Judgement

ITAT rejects Revenue’s appeal, holds ad hoc disallowance unsustainable and allows matching interest expenditure

Ad hoc Expense Disallowance and Interest Expenditure Linked to Court-Ordered Receipts Deleted

ITAT holds assessment order erroneous and prejudicial where AO failed to properly apply Rule 8D and ignored Insight Portal information

Revision Upheld for Inadequate Inquiry on Section 14A Disallowance and Alleged Accommodation Entries

Orders

ROC imposed a penalty on the company and its four directors for failing to file financial statements for FY 2020-21 under the Companies Act, 2013.

Non-Submission of Financial Statements Leads to Penalty on Assam-Based Company and Directors

ROC Mumbai imposed a penalty on a director for incorrect AGM date disclosure and non-compliance in filing E-form MGT-7, directing correction within 90 days.

Director Penalised for Incorrect AGM Date Disclosure in E-Form MGT-7 Filing

The Court clarified that Section 75(9) is not applicable in the present case, because it only applies when the interest is not mentioned in the final order, not the show cause notice.

Interest and Penalty Cannot Go Beyond Show Cause Notice: Allahabad High Court

ROC imposed a penalty on the company and its directors for failing to file Form MGT-14 after passing a special resolution to amend its Memorandum of Association.

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Ad hoc Expense Disallowance and Interest Expenditure Linked to Court-Ordered Receipts Deleted

Revision Upheld for Inadequate Inquiry on Section 14A Disallowance and Alleged Accommodation Entries

Non-Submission of Financial Statements Leads to Penalty on Assam-Based Company and Directors

Director Penalised for Incorrect AGM Date Disclosure in E-Form MGT-7 Filing

Interest and Penalty Cannot Go Beyond Show Cause Notice: Allahabad High Court

ROC Imposes Penalty on company for failing to alter objects as per change in business line