1. The Income Tax Department has issued a strong advisory to taxpayers, advising them against submitting income tax returns with inaccurate claims for exemptions and deductions. Authorities emphasized the serious repercussions of such behavior, which may result in significant fines and the possibility of imprisonment.
2. In the case of Smt. Goworamma Lingappa Manjula Vs ITO (ITAT Bangalore), the ITAT ruled that the Assessing Officer (AO) exceeded his jurisdiction by verifying a demonetisation cash deposit of Rs. 1,73,935, which is below the Rs. 2.5 lakh threshold set by CBDT Instruction No. 3 of 2017.
3. The CBDT guidelines specify that no further verification is needed for cash deposits up to Rs. 2.5 lakhs for individuals without business income. The AO’s assessment of the cash deposit as unexplained income was therefore deemed improper. The appeal was allowed, and the ITAT emphasized the binding nature of the CBDT instructions on such matters.
4. The Directorate General of GST Intelligence (DGGI) can not send any tax demand notices where it is an interpretation or a classification matter, without the approval of the policy wing under the Central Board of Indirect Taxes and Customs (CBIC).
5. MCA has issued General Circular No. 05/2024 dated 6th July 2024, regarding the extension of time for filing Form PAS-7. According to Rule 9(2)(a) of the Companies (Prospectus and Allotment of Securities) Rules, 2014, public companies that issued share warrants before the commencement of the Companies Act, 2013 but have not converted them into shares were required to inform the Registrar about these warrants using Form PAS-7 within three months of the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 coming into effect.
6. The MCA has now deployed Web-Form PAS-7 on the MCA-21 Portal for filing these details. Stakeholders can submit the required information without paying additional fees until 5th August 2024.
Dr.CA Raj Chawla
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