Declaration of wilful defaulter by Committee without giving an opportunity of being heard to petitioner was to be set aside: HC

FEMA amp; BANKING : Where petitioner-company was declared wilful defaulter by Committee of Identification of Wilful Defaulters and Review Committee without giving petitioner opportunity of being heard, decision of Identification Committee and Review Committee was in violation of principles of natural justice and same was to be set aside

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Ministry of Home Affairs extends validity of registration certificates issued under FCRA by Dec 31,

The Ministry of Home Affairs has extended the deadline till December 31 for renewal of Foreign Contribution (Regulation) Act (FCRA) registration certificates. The Ministry had earlier given a relief up to September 30 to associations whose registration was expiring between September 29, 2020-September 30, 2021. Now as per latest notice FCRA certificates or registration expiring between September 29, 2020 to December 31, 2021 could apply for renewal till December 31, 2021

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There is no bar on ED to file an appeal u/s 26 against order of Adjudicating Authority through Assistant Director: HC

FEMA amp; BANKING : There is no bar on Enforcement Directorate to file an appeal against order of Adjudicating Authority through Assistant Director

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Subsidy received in form of sales tax paid is revenue receipt if its quantum depended upon production amp; sales: ITAT

INCOME TAX : Where, for assessment year 2013-14, assessee received subsidy in form of reimbursement of sales tax paid to State Government, assessee was eligible for subsidies only after commencement of commercial production and quantum of subsidy depended upon production, sales and sales tax collected and paid by assessee, same was to be treated as revenue receipt

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ITAT can’t reject assessee’s claim of enhancement of exp. which was initially accepted by AO: HC

INCOME TAX : Where assessee company debited ESOP expenditure of certain amount to its profit and loss account and same was accepted by Assessing Officer, assessee was entitled in law to raise an additional claim by way of enhancement of amount of such ESOP expenditure before Tribunal as facts related to such expenditure were already on record

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315929/itat-can’t-reject-assessee’s-claim-of-enhancement-of-exp-which-was-initially-accepted-by-ao-hc.aspx

AO can’t withhold refund to adjust it with demand if no demand exists at time of declaration of refund: HC

INCOME TAX : Where once a refund is declared after scrutiny proceedings and such refund is withheld, a reasoned order has to follow and in absence of any cogent reasons justifying withholding of refund due to assessee; Assessing Officer could not have kept refund withheld to link such refund with any demand against assessee for a subsequent period

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316416/ao-can’t-withhold-refund-to-adjust-it-with-demand-if-no-demand-exists-at-time-of-declaration-of-refund-hc.aspx

NFRA seeks stakeholders' comments on the removal of statutory audit for Medium and Small Cos.

National Financial Reporting Authority (NFRA) has issued a consultation paper on Statutory Audit and Auditing Standards for Micro, Small, and Medium Companies (MSMCs). NFRA has sought public comments on as to whether Micro, Medium, and Small Companies be exempted from statutory audits based on threshold criteria. The last date for receipt of the comments is 10 November 2021.

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