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Archive: 07 February 2019

Posts in 07 February 2019

Standards On Internal Audit – A Bird’s Eye View

February 7, 2019 45084 Views 1 comment Print

The Internal Audit Standard Board of the ICAI has, with other pronouncements, issued five Standards on Internal Audit (SIAs) in November 2018. The SIAs are a set of minimum requirements that apply to all members of the ICAI while performing internal audit of any entity or body corporate. However these are not mandatory to be undertaken by […]

Cabinet Approves Abolition of Institution of Income-Tax & Indirect Tax Ombudsman

February 7, 2019 966 Views 0 comment Print

Union Cabinet chaired by PM Narendra Modi has approved the proposal for Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman.

Cash payment cannot be disallowed if not claimed as business expense or capitalized

February 7, 2019 6078 Views 0 comment Print

Kalyan Constructions Vs ITO (ITAT Hyderabad) Where assessee had not claimed cash payment of Rs. 1.50 crores for purchase of land as business expenditure or treated as stock or capitalized the same in order to claim depreciation in the future, disallowance under section 40A(3) could not be made. FULL TEXT OF THE ITAT JUDGMENT This […]

Checklist For Name Restoration of Companies whose name Are Struck Off From ROC

February 7, 2019 4962 Views 0 comment Print

Procedural Checklist For Name Restoration Of Companies Whose Name Are Struck Off From ROC √ Applicable Act: The Companies Act 2013 √ Applicable Rule: The National Company Law Tribunal Rules, 2016 read with The National Company Law Tribunal (Amendment) Rules 2017 √ Applicable Sections under Companies Act 2013 – Section 248 (Power of Registrar to […]

A discussion on Deferred tax asset and Deferred tax liability

February 7, 2019 33090 Views 1 comment Print

Background- There are differences in profit calculated by a business entity in its books and income calculated as per income tax act. We pay tax as per income calculated as per income tax act. There are 2 types of differences- 1) Permanent differences These are differences between our accounting income and taxable income that originate […]

Disallowance of purchases in cash justified when banking channels were available

February 7, 2019 951 Views 0 comment Print

Madhav Govind Dhulshete Vs ITO (Bombay High Court) Section 40A is inserted in Income Tax Act with an aim and object to discourage payment of money in cash beyond a certain limit. That is to encourage cheque transactions and banking operations. Thus, in these circumstances, Assessing Officer is correct in making disallowance of  Rs. 36,16,500 […]

Debit Notes in GST Law

February 7, 2019 21324 Views 5 comments Print

Debit Notes in GST is an altogether different concept from the earlier practices. Under the GST Law, the debit note or a supplementary invoice is a convenient and legal method by which the value of the goods or services in the original tax invoice can be enhanced. Background As per GST Law, a supplier of […]

Special Audit reference U/s. 142(2A) without application of mind is invalid

February 7, 2019 1755 Views 0 comment Print

Consulting Engineering Services India Pvt. Ltd. Vs ACIT (ITAT Delhi) It is true that noticed dated 21.11.2011 was for both the A.Ys i.e. 2008-09 and 2009-10. However, each A.Y is considered to be a separate unit and, therefore, for each A.Y, the Assessing Officer must bring out his case. A perusal of the said notice, […]

Effect of Angel Tax on Indian Startup Ecosystem 

February 7, 2019 819 Views 1 comment Print

The Government of India has continuously engaged with all stakeholders to address relevant issues related to the Indian Startup eco-system. The Department for Promotion of Industry and Internal Trade (DPIIT) issued notification in April 2018 for easing the norms for providing tax exemption to the Startup companies and further amended the notification on 4th February 2019. […]

Successive writ petitions for same cause of action are not maintainable

February 7, 2019 6318 Views 0 comment Print

Integrated Tech 9 Labs (P) Ltd. Vs State of U.P. & Ors. (Allahabad High Court) In case we allow the petitioner to challenge the said order in this writ petition it would amount to filing of successive writ petitions for one of the causes of action involved in the earlier writ petition. It is settled […]

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February 2019