"27 August 2018" Archive

Recommendations related to corporate compliance and governance

Committee on review of penal provisions of Company Act 2013 submits final report to Shri Arun Jaitley. Recommends Restructuring of Corporate Offences to relieve Special Courts from adjudicating routine offences; De-clogging the NCLT. Made several recommendations related to corporate compliance and corporate governance ...

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Posted Under: Company Law |

Implementation Guide to Standard on Auditing (SA) 610 (Revised)

Implementation Guide to Standard on Auditing (SA) 610 (Revised)- Using the Work of Internal Auditors Standards on Auditing issued by the Institute of Chartered Accountants of India lay down the fundamental principles of relevant aspects of audit to be followed by auditors in their audit engagements. It is essential that auditors understan...

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Posted Under: Company Law |

Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Laws Group jointly with the Indian Institute of Insolvency Professionals of ICAI (IIIPI) has decided to bring out a publication on Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 in the form of a series. The Series 1 is being brought out with this publication....

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Posted Under: Company Law |

How to increase your Money Blueprint

All of us have a personal money blueprint ingrained within our subconscious mind that determines our financial health. Just like the blueprint of a house defines what the house will finally look like, our money blueprint defines our relationship and experience with Money. ...

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Posted Under: Company Law |

Penalty U/s. 158BFA(2) not leviable when Assessment U/s. 158BC itself is Quashed

Sh. Ravinder Taneja Vs ACIT (ITAT Delhi)

Sh. Ravinder Taneja Vs ACIT (ITAT Delhi) As assessment under section 158BC itself has been quashed, thus, the penalty levied in respect of the income assessed under said assessment order cannot survive. Accordingly, we set aside the order of the lower authorities and cancel the penalty levied under section 158BFA(2) of the Act. FULL TEXT ...

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Long Term Capital Gain Tax: Here’s all that you need to know!

Did you know? : If you have made capital gains on a financial transaction, like shares, or property; you will have to pay tax on these gains. Known as capital gains, this tax is charged on profits that are made by selling capital assets....

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Posted Under: Company Law |

ITAT directs AO to treat licence fee derived from tenants as business income

Batram Properties Pvt. Ltd. Vs I.T.O. (ITAT Kolkata)

Batram Properties Pvt. Ltd. Vs ITO (ITAT Kolkata) Under section 22 of the Act the charge to tax of income from house property is based on the ownership of such property. The admitted position in the present case is that the assessee is only a tenant and not the owner of the property. It is also […]...

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ITAT deletes addition under section 40A(3) for Cash payments to BSNL

Kamta Prasad Mittal Vs Dy. CIT (ITAT Lucknow)

Kamta Prasad Mittal Vs Dy. CIT (ITAT Lucknow) It is an undisputed fact that a Demand Note was issued by BSNL requiring the assessee to make payments in cash and genuinity of the payments to BSNL was never doubted by the With regard to the observation of the ld. CIT(A) that BSNL is not a […]...

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Books of account cannot be relied after rejection for making addition U/s. 69

Hemant Kumar Pradhan Vs ITO (ITAT Cuttack)

Hemant Kumar Pradhan Vs ITO (ITAT Cuttack) Original assessment u/s.143(3) of the Act was made by the AO by rejecting the books of accounts of the assessee and estimating the income of the assessee at 8% of the gross contract receipt of Rs. 49,10,212/-. It is trite law that once the books of accounts of […]...

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Obstacles in celebrating GST Rakshabandahan (Matching)

In GST matching and mismatching of purchase/sale bond needs to be done to ensure the promise to claim ITC. This can be done by matching the details of GSTR-2A with purchases as shown in the Books of Accounts. ...

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Posted Under: Company Law |

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