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Archive: 20 November 2020

Posts in 20 November 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6435 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

One arrested for availing ITC of Rs. 3.51 Crore on fake invoices

November 20, 2020 930 Views 0 comment Print

On the basis of specific information regarding availment of ITC on fake invoices, searches were conducted on 19.11.2020 by the officers of DGGI, Nagpur Zonal Unit at the premises of a Nagpur based trading firm dealing in Paint, Cement and Iron & Steel products.

ICAI Advisory to students, writing threatening mails to Exam Centres

November 20, 2020 7662 Views 1 comment Print

It has been reported by some Examination Centres that they are receiving threatening e-mails from some of the candidates appearing for the CA Examination scheduled for November, 2020.

Relaxation to CA Students during Curfew in city of Ahmedabad

November 20, 2020 582 Views 0 comment Print

It has come to our knowledge that State of Gujarat has announced that there will be Curfew in the city of Ahmedabad during 21st and 22nd November, 2020 on the days on which Chartered Accountant Examinations November 2020 are also scheduled at the centres in the city of Ahmedabad.

No section 54 Deduction denial for mere Non-Completion of Construction of New House

November 20, 2020 3255 Views 1 comment Print

The issue under consideration is whether the CIT(Appeals) was justified in denying the benefit of deduction to assessee u/s. 54 of the Income Tax Act, 1961?

ITAT Restricts addition for Bogus Bills at 5% of bogus purchases

November 20, 2020 2010 Views 0 comment Print

The issue under consideration is whether the CIT(A) is correct in confirming the addition made by AO for non-genuine and bogus purchases by applying profit rate at the rate of 12.5% of the bogus purchases?

Filing of NCLT Orders with ROC with respect to Companies under IBC, 2016

November 20, 2020 9426 Views 0 comment Print

After the introduction of the Insolvency and Bankruptcy Code, 2016 (IBC), Corporate Debtor, Resolution professionals were facing several issues, this involves meeting various statutory compliance requirements for which the management of the corporate debtor was responsible prior to commencement of the Corporate Insolvency Resolution Process (CIRP) which includes periodic Compliances also.

ITAT deletes Addition of sales tax incentive receipt in case of RIL

November 20, 2020 1323 Views 0 comment Print

Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) The issue under consideration is whether deletion of addition of sales tax incentive/ subsidy as capital in nature is justified in law? In the present case, the assessee in this case is engaged in the business of oil and gas exploration, refining of crude oil, manufacturing of and […]

Interest Income on FDR’s Pledged to obtain Contract is Business Income

November 20, 2020 1515 Views 0 comment Print

The issue under consideration is whether the interest income on FDR’s pledged for security purposes in obtaining the contract business comes within the ambit of business income?

ICAI changes 2 exam centers at Delhi & Ahmedabad- Nov 2020 Exams

November 20, 2020 597 Views 0 comment Print

Change of certain Examination Centre / minor correction in the address for November 2020 – 1. L. D. Arts College, Opp. IIM Ahmedabad, Vastrapur 2. Mayo International School, Delhi.

No addition for Share application money if Recipient company proves identity, genuineness of transactions & creditworthiness of parties

November 20, 2020 1308 Views 0 comment Print

Network Synthetics Pvt. Ltd Vs DCIT (ITAT Mumbai) It is observed that the assessee has discharged its initial onus to prove the identity, genuineness of the transaction and creditworthiness of the parties by filing all these documents. The Tribunal in assessee’s group cases while deleting the additions made u/s. 68 of the Act observed as […]

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