding the distribution of assets posthumously. Section 2(h) of the Indian Succession Act, 1925 defines a Will as the...
Background: Any income received by an assessee in the previous year, for which the source is known and accounted, is subject to income tax under the particular head under which that source of income falls. Issues arises when the source of income is unknown or hidden...
After the completion of the Assessment/Penalty proceedings, in the cases where the Assessing Officer has difference of opinion on interpretation of law or facts /explanations as offered by the assessee during the assessment/penalty proceedings, the Assessing officer...
In the midst of a high-profile legal saga involving Raymond Ltd.'s prominent figurehead Gautam Singhania and his estranged wife Nawaz Modi Singhania, the family dynamics have become contentious, tracing back to Vijayapat Singhania's bitter property disputes with his...
“In the relentless pursuit of gender equality, it is imperative to empower woman with the knowledge and support necessary to protect their rights and interests. Women have long been engaged in a ceaseless battle for their rights, a battle that transcends centuries....
The Bharatiya Nagarik Suraksha Sanhita, 2023 (BNSS) has been passed by parliament to replace the Criminal Procedure Code (CrPC); key changes are listed below: Property attachment and Seizure provision (Section 107): That allows a police officer to apply to a court or...
The National Financial Reporting Authority (NFRA) is planning to annually undertake inspection of major audit firms, including Big Fours to gauge their compliance with stipulated standards and processes, seeking to put in place an oversight mechanism of this kind for...