Monday, June 21, 2021

HC upholds prohibitory order against Co. for accepting deposit without obtaining registration u/s 45-IA of RBI Act

FEMA amp; BANKING : Where petitioner company had not obtained certificate of registration under section 45-IA of RBI Act, 1934, company could not be allowed to run activities by accepting deposit etc., and, therefore, prohibitory order passed by authority in pursuance to raid/enquiry conducted by concerned authority could not be faulted with

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...