CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Page of 4790
Press 'Enter' after typing page number.
41 to 60 of 95794 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Journal-entry transfers of outstanding loans during restructuring of related concerns may constitute reasonable cause for non-compliance with the prescribed mode of loan acceptance where the original loans were received through banking channels, no cash movement occurred, and the transactions are genuine. The notes explain that journal entries are a recognised method of recording business transactions and that penalty protection may apply if there is no adverse finding of non-business use or movement of money. On the stated facts, transfer of genuine loans through journal entries to support a business takeover and financial transition was treated as supported by reasonable cause, resulting in deletion of the remaining penalty.
Journal-entry transfers of outstanding loans during restructuring of related concerns may constitute reasonable cause for non-compliance with the prescribed mode of loan acceptance where the original loans were received through banking channels, no cash movement occurred, and the transactions are genuine. The notes explain that journal entries are a recognised method of recording business transactions and that penalty protection may apply if there is no adverse finding of non-business use or movement of money. On the stated facts, transfer of genuine loans through journal entries to support a business takeover and financial transition was treated as supported by reasonable cause, resulting in deletion of the remaining penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4790
Join Channel
TaxTMI 
