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"17 June 2020" Archive

Empanelment with Bank of India for Concurrent/Revenue Audit

Bank of India invites online application from eligible CA firms as Concurrent and Revenue Auditors for empanelment. Notice for CA firms applying for empanelment as Concurrent/Revenue Auditor -Bank of India invites application from eligible Chartered Accountant firms, desirous to undertake Concurrent Audit assignment for empanelment. -The ...

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Posted Under: CA, CS, CMA |

Section 68 addition merely for deposit of business receipt of Spouse in joint bank account unsustainable

Shri Rajesh Jain Vs ITO (ITAT Indore)

The issue under consideration is whether the addition made by AO under section 68 in respect of the deposit of business of wife in their joint bank account is justified in law?...

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Transponder charges received by assessee are not taxable as Royalty

DCIT (International taxation) Vs Thaicom Public Co. Ltd. (ITAT Delhi)

The issue under consideration is that Whether the receipts of the assessees from transponder is royalty under the Income Tax Act, 1961, and if the answer is in the affirmative, whether it is taxable?...

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Transitional ITC | Tran-1 Credit under GST | A never ending Saga

M/s. Brand Equity Treaties Ltd & many other judgments have allowed transitional ITC inspite of non-filing/incorrect filing of FORM GST TRAN-1 on the following grounds: Disallowing ITC would lead to violation of Article 300A of the Constitution of India....

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Posted Under: CA, CS, CMA |

Telecommunication Sector in wake of Covid – 19 Pandemic

The current pandemic has painted an entire new image of growth for certain sectors, especially telecommunication sector, which has played a role of life saver for the companies and individuals during quarantine and lockdown. The lockdown and social distancing measures have led to higher dependence on digital tools, which in turn has incre...

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Posted Under: CA, CS, CMA |

Total Voting Power V/s Total Share Capital

Interpretation of Statutes plays a very important role in understanding the true meaning of law and applies it in ascertaining the correct view of what the law is saying. There are many rules describing the interpretation of statutes, say, Rule of Literal Interpretation, Rule of Logical Interpretation, Rule of Ejusdem Generis, Noscitur a ...

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Posted Under: CA, CS, CMA |

May-20 CA exams should be held or cancelled to Nov-20- Who will decide?

ICAI came with the Opt-in/Opt-out Scheme for May-20 exams, my son whose is also a student final year asked me Papa what should I do? Should I opt for the May-20 or opt out it for Nov-20 exams. I was not able to answer it as it depended on his preparation. But one thing that came to my mind immediately was that who should have taken the de...

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Posted Under: CA, CS, CMA |

ITAT Dismiss appeals despite non-issue of Form 3 of Vivad Se Vishwas Scheme 2020

Mahaveer Medicare Vs ACIT (ITAT Bangalore)

Dismissal of Appeal by ITAT after filing Vivad Se Vishwas Scheme 2020 before receiving Form 3 from Department...

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Report on Measures for Strengthening Enforcement Mechanism of SEBI & Incidental Issues

HIGH LEVEL COMMITTEE UNDER THE CHAIRMANSHIP OF JUSTICE ANIL R. DAVE, RETIRED JUDGE, SUPREME COURT OF INDIA A REPORT ON THE MEASURES FOR STRENGTHENING THE ENFORCEMENT MECHANISM OF THE BOARD AND INCIDENTAL ISSUES PREFACE The Securities and Exchange Board of India was set-up with the following mandates, – (i) to protect the interest of...

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Posted Under: CA, CS, CMA |

SEBI invites comment on Report on Measures for Strengthening Enforcement Mechanism

Securities and Exchange Board of India Notice inviting comments on the recommendation made by High Level Committee under the Chairmanship of Justice A. R. Dave, Retired Judge, Supreme Court of India, on the Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues. Dated the 16th June, 2020 1. The High Level...

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Posted Under: CA, CS, CMA |

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