1. The Income Tax department is using a fine-tooth comb to nab discrepancies in the TDS, by companies and the declarations by its employees in the annual I-T returns. What's underway is a line-wise reconciliation of the two sets of numbers under different heads -HRA, medical insurance, outgo on home loans, tax saving investments under 80c etc.
2. Supreme Court of India in the matter of Pr. CIT (Central) 2 vs. M/S jay Ambey Aromatics, 24/11/2023 held that in case no incriminating material is unearthed during the search, the AO cannot assess or reassess taking into consideration the other material in respect of completed assessments/unabated assessments - no case is made out for interference. SLP dismissed.
3. Bombay High Court in the matter of The Great Eastern Shipping Co. Ltd. Vs. NFAC/National E-Assessment Centre, 03/01/2022 Favour of Assessee that Without appreciating or understanding the correct facts notice has been issued under Section 148 of the Act.
4. Indian startup sector's equity fund raise has nosedived for 2023. However, venture debt, a recent phenomenon, is slowly gaining acceptance. According to industry players, venture debt crossed the $1 billion mark. Though venture debt is still small compared to the $7.5 billion, it is slowly rising in significance in the startup ecosystem.
5. MCA has introduced changes to the Companies (Incorporation) Rules, 2014, extending relaxations for companies meeting specific conditions. Additionally, adjustments to AGM timelines and amendments to accounting standards promise a dynamic landscape.
By CA Raj Chawla
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