"22 August 2019" Archive

Compliance Chart for Preferential allotment of shares

Points to remember Issue should be authorized by Articles of Association of the Company. Only fully paid securities to be issued and the following securities can be issue under preferential allotment. Issuance of Equity shares. Issuance of Fully or partly convertible debentures Issuance of any other securities convertible into equity shar...

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Posted Under: Company Law |

Document which is already on file of AO cannot be treated as additional evidence

DCIT Vs Ashok Walia (ITAT Kolkata)

DCIT Vs Ashok Walia (ITAT Kolkata) As far the second limb of Assessing Officer’s grievance, i.e. against the admission of additional evidence by way of admitting a copy of acknowledgment of the return dated 31.07.2008, we find that this contention is also devoid of legally sustainable merits. A document which is already on the file [&he...

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Solve technical issues and extend due date of GSRT 9 & GSTR 9C

Rajasthan Tax Consultants’ Association has Requested for solving the technical issues of GSRT 9 & 9C and extension of due date for filing of GSTR 9 & conducting GST Audit & reporting in Reconciliation Statement in GSTR 9C. THE RAJASTHAN TAX CONSULTANTS’ ASSOCIATION KAR SALAHKAR BHAWAN B-145/B, KALYAN PATH, MANGAL M...

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Result of May-June 2019 CA Intermediate Old & New course on 24.08.2019

The results of the Chartered Accountants Intermediate Examination (Old Course & New Course) held in May-June 2019 are expected to be declared on Friday, August 23, 2019 (evening) / Saturday, August 24, 2019....

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Posted Under: Company Law |

Interest payable on Delay in Tax payment due to disclosure of STCG as LTCG

Tushin T. Mehta Vs CCIT (Madras High Court)

Tushin T. Mehta Vs CCIT (Madras High Court) The writ petitioner’s father late Mr. Tushaar Mehta voluntarily filed his return of income for the assessment year 1996-97 on 28.03.1997 admitting the total income of Rs.11,06,129/-. The assessee had claimed long term capital gains of Rs.3,26,813/- on sale of property made during that year...

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Addition on non-CASS issues without obtaining due permission from superior authorities not sustainable

Nazare Vikas Karyakari Seva Shakari Society Ltd Vs ITO (ITAT Pune)

Addition on non-CASS issues made without obtaining due permission from superior authorities was in contravention of CBDT guidelines and, therefore, could not be sustained....

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Directing, supervising and looking after Sanatan Dharam School not amounts to imparting of education

Sanatan Dharam Shiksha Sammittee Vs CIT (Exemptions) (ITAT Delhi)

Sanatan Dharam Shiksha Sammittee Vs CIT (Exemptions)  (ITAT Delhi) t is pertinent to note that from the perusal of the by-laws of the society, all the clauses are general clauses which do not point out any charitable activity. In fact, from the objectives the society will purchase and sell immovable property as per society’s needs. [&h...

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Extend due date of GSTR 9 and GSTR 9C

Request to extend due date of filing GSTR- 9 up to 30th September 2019 and GSTR- 9C up to 31st October 2019 so to ease the hardship faced by the taxpayers. This will ensure providing all information to the Govt. in detailed and transparent manner thereby easing the process of return filing and audit....

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Posted Under: Company Law |

Implementation Guide to SA 720 (Revised), “The Auditor’s Responsibilities relating to Other Information”

In the year 2018, ICAI issued SA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. The Standard is applicable for audits of financial statements for periods beginning on or after April 1, 2018. The Standard casts a new reporting requirement on the auditors of listed entities and corporate entities to include a...

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Posted Under: Company Law |

Implementation Guide to SA 570 (Revised), “Going Concern”

In 2013, the Auditing and Assurance Standards Board of ICAI issued the ‘Implementation Guide to SA 570, Going Concern’ to provide practical implementation guidance to the members on this Standard. ICAI issued SA 570 (Revised), Going Concern in 2016 which is applicable for the audits of financial statements on or after April 1,...

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Posted Under: Company Law |