"18 July 2019" Archive - Page 2

ICSI CS Foundation exam result 2019 to be declared on July 25

The Result of CS Foundation Programme examination held on 8th and 9th June, 2019 would be declared on Thursday, the 25th July, 2019 at 11:00 A.M. The result along with individual candidate’s subject-wise break-up of marks will be available on the Institute’s website: www.icsi.edu Formal e-Result cum-Marks Statement of Foundation Progr...

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Posted Under: CA, CS, CMA |

Download Finance (No. 2) Bill, 2019 as passed by Lok Sabha

Bill No. 55-C of 2019 (18/07/2019)

Lob Sabha has passed Union Budget 2019 i.e. The Finance (No. 2) Bill, 2019  on 18th July 2019 with Various amendment in some of the sections and also inserted few new provisions. Full text of the same is as follows:- AS PASSED BY LOK SABHA ON 18.7.2019 Bill No. 55-C of 2019 THE FINANCE (NO. […]...

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Subsidy received under TUF Scheme is Capital Receipt

M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata)

M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata) We note that the issue under consideration whether the subsidy received under TUF scheme is a capital receipt or revenue receipt. The ld. CIT(A) treated it as part of fixed assets and held that said subsidy should be reduced from the cost of fixed assets. Held by […]...

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Resignation of Statutory Auditors from Listed Companies- Proposed Disclosure Norms

There have been a significant number of instances of abrupt resignation of Statutory Auditors from listed entities in recent times. In most of the cases, the statutory auditors have suddenly resigned without completing their assignments for the year, generally citing ‘pre-occupation’ as the reason for resignation....

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Posted Under: CA, CS, CMA |

No denial of Cenvat Credit for mere procedural lapse: CESTAT

M/s D.A. Stuart India Pvt Ltd Vs C.C.G.S.T (CESTAT Mumbai)

M/s D.A. Stuart India Pvt Ltd Vs C.C.G.S.T (CESTAT Mumbai) In the absence of a statutory provision which prescribes that registration is mandatory, the claim of the Appellant cannot be rejected and both the authorities below have committed an error in rejecting the same. In a very recent decision of the Tribunal in the matter of [&hellip...

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What After the ICJ Judgement in Jadhav Case?

The judgement of International Court of Justice (ICJ) delivered on the 17th of July, 2019 has strongly supported and upheld India’s case on most issues. The Court held that the Vienna Convention binds both the countries which effectively provides for consular access....

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Posted Under: CA, CS, CMA |

Download e-book on Indian Accounting Standards (Ind AS)

This is the third edition of our earlier issued publication which contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting sta...

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Posted Under: CA, CS, CMA |

Cabinet approves amendments to Insolvency and Bankruptcy Code

In order to provide relief to money lenders, i.e., banks and financial institutions, the Union Cabinet has given green signal on long awaited amendments to the Insolvency and Bankruptcy Code. This amendment puts red bull’s eye on timelines and maximize the value of an insolvent entity from the resolution plan as a going concern....

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Posted Under: CA, CS, CMA |

Cancer Treatment is reasonable cause for delay in Appeal Filing: ITAT

Shri Pradipta Kumar Das Vs The Assistant Commissioner of Income Tax (ITAT Chennai)

Assessee was diagnosed with Cancer in December, 2017 and the ld. CIT(A) passed the order on 20.03.2018, which is subsequent to the diagnosis of the illness, needless to mention that treatment of cancer is very painful and it is not possible to focus on other issues when he was under the treatment and therefore in our opinion, there is a r...

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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019: Mystery or Resolution?

A. Preface 1. Our Finance Minister, Shrimati Nirmala Sitharaman, in her budget speech mentioned that more than Rs. 3.75 lakh croreis blocked in pending litigations from the Pre-GST Regime i.e., in Service Tax And Excise. In view of such huge funds being blocked, she proposed a “Legacy Dispute Resolution Scheme” (The Scheme) that would...

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Posted Under: CA, CS, CMA |